I think because the building is so massive, they would have to gut the center to create an opening because of housing requirements. At the very least they could make some additions to the existing building. But it would likely be torn down to create a completely new, probably multi-tower development.
For comparison, the neighboring Southbridge Towers complex:
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COMPLEX FACTS
1641 units 9 buildings
Built 1971
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https://southbridgetowers.com/
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Cradled between the Civic Center and Financial District in Lower Manhattan, this private cooperative features 1,650 residential units, offering city dwellers an intimate place to call home.
Four 27-story towers and five low-rise buildings boast residences in the most convenient location south of the Brooklyn Bridge, and some of the area’s lowest monthly maintenance fees with utilities included.
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