Thanks LI for the link to more information (that the OP and some others were aware of concerning this "design" and issue - I had no idea this was a double, triple or more post, with dialogue that has gone on now for more than two months, and I had alas previously read only what I see here on this current thread!
ajk1, I'm hoping you might thus forgive my naivete a little under these circumstances, and I have now scanned one earlier though lengthy thread at the link LI provided. It appears the now "hung" line was indeed installed and backfilled originally/likely up to near the bottom of the slab more than 50 years ago. While the soils appeared described as "swamp" in one post and "10 blows" in another, I am guessing the 10 blows is likely referring to the soil in the last few feet, and the swampy stuff (I'm guessing with this description could be of lesser stability) may be down below? There was also an inference that you have had some access to 1965 project drawings, but maybe not the actual hanger nor material/corrosion protection scheme design details (the latter maybe handled by some Canadian or NYC "municipal code"?) Forgive me also but I really haven't seen any "standard" hanger details or spacing for buried pipes hung below slabs, that in the case of drainage I guess could be at variable distances below said slabs (and with thus variable loads on the hangers and pipe, might sort of defy a standafrd spacing in this case). I noticed some posts alluded to potentially higher than normal buried earth loads, along with the weight of pipe and water in this situation. I believe what they attempted to describe was basically "inverse arch action" of the soil on the top surface of the backfill soil pressing down even more on the top surface of the pipe as the looser soils down below settle naturally or otherwise below. Indeed access to the soil borings to deeper depths, and likewise the hanger details might be helpful in the condition assessment and remediation efforts.
While it appears you have some confidence in the original/basic design, I trust you will also examine the as-built hardware, spacing and pipe etc in the case of planned excavation, lest any more involved remediation or replacement is necessary. While even old gray iron in good condition is quite strong and well-made caulk joints have some flexibility, they do have limits. Let us know what you find.