Now in its 37th year, the parade celebrates the neighborhood's art community and features participants dressed in hand-made costumes.
"Unlike most parades, this one has no ethnic, religious, or commercial aims. It's a major New York holiday invented by artists," the event's website says.
This year's celebration will be led by the children of singer-songwriter Woody Guthrie, who are the first King Neptune and Queen Mermaid to have grown up on Mermaid Avenue.
The parade kicked off at 1:00 p.m. on West 21st Street and Surf Avenue.
Click here for a parade map.
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