The accident happened around noon on 94th Avenue in Jamaica.
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The injured worker was taken to the hospital in stable condition.
The worker who was killed was later identified as 50-year-old David Johnson.
Officials say the workers were taking down the wall when it fell on top of them.
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The exact cause of the accident is under investigation and a stop work order has been issued at the site.
"Any loss of life on a construction site is a tragedy, and our engineers and inspectors are already on site conducting a thorough investigation," Department of Buildings Commissioner Melanie La Rocca said in a statement. "We want to assure the families of the victims that we will hold all responsible parties accountable to the fullest extent of the law."
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