The improvements are the first phase of redesign plans for the roadway, nicknamed "Boulevard of Death."
The Plaza de Las Americas at 175th Street and Broadway will be transformed into a town square.
The city plans to reduce speeding and give pedestrians more time to cross streets without cars.
The blueprint is part of Vision Zero, the city's plan to eliminate traffic fatalities in New York.
The city plans to bring more speed limit signs and lights timed for pedestrians to the priority areas.
Officials unveiled plans for 20 mph zones, shorter pedestrian crossings and other safety upgrades.
The announcement follows the death of a 14-year-old boy at Caton Avenue and East Seventh Street.
The price of a yearly bike share membership will increase to $149, officials said.
Shu Fan Haung, 82, died from her injuries after she was hit while crossing South Street last week.
The city's 23 cameras have recorded 183,000 violations since January, officials said.
The new plaza is also meant to help reduce traffic-related injuries and deaths.
The changes are expected to lessen dangerous turns and reduce speeding, the DOT said.
The signing took place near the Woodside intersection where an 8-year-old was killed in December.
Politicians lauded the new service, but advocates for the disabled said more could be done to help them.
The DOT made $300,000 worth in infrastructure changes to the intersection to make it safer.
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