The New York City Council has approved the new name "Run-DMC JMJ Way" for the corner of 205th Street and Hollis Avenue.
Jason Mizell, known professionally as Jam Master Jay, was the D.J. for Run-DMC. The 37-year-old was gunned down in a recording studio in Jamaica, Queens, in October 2002. His killing has not been solved.
The group's other rap pioneers are Joseph Simmons, known as Run, and Darryl McDaniels, known as DMC. They were inducted into the Rock and Roll Hall of Fame in April.
McDaniels also has donated memorabilia for a proposed Hollis Hip Hop Museum in the Queens neighborhood.
Queens Councilman Leroy G. Comrie represents the area said he hopes the renaming of the street and talk of the museum would help "economically revitalize this particular neighborhood as a potential tourism attraction," according to the New York Times.
Run-DMC was best known for songs like "It's Tricky," "My Adidas" and its collaboration with legendary rockers Aerosmith on a rock-rap version of "Walk This Way" more than 20 years ago.