It was named after a prominent Tammany Hall district leader and local saloon owner, Thomas F. "Big Tom" Foley (1852–1925).
This was one of the original fresh water sources for the city, but in 1811 was drained and filled in because it had become severely polluted and implicated in typhus and cholera outbreaks.
Tilted Arc, a public art installation by Richard Serra, was displayed in the square from 1981 until it was removed amid controversy in 1989.
Because of its proximity to Chinatown, Foley Square is often host to a large group of people performing tai chi in the mornings.
[citation needed] On November 17, 2011, Foley Square was the site of a protest which was part of the Occupy Wall Street movement, which took place after the protestors had been removed from nearby Zuccotti Park.