The water flooded several basements and manholes on the block.
West 33rd Street between Fifth Avenue and Broadway is closed to vehicular traffic.
The FDNY says it is a multi-agency operation, and water and steam have been shut down.
They are now dealing with the water in the buildings.
The Department of Buildings, Con Ed steam, electric and gas all on scene.
It will be an ongoing process, and the street will likely have to be ripped up in order to make the repairs.
No buildings have been evacuated as a result.
Officials say 33rd Street will remain closed while the repairs are made.