The crash happened just before 9 p.m. at 645 Water Street.
Eyewitness News obtained exclusive surveillance video as the truck drives eastbound down Water Street at a high rate of speed.
Officials say the truck sped through the intersection of Water Street and Cherry Street, slammed into a fence and then barreled through a crowd, including a family that was having a Fourth of July picnic at the time.
First responders arrived on the scene within three minutes and found four victims pinned under the grey Ford F-150 pickup truck.
The FDNY worked alongside NYPD ESU to remove the patients from under the vehicle.
In total, two victims were pronounced dead, two victims are in critical condition, three victims are in serious condition and two victims are expected to survive.
Among those hospitalized are a mother and her two young children.
The driver, who is suspected of drunk driving, was pinned down by good Samaritans and held until police arrived on scene.
Mayor Eric Adams said that terrorism is not suspected at this time, although the investigation is ongoing.
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