Yeah, if the guy pulls it a second too early, when the fuel lines are still attached, everything explodes.
If he pulls it a second too late, after the clamps released, the rocket won't launch straight, tumble and explode.
But it still needs to be launched manually by a guy with a 6-digit salary pulling a lever, due to an agreement with the union.
I think he means, "they're a Brooklyn institution that everyone will associate with Brooklyn forever!" Except not with so many words with more than two syllables.