Edith Berlin, an accomplished sculptor from Veracruz, created the mermaid sculpture Armonía (Harmony) in 1994.
It was originally located at the intersection of Calle Genova and Calle Liverpool in the heart of Mexico City. The sculpture seems to have been moved after 2015 or so.
The location is a pedestrian street with a lot of shops, trees and shrubs, and an atmosphere of relaxed culture.
The two knobs just above the mermaid’s breasts suggest that something may be missing. There may have been another item that was attached to the sculpture originally. Or maybe another item was planned.
I have not been able to find any information on what that was or what the knobs are for.
You can see a number of additional photos and information on the page for The Mermaid Armonía.