Police say the shooting happened inside the Pedro Albizu Campos Plaza housing complex located on East 12th Street in Alphabet City around 7:30 p.m.
A 21-year-old man was fatally shot in the stomach, while a 24-year-old man was shot in the left leg.
Both victims were transported to Bellevue Hospital, where the 21-year-old was pronounced dead.
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The second victim is expected to survive.
The suspect was described by police as a man wearing a gray sweatshirt, last seen fleeing on foot in an unknown direction.
No arrests have been made. The investigation remains ongoing.
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