In my experience, I only heard it as a vulgar term for the male anatomy. Maybe in NYC it is used differently, or interchangeable with other Yiddish words for that.
I grew up in New York and a good number of my friends were Jewish. So I have heard and used the word many times. It is one of those words that can have multiple meanings depending on context and the amount of leer in the face of the person using the word. No biggie.