Wall Street analysts are divided over whether the renovation, to be completed in 2018, will preserve the original concrete wall or simply the surrounding wood.
The reconstruction will be the biggest renovation of a New York landmark in history.
A new building to house the National Museum of the American Indian will also be added.
The $9.7 billion project will add a grand piano and theater and create a museum space.
The reconstruction is a joint effort between the city and the state of New York.
According to The Wall St. Journal, the New Yorker building’s original brick wall is not expected to be retained.
“There is no question that the original brick and stone walls of the original New Yorker are not going to be preserved,” said John C. Smith, a senior vice president at the architectural firm CAA who is helping lead the reconstruction.
Wood, brick, concrete, steel and other materials will all be preserved.
Smith said the preservation team has already selected the materials to be used for the project.
A new building for the National Center for Women and the Advancement of Science, a national nonprofit, is also expected to go up at the site.
The center has offices and a library and is a symbol of New Yorkers pride in science and innovation.
An estimated 300 million cubic yards of wood, stone, brick and concrete will be removed from the walls.
At least 10 tons of steel, about 50 tons of concrete, and hundreds of thousands of square feet of glass and aluminum will be destroyed.
It is unclear when construction will begin on the renovation.
One thing that is clear, however, is that the renovation will be a huge undertaking, said Smith.
“The whole process will be on the scale of a world-class renovation,” he said.
Read more from The Wall Sta. Journal.