Pull off the A/C bracket totally, not just the A/C compressor. You might look at it and think it's possible to leave the compressor mount on...but it isn't. Awful design from BMW. That's the only big trouble with installing it. Also, don't bend the wire around too much. It's shielded cable and will fail if the shielding breaks.
Test the brand new sensor too. They'll give you flack about returning an installed sensor. Some have failed right out of the box...you'll be able to get a new one if it hasn't already been installed.
Make sure the little plastic channel bracket is right (it's on the passenger side of the motor), or the fan belts & pulleys might chew your new CPS cable up. Mine was loose, bolt fell out & the bolt/metal standoff was pressed into the front case!