Fox News reports that another 11 people were injured.
The incident happened in the area of Chambers and West Streets in the TriBeCa neighbourhood.
The suspect went up on the curb and drove the vehicle - a rental from Home Depot - down the bike path, hitting whoever was in his way. The driver was then shot by police after jumping out with what turned out to be two fake guns.
The photo below shows Saipov in custody.
At first, many people were unsure what was going on. CBS News reports that terror suspect is Sayfullo Habibullaevic Saipov from Uzbekistan.
"It is a very painful day in our city".
Officials said they believe Saipov acted alone and they do not believe the attack was part of a bigger plot.
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The FBI's Joint Terrorism Task Force is taking over the lead of the investigation. He was taken into custody. A total of 87 people were killed in that incident.
The Islamic State has been encouraging its followers to mow down people, and England, France and Germany have all seen deadly vehicle attacks in recent months and years.
Uber driver Chen Yi said he saw a truck plow into people on a popular bike path adjacent to the West Side Highway.
According to Rita Katz, Director of SITE Intelligence Group, ISIS has "advised renting for vehicle attacks in Rumiya" and "many ISIS vehicle attacks were carried out with rentals".
'New Yorkers are strong and resilient - I know they will not be cowed by this assault on the innocent, and on our shared values and way of life'.
An Associated Press photographer on the scene Tuesday witnessed at least two bodies lying motionless on the path beneath tarps.