If the cyclist is riding the bike he would be considered a moving vehicle and has to follow the rules for all moving vehicles and would need to pay attention to the red light in his direction of travel. If the cyclist dismounts and is walking a bike in a crosswalk, he "might" have right of way. In some states and I think NY is like this, the pedestrian might not have right of way in a controlled intersection, where there might be walk/don't walk electronic signage, in which case a motorist with a green light has right of way over a pedestrian with a don't walk signage. If not a controlled intersection, with just a crosswalk, a pedestrian gets right of way and often gets run over exercising that right.