Ferraro, a three-term congresswoman from 1979-1985, made history in 1984 when former Vice President Walter Mondale selected her as his running mate in that year's presidential election, becoming the first woman to run for vice president on a major political party ticket.
Ferraro, who lived in Forest Hills Gardens while she served in Congress, died in March 2011 due to complications from blood cancer.
Koslowitz called Ferraro a "trailblazer" who paved the way for future women in politics.
"She was an unrelenting fighter for her constituents but also a loyal and caring friend to those who knew her personally," Koslowitz said. "She told me to fight hard and not worry what other people say. Watching her made me feel like anything could be possible."
Koslowitz, along with members of Ferraro's family and elected officials, will hold a ceremony unveiling the intersection's new name, "Geraldine Ferraro Way," on Oct. 28.