The incident was reported at a high-rise under construction near 57th Street and 6th Avenue.
No injuries were reported, but the FDNY said they responded to reports of debris falling from a building.
The building is an 84-story condo tower on what is referred to as "Billionaires Row." Apartments in the building go for more than $30 million.
ALSO READ | 85-foot crane crashes down on home in New Jersey
The Department of Buildings said they have inspectors heading to the scene to investigate.
The city is shut down 55th to 59th streets from Madison to 8th avenues.
The MTA announced the following subway changes during the investigation: F, N, Q, R and W trains are bypassing 57 St/57 St-7 Av in both directions because of an NYPD investigation in the area. M31 and M57 buses were also detoured due to FDNY activity.
ALSO READ | TriBeCa crane collapse investigation focuses on weather, height, operating company
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Video: Crane spins out of control from top of Midtown, NYC building on 57th Street - WABC-TV
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