The accident happened at about 2:00 pm (1800 GMT) at Stewart International Airport in New Windsor in the scenic Hudson Valley, on the eve of the New York Air Show.
Read: Pilot fights for life after 7 killed in UK airshow crash
"It appeared the aircraft had experienced a structural failure," a New York State Police spokesperson told AFP.
The show, scheduled Saturday and Sunday at Stewart, is to feature demonstrations from civilian and military performers, including by Navy SEAL Leap Frogs, a parachute team.
The crash comes a week after up to 11 people were killed when a vintage military plane crashed onto a busy road in Britain near the Shoreham air show on the south coast of England.
Read: Seven killed in British airshow crash as jet hits road
The historic Hawker Hunter military jet had failed to pull up out of a loop at the Shoreham Airshow on the southeast English coast on Saturday, and hit several cars, creating a fireball that sent thick, black smoke billowing into the sky.
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