Colum McCann's novel Let The Great World Spin will be the material. The book has been awarded the National Book award in the US, consists of several storylines but basically adhere to the struggle through the 70's in New York. This sprawling period piece consists of a story of a young Irish monk whom lived among the prostitutes, a group of mothers mourning their sons who died in Vietnam, and a 38-year-old grandmother walking the streets with her teenage daughter.
This sounds like an inspiring period drama but may not be something Abrams is known as. Forget about the live action flick like Mission Impossible or Star Trek, or any of those creature slaughting through the New York like Cloverfield, this one is something to be considered as well.
JJ Abrams has recently talked about Mission Impossible 4 and Star Trek 2 in this post. Read again if you missed it (at here)