This looks like a much family-friendlier version of the annual Brazilian Feast and Portugal Independence street fairs that have traditionally mobbed Ferry Street with crowds and trash.
From their About page:
The Sunday of the Nations Ironbound Street Fair it is cultural event to celebrate the cultural diversity of our community in the Ironbound section in Newark, New Jersey. The street fair will be held weekly every Sunday in the urban Peter Francisco park outside of Penn Station in Newark NJ from April 19th of 2015.
Exploring the immigrant people festivals tradition of Ironbound section our family event expect to attract more visitors to the neighborhood. We will host entertainment and cultural events, crafts and tantalizing treats 50 concessionaires.
The weekly festival kicks off this Sunday from 10am to 4pm.