Debris fell to the ground at about 11 p.m. in front of several stores on East 149th Street in the Melrose section.
It appears something fell off of the building, pulling down the signs from several businesses at the busy intersection.
The collapse is also impacting subway service.
Southbound 2 trains are running at a reduced speed in the area of 3 Av-149th Street because the six- story building is unstable.