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On the sign:
Excavation of Union Square, looking south from what is now 18th street with Broadway on the right. INSTALLED 2002
Part of a series of 22 plaques surrounding Union Square depicting the history of the square from 1600 to 1882 - the year in which the first Labor Day Parade took place at Union Square, and labor movement events that were held in the United States (Union)
The plaques are made of bronze, designed by Gregg LeFevre and set up in 2002
The plaque shows the area before the square was built, and as you can see it is agricultural land.