Police now considering a possible act of terrorism:

abc7ny.com

WNBC: Middle Eastern man armed with several weapons was on foot, shouted “Allahu Akbar” after ramming with truck a school bus, bicyclists. pic.twitter.com/4Of8b9kNf9

— Steve Herman (@W7VOA) October 31, 2017

EDIT:
Key graf:

The vehicle continued south, striking another vehicle. The driver exited the vehicle displaying imitation firearms and was shot by NYPD officers, investigators said.

The suspect is in custody.

One witness report is that the suspect yelled ‘Ali Akbar” after getting out of the vehicle. Police are interviewing more witnesses at the scene.