The incident happened around 2 a.m. Wednesday on S Street in North Valley Stream.
According to detectives, an unknown number of suspects armed with handguns forcefully entered the side door of a residence and confronted three men -- ages 61, 31 and 25 -- on the second floor.
The suspects reportedly demanded personal property from the victims, and a struggle ensued that authorities say resulted in the 61-year-old man being injured when a gun discharged in his direction.
The suspects fled the scene with assorted jewelry.
The victim was transported to a local hospital for treatment of his injury and is listed in stable condition.
Authorities believe the robbery may be connected to the victim's business, a used car dealership. Records also indicate the man is also the president and CEO of a Georgia-based jewelry business, and he was the victim of a similar robbery back in 2007.
Anyone with information regarding the crime is urged to contact Nassau County Crime Stoppers at 1-800-244-TIPS. All callers will remain anonymous.