The video was taken by Bishop Savas while he was chancellor of the Greek Orthodox Archdiocese of America in June 2008. He wrote:

Long story short: I took this video in the sanctuary of the Cathedral of St Paul in Hempstead, New York, around 3:15 p.m. on June 22, 2008, Sunday of All Saints. This icon of St Nicholas the Wonderworker began to stream a clear, sweet-smelling liquid during the celebration of the Divine Liturgy in the morning. I don't know what to make of it. It smells of myrrh. I don't know if I would have believed it if I hadn't seen it with my own eyes, handled it with my own hands, inhaled the aroma for myself. Take a look and see for yourselves. +S

Apparently it began gushing myrrh on Pentecost Sunday and it was examined by the Greek Archdiocese a week later on the Sunday of All Saints when this video was taken. The weeping stopped within about a month of when it began.

Weeping icon