Smith is renting the $2 million (£1.2m) trailer for $9,000 (£5,500) a week while he films the third instalment of the Men in Black franchise nearby.
The excessive vehicle comes complete with marble floors, full kitchen, lounge, movie room, bedroom, bathroom, bar, and offices for Smith's personal staff, while its overbearing size has led many local residents to complain.
"The smell that comes along with it is disgusting," a local resident told The New York Post. "It's like living in a gas station."
"How would Will Smith feel if I parked that thing out in front of his house?" another resident added.
In addition to the two-storey trailer, Smith has a second 55-foot trailer parked nearby which houses his own personal gym. He has also rented a five-bedroom apartment a mile away from the film set.
Despite complaints about the trailer, city officials have confirmed that Smith has not violated any of their regulations.
Men in Black III, which stars Smith alongside Tommy Lee Jones, Emma Thompson and Nicole Scherzinger, will launch in cinemas on May 25, 2012.