According to the NYPD, the man was exiting a place at 50th Street and 12th Avenue around 4:30 a.m. when he was approached by two suspects at gunpoint.
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Authorities say the suspects tried to steal the man's necklace and a struggle ensued. They say one of the suspects then open fired and shot the man in the arm.
First responders transported the victim to Bellevue Hospital, where he is in stable condition.
Police say the suspects continued shooting as they were fleeing in a white Honda Accord when a bullet struck one of them. The injured suspect was dropped off at an NYU hospital and is expected to survive.
Two other suspects are still at large.
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