The unidentified boy suffered only a bruise to his leg after the incident in the Borough Park neighborhood in Brooklyn, the New York Daily News reported Tuesday.
A nearby crew of Verizon FIOS, a cable company, used its ladder to remove the boy.
It was unclear why the manhole cover was removed. Officials of Con Edison, the city power company, said the manhole was not part of their network.
"It was a fast response," said witness Yidi Schwartz of the rescue. "I was surprised. I thought it would take way longer than that."
The boy was taken to Brooklyn's Lutheran Medical Center in stable condition, authorities said.