15% of New York City’s economic output
That's grossly misleading.
Yes, there are Broadway theatres, hotels and office blocks all within the immediate area.
They would all be there if the billboards were not. Those workers generating dollars are not tourists.
The tourists are there for Broadway, Central Park, Little Italy, Chinatown, The ESB, Grand Central Station, Brooklyn, the Brooklyn Bridge etc etc.
They did not fly/drive several hours, for the most part, for some banal, tree-less pavement with a bunch of mediocre, over-sized billboards.
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Lets further add; Toronto needs to draw tourists from NYC (as in their residents); from Tokyo etc.
Why would they come to Toronto to see a scaled-down version of what they have at home?
Answer, they aren't, and they won't. They will come here for a different experience.
Likewise, for those who truly crave Shibuya............there's already a spot for that............its called Shibuya.