Here's how it's looking this morning, via a photo by EVG reader JG... Fairey started work on it Wednesday... it appears as if there's a little more to go, delayed by the rainy/windy weather.
Updated 3:30 p.m.
DNAinfo has more details on the mural, which is an image of Fairey's daughter when she was 3 years old. (She is now 11.)
"The title of the piece is 'Rise Above,' and its meant to be an uplifting image, a positive image to make people smile or to make New Yorkers look up," said Wayne Rada of the Little Italy Street Art (L.I.S.A.) Project.