These pictures are from last year.
My friends and I arrived around 12PM and were able to get a really good spot on Mott Street and just wandered around afterwards and got some dim sum.
Every year, there are festive floats, bands, community organizations, and dragon dancers. It'll be great for families with young kids.
You can buy some fireworks and other festive accessories on the street and the kids will be excited with all the sparklers, confetti, and other sights.
Honestly, when you've seen it once, you don't really need to go back, but it's worth a look if you're in the area and never seen a CNY parade.
I heard the CNY parade in Flushing is a lot more elaborate and interesting.
Manhattan Chinese New Year Parade Route: (More information at http://www.timeout.com/newyork/chinese-new-year)