Interesting question! As a native speaker, emphasizing the word "NO" in the first sentence would signal that there were other options, but they are not available. For example, if I was choosing a restaurant for supper and none of them were open, I'd say, "there is NO other place!" Emphasizing the word "IS" in the second sentence would signal that there is only one alternative. I'd say, "there IS no other place!" to signal that the one restaurant in town is closed. I hope this helps.

For any example I can think of, I would always put the emphsis on NO. It just sounds a little odd to me to emphasize IS, though I would understand the statement equally either way.