The shooting happened at Mountainview Condominiums outside 585 Sierra Vista Lane at 5:50 a.m.
According to investigators, Edward Kern, a teacher from the Bronx, was walking his dog when he got into some sort of confrontation with his neighbor.
The victim was shot three times, officials said. He was taken to Nyack Hospital where he was listed in critical condition.
Police identified the suspect as 53-year-old Eric Goods.
Goods took off after the shooting, leading police to conduct an intensive search for him.
Officers located him about five hours later in a wooded area not far from the condo complex.
Goods was taken into custody without incident.