Vernon Franklyn, 22, is now charged with attempted murder, assault and criminal possession of a weapon.
The incident happened just after 3:30 p.m. on December 18 on the corner of East 175th Street and Prospect Avenue in the Crotona Park East section.
Authorities say Franklyn was one of the suspects who was arguing outside a bodega just prior to the shooting.
A gun was fired, and the bullet hit the boy in the foot as he was walked home from school.
The victim was taken to Jacobi Hospital, where he was treated for a gunshot wound to the heel and released.