The crash happened just before 9 p.m. Thursday.
ABC New York affiliate WABC obtained exclusive surveillance video as the truck drives east at a high rate of speed.
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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 in Corlears Hook Park.
The FDNY worked alongside NYPD to remove the patients from under the vehicle.
In total, three victims were pronounced dead, including a 59-year-old woman and a 38-year-old man, who appear to be related, and a woman in her early 40s.
One victim is in critical condition, while six others were listed in stable condition.
The youngest of the injured is just 11 years old.
"Once he did that hard right turn, so many people started screaming. He turned into the batting field, that's where we normally barbecue. It's a family that we all know. The Lower East Side bands together," a neighbor said.
The 44-year-old driver from New Jersey, who is suspected of drunk driving, was pinned down by good Samaritans and held until police arrived on the scene.
Charges against the suspect are pending.
Mayor Eric Adams said that terrorism is not suspected at this time, although the investigation is ongoing.