The incident happened at Northwood Court in Dix Hills at approximately 11 a.m., when authorities say 30-year-old Nadim Yaqubie stabbed his 32-year-old brother in the neck.
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The stabbing victim was airlifted to Stony Brook University Hospital for treatment of non-life-threatening injuries.
Police said at some point during the incident, Yaqubie also set a fire in the basement.
The suspect was Tased by police and transported to Huntington Hospital.
Neighbors say the man has a history of mental illness.
The parents were home during the dispute, and the mother of the two was transported to a local hospital for evaluation.
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Second Squad and Arson Section detectives are investigating.
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