Step 1:
Start with a new file then in a new layer insert the picture for which you want the apply the effect on, use the stock photo below to follow through the tutorial.
Step 2:
Duplicate the picture layer and go to Filter > Pixelate > Pointillize, use the settings below.
Result:
Step 3:
Now set the pointillized picture layer's blending mode to Soft Light at 58% opacity level.
Step 4:
Duplicate the pointillized picture layer then go to Image > Adjustments > Desaturate, this should turn the copy into black and white.
Step 5:
Now set the copy of your pointillized picture layer's blending mode to Overlay then nudge it up by couple of pixels.
Step 6:
To make large holes on the broke design, first create a new layer then set the layer's blending mode to Color Burn. Now grab your soft brush tool with black color and paint on the blocks as shown below.
Results:
