The footage taken just after midnight shows a red two-door Infiniti, encircled by a large crowd, spinning in the street when a 23-year-old man approaches the sedan, his cellphone out, and falls.
The driver appears to run over him with his right wheel before fleeing east on Vandam Street, according to the video and the New York Police Department (NYPD). The incident occurred in upscale Soho at Greenwich and Vandam streets.
The victim, who suffered a fractured skull, brain injury and severe trauma to the body, remains in critical condition, police said.
The video of the incident, shared by police, shows two men walking toward the whirling car to record the stunt. The victim appears to follow them when he stumbles directly in front of the vehicle, as dozens of onlookers stare in horror.
Fox News reported last year that illegal street racing has surged across many U.S. cities, at times leading to deadly collisions, as traffic patrols were scaled back in the wake of the "defund the police" movement.
Police are asking for the public's help in identifying the driver of the red Infiniti, which has a yellow decal on the driver's side with the words "Tyler Spec." Anyone with information is urged to call NYPD's Crime Stoppers Hotline 1800-577-TIPS.