The 12-inch main broke near Greenwich and Clarkson streets in the West Village just after 1 a.m.
Several inches of water quickly flooded streets, and the freezing temperatures hampered the cleanup effort.
Crews managed to stop the flow of water pretty quickly, but the street needed to be torn up for repairs.
There are some street closures in effect as a result, which are expected to last for hours.
Greenwich Street is shut down between Leroy and Clarkson streets, and Clarkson Street is closed between Hudson and Washington streets.