I saw a similar busted steam main back around 2000. It was around E 70th St between 5th Ave and Madison. I don't remember news coverage about it, nor any worry about asbestos. Then again, this was a relatively quiet side street on a weekend, not Grand Central during a weekday rush. Well, plus that was still the pre-9/11 world.

There was no explosion that I heard that day, but there was a similar huge jet of grey steam that rose high into the air. Looked like a mini Mt. St. Helens right there in the middle of the city. One thing which I haven't heard on any of the news stories, or heard any of the witnesses mention, is the tremendous sound that the steam makes. I was a block away and the sound was like standing next to a jet engine.

OBG, regarding the vehicle, apparently the ground gave way beneath a parked tow truck, so that's what is in the hole. Not sure if that's the vehicle you're mentioning or another vehicle that is still on the street surface. I heard one witness describe what another person told him. This other guy was riding a city bus which was right next to the explosion point. Apparently the blast was strong enough to bust out all the windows on the bus, and everyone frantically scrambled to get off the bus. Bits of asphalt rained down on them as they ran away from the bus.