Between Warren Street and Murray Street, east of River Terrace, Battery Park, New York City, NY.
Teardrop Park  is one of the great parks in Battery Park City. We had visited it the same day as Rockefeller Park . My oldest had a great time in the sprinkler area and the mega-slide.  Be careful with the metal slide though, it can get hot, but the other thing is that many of the kids like to pour water on it to go super fast. Super fun, but make sure your kid is good at landing on their feet.
See below for this girl that got some major air!
So other reviews? Here is a negative review of the park, although we viewed this park in a very positive light. It does have some points about the access points being obscure, but we enjoyed that aspect since the kids liked the whole climb to the sprinkler area and it is nice and shady. The downside is that it’s hard to keep track of more than 1 kid since they have to go around corners to go to the different areas. It’s interesting to see the comments which are more positive about the park. I will definitely go again and combine Rockefeller Park which is so close by, but it helps to have someone with you to watch 2 or more kids. For a smaller park in Battery Park City check out North Cove and activities at Battery Park from our Hobokenite and frequent NYC day tripper.
Sorry, I thought my comment was above! I’ll copy it. HTML tags a mystery to me. This is taking longer than I expected: No one has mentioned the WIND. The river is a natural wind tunnel and my first and so far only visit to the park was at twilight [after this summer’s Merce Cunningham dance tribute] when winds drawn off the river streamed violently through the enclosed spaces of the park just as they do around tall buildings in some locations [Flatiron Building and many in this and other cities]. On this particular evening the wind in the walkways was punishing for adults. But a few boys were having a great time on the slide having first poured water down its surface. I’m hoping to sample the park at a time of greater use today 8/17/10 with my 12 year old grandson. There was an older man in tennis shoes going down the protruding cobble-like rocks of the small “mountain” there [during the first visit] as if he were an agile goatherd. He could have been in his 70s, maybe a little younger. He reminded me of the equally agile, same aged man in a tiny Greek village about whom his daughter said, “He has marbled these rocks,” when describing his daily climb to higher pastures with his few animals. Hoping for the repeat visit today. [Also wondering to what extent the wind was taken into consideration in designing the plantings…]