I used to watch this movie all time like 15- 20 years ago, my mom had it taped. I only remember vague details about it. I hope some can help.

It was about this young boy, I remember him being black or itlain and wearing like yellow shorts, but I feel like there were others stories within the movie. There was this floating balloon that lead him somewhere, like a fair or something and I remember it was next to a big bridge and water. At one point a pony turns into a unicorn. And I remember it ends with the boy or a girl riding off on the unicorn, I remember it was like in New York, brooklyn bridge and central park.

I know that is a lot of obscure information hope someone knows what I am talking about
Thanks