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Canal Street gained its name from a literal canal that was dug in the early 1800s to drain the contaminated and disease-ridden Collect Pond into the Hudson River. The pond was filled in in 1811Events February 5 George, Prince of Wales becomes Regent because of the perceived insanity of his father, King George III of the United Kingdom. He is known as the Prince Regent. This is the beginning of the period known as the English Regency. March 1 Eg, and Canal Street was completed in 1820Events January 1 Constitutionalist military insurrection at Cadiz leads to summoning of Spanish parliament ( March 7) and restoration of 1812 Constitution ( March 8) by king Ferdinand VII. January 29 George the Prince Regent becomes king George IV of the along the angled path the canal had followed. The elimination of Collect Pond actually made the surrounding land even marshier, as the area had many natural springs that now had nowhere to drain. The historic townhouses and newer tenements that had been built along Canal Street fell into disrepair, and the eastern stretch of Canal Street came within the ambit of the notorious Five Points slum that emerged as property values and living conditions plummeted.

Today, Canal Street is a ramshackle but bustling commercial district, crowded with low-rent open storefronts and street vendors. Tourists as well as locals pack the Canal Street sidewalks every day to frequent the open-air food stalls and bare-bones stores selling items such as perfume, purses, hardware, and industrial plastics at very low prices. Most of these goods are grey marketThe grey market refers to the flow of goods through distribution channels other than those authorized by the manufacturer or producer. Unlike those on the black market, grey market goods are not illegal. Instead, they are being sold outside of normal dist imports and many notoriously counterfeitA counterfeit is an imitation that is made with the intent to deceptively represent its content or origins. The word counterfeit most frequently describes forged money or documents, but can also describe clothing, software, pharmaceuticals, or any other m, with fake trademarkSee also: brand Bass Red Triangle, was the first trademark registered in Britain in 1876. A trademark ( Commonwealth English: trade mark is a distinctive name, phrase, symbol, design, picture, or style used by a business to identify itself and its producted brand names on electronics, clothing and personal accessories (including the fake RolexRolex is the brand of Swiss wristwatches and accessories renowed for their quality, as well as their cost. The watches have become status symbols of the wealthy. The company was founded by Hans Wilsdorf, a German businessman who registered the trademark R watches that have become a Manhattan cliché). Pirated CDs and DVDs are also very common, offered for sale on the Canal Street sidewalks in makeshift stands and suitcases or simply laid out on bedsheets, often before they are even officially released in stores or the theater. Widespread sale of these counterfeit goods persists along Canal Street despite frequent police raids.