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1.
It is to express approval in a cool ass gangsta way.

Similar to "That's RIGHT Bitch!"
Guy 1: "I wake up the birds. The birds don't wake me up"

Guy 2: "Downstreet!"
by hiiwiip November 20, 2010

Words related to Downstreet

cool dope gangsta sick that's right bitch
 
2.
It's the small town word for downtown...when downtown consist of one main street...and that about sums up the shopping district...
"I'm going downstreet to meet some friends for a day of shopping and tea!"
by Poegwen! November 30, 2004