As reported elsewhere, the construction ongoing at the foot of South 5th Street is for the installation a “bladder” to hold water from large storms (like tonight’s). The idea is that the bladder would hold the large runoff from flash storms until it can be safely passed onto the sewage system. Under the current system, that storm surge goes straight to the East River.
If you go by the site now, you will notice a not-very-pleasant smell, which is the result of this little bit of infrastructure porn – the old brick sewer basin beneath South 5th Street.