Police evicted protesters from the privately owned public space in November.
Christmas Day at Zuccotti - the 100th day of the first demonstrations - started at midnight with a prayer service in the park. Breakfast was served in the morning.
And at noon, the plan is to read a 1967 speech by King, with the civil rights leader expressing his opposition to the Vietnam War.
Other Christmas activities planned at Zuccotti Park include music and a poetry reading.
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