Police said residents heard screams for help around 4:45 p.m. and called for help.
Authorities said the boy had been riding the elevator with his brother when somehow he had fallen out. His foot became stuck underneath it, leaving him dangling in the air.
Neighbors helped to keep the elevator from moving until firefighters could get to the scene.
He was stuck for about 15 minutes before firefighters rescued him.
The boy suffered some bumps and bruises.
He was expected to spend the night at Lincoln Hospital.
An investigation was underway to figure out what happened.
NEW YORK AND TRI-STATE AREA NEWS