Katie Holmes -- DAAAAAMN ... You Look Good.

Katie Holmes has broken out of her frumpy phase in a SERIOUS way ... strutting around the streets of NYC today looking downright sexy.

Of course, Katie has never really been unattractive, but there was a rough period ... right before she broke things off with Tom Cruise.

But after the two split in 2012, Katie began a Tiger Woods-style comeback ... in the hotness department ... going from a 9 back to a 10.

Nice work.