The FDNY was called to 40 West 22nd Street in the Flatiron District at about 4 p.m.
Both were removed from the elevator shaft by firefighters and taken to Bellevue Hospital.
One is in serious but stable condition, while the other suffered minor injuries.
It's still not clear how they ended up down the shaft.
The building is a 12-story mixed used building, both commercial and residential.
There is a pre-school on the 1st floor and co-ops on the other 11 floors. The school says none of their employees or students were involved.