Will Smith's Megatrailer -- TOWED ... On Tape!

Will Smith's 1,150 sq. ft. trailer was unceremoniously dragged off a busy NYC street yesterday after complaints from residents -- and you gotta see the footage ... thing's UNREAL.

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Smith's double-decker luxury trailer was plonked down in the middle of a tiny street in Soho while the actor shot "Men in Black III" -- but after several residents complained it was blocking traffic, giving off fumes, and screwing up local businesses ... the studio towed it to a nearby parking lot.

And to give you an idea of how absurd this thing is -- the 53-foot trailer also boasts marble floors, a massive 100-inch TV, a bedroom, and several offices.