It happened just after 1:30 p.m. at the intersection of East 157th Street and Elton Avenue in the Melrose section.
Police are looking for a white Mercedes that fled the scene, and they believe the gunfire came from inside the vehicle.
The victims were rushed to Lincoln Hospital, where a 31-year-old man was pronounced dead with gunshot wounds to the head and leg. He has been identified as Noel Irizarry.
A 32-year-old man remains in serious condition after suffering gunshot wound to the right leg.
Authorities say the shooting occurred after some sort of dispute. A witness came forward to say there was an argument between the gunman and the two victims.
There are no arrests, and the investigation is ongoing.
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