The movie, set in 1965, was directed by Michael Dinner. It tells the story of a new transfer student to the fictional St. Basil's Boys' Prep School in Brooklyn. It features actors Donald Sutherland, John Heard, Mary Stuart Masterson, and Kevin Dillon.
The scene featured in the video above takes place right on the retractable Carroll Street Bridge and takes full advantage of its unique operating system. It is very funny.
Thanks for making us aware of this gem, Rob!