"Backed by popular support, the City devised a plan to build a new market at the Fulton Ferry landing, on the block bounded by Fulton, Beekman, South, and Front Streets. This block had already been developed, and its lots and buildings were all privately owned; to take the property, the City would need permission from the State Legislature, which had the sole authority to grant the use of Eminent Domain. The Common Council submitted its request in January of 1816, and in March of that same year the Thirty-Ninth session of the Legislature passed a Law allowing the City the right to condemn and take the properties — with fair-market compensation to each owner — for the purpose 'of erecting thereon an extensive and commodious public market.' … It opened its doors as Fulton Market on January 22, 1822. It went on to become New York City’s premier destination market for several generations, then gradually transformed into the Fulton Fish Market — one of the largest and most renowned wholesale markets in the world, which remained at the Seaport until 2005 until its move to the Bronx. It continues generating business and employment for the city after 186 years of active trade."

For more on Fulton Market, check out this article by Robert LaValva in Gotham: A Blog for Scholars of New York City History.