Depending one's taste, (or lack thereof), one might call them nice decorations or ornaments.
But it isn't ART by any means.
I say this as someone who makes a living as an artist who appreciates true artistry and/or craftsmanship in a wide variety of media and never had to take a dime of public money or litter the countryside with fabric to do so.
Christo doesn't take public money. He raises all the money himself to put these installations into public spaces.
Forgot to mention - hotels have been full in New York for the last week and will be full until the Gates are taken down, because people have come from all over the country and the world to see it. I assume NYC pays for the police, the clean up, etc., but the city is making a lot of money on this exhibit.