RMS Titanic Memorial in Queens

Every weekend we bike over the Pulaski Bridge between Greenpoint and Long Island City. A couple of blocks past the bridge on the Queens side, there is this strange memorial to the RMS Titanic, wedged into the facade of one of the brick row-houses. Does anyone know the story behind this? Who created it, and who maintains it now?

And the Titanic Special Collector's Edition DVD has 45 extra minutes for girls now in their twenties to remember why they swooned over DiCap in the first place!