For over 300 years, the seaport has been vital to New York's success as a port city. The South Street area in particular, however, fell into decline after the US Civil War when the Hudson River eclipsed the East River in accommodating large ships. Restoration of the area began in the 1960s, and the South Street Seaport Museum was founded in 1967.

In addition to what was once one of the largest wholesale operations in the United States, the former Fulton Fish market, there are numerous shops, restaurants and other attractions in the area. Frequent special events at night lend a festive atmosphere to the area.