The hole is on East 89th Street at York Avenue and was first reported after 9 a.m.
No injuries have been reported.
The street is shut down and two buildings at 504 and 506 East 89th Street are currently without water service.
Officials with Con Edison, the Department of Transportation and the Department of Environmental Protection are all on the scene to check it out.
The DEP said excavation is being enlarged to examine the underground infrastructure in the area.
The incident comes less than a week after two cars became stuck when a sinkhole opened up on the Upper West Side over the weekend.
In that incident, the hole was reported at 97th Street and Riverside Drive on Sunday. No injuries were reported in that incident.
Few other details were released at this time.
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