Two others are in a critical condition after the crane plunged down on a busy street in lower Manhattan, the New York fire department confirmed.
More than a dozen people were checked out by emergency workers on the scene, three of whom had serious injuries.
It fell on a number of cars when it came plummetting to the ground, smashing their roofs.
A senior city official also said the crane hit a number of buildings on its way down.
One person was trapped inside the vehicle on Broadway in the Tribeca neighbourhood after the incident, which happened at 8.30am local time this morning.
An eyewitness told ABC7: "I didn't know what was happening because it was happening so fast.
"I could hear the bending of metal. I think it hit the side of the building."
Emergency services are on the scene.
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