The 39-year-old worker was apparently changing a billboard atop a Victoria's Secret store on Fifth Avenue when the bus hit his boom lift just after 9:30 p.m.
He was thrown 20 feet from the lift. He was taken to Bellevue Hospital, where he was pronounced dead.
The victim was later identified as Vladamir Cruz of the Bronx.
The 44-year-old bus driver stayed on scene with no charges filed.
The passengers on the M1 bus were not injured and transferred to another bus.
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