What kind of heat are you packing? You'll probably want an extra clip or two to make sure you have enough bullets to make it all four blocks.
Seriously, though, if you're going during the day it's fine. 116th is a busy commercial street with lots of foot and car traffic. At night, I haven't really been around there, but it's probably fine then too. All of course subject to the usual city caveats (be aware of your surroundings, maintain a purposeful appearance, etc.).
The bigger question is how you plan to haul back your Costco loot on the subway. It's tough to fit 144 rolls of toilet paper through the turnstiles.