According to the Times:

The gatherings, known as peel sessions (“peel” refers to a trick in which the rider skids on a fixed back wheel), draw a mix of bike messengers, film editors, industrial designers, take-out deliverers and students to a parking lot about two blocks long and 50 feet wide at Jackson Street and Meeker Avenue. The participants vary from experienced cyclists with sponsorships for competitions like New York’s annual Monstertrack, to novices learning to wheelie for the first time.

Give it 3 years and all the kids in the suburbs will be riding like this.