CCTV video shows a vehicle speeding down a street in reverse, before mounting the curb. The minicab then careered across the pavement and smashed into two fruit carts.
At least two of those injured are in a critical condition, police said, and two others had injuries which are not life threatening.
Police and Fire officials said the 70-year-old driver had been attempting to park the minivan when he hit the accelerator instead of the brakes.
Police said the driver stayed at the scene and that the crash appeared to be accidental.
On Tuesday morning New York Police Department identified the driver as Henry Herman and said he had been arrested and charged with seven counts of failure to yield to pedestrians and one count of failure to exercise due care, unsafe backing of a vehicle and driving on a pavement.
Mr Herman and a passenger in the minivan were also injured but refused medical attention, the police said.
Jin Lin, 32, told the New York Times she was walking in the area when the accident happened about 10 feet away from her.
Ms Lin said the vehicle backed up very quickly, which surveillance video broadcast by the NY1 news network appeared to confirm.
She called the emergency services but said the deceased victim had “stopped breathing already.”
The manager of a car park on the opposite side of the street told the New York Post the crash “sounded like a big boom”.
The collision is under investigation.
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