According to the Puerto Rico Police Department, the two students were innocent bystanders who were shot when a dispute escalated between the suspect and a group of people at the bar.
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The victims were identified as 29-year-old Franco Medina and 28-year-old Sergio Palomino Ruiz who were pursuing MBAs at the Stern School of Business.
Medina and Palomino Ruiz were on a group trip with other classmates, according to a statement released by NYU.
"They were kindhearted people and unfortunately they were in the wrong place at the wrong time," said classmate Nick Mica.
"They were bystanders and unfortunately this tragic event happened to them - they didn't want it, they didn't see it, they just finished finals and they went on a holiday," added classmate Connie Luc.
Puerto Rican officials say that a suspect has been detained in connection to the deaths.
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A woman who was seen in video released by police is expected to appear in court on Tuesday morning. The investigation for additional suspects continues.
Back at NYU, all social events for MBA candidates have been canceled for the next few days.
"Losing someone is tough, but especially your classmates in a timeframe when you need to be focused on school work, it is tough to keep your mind the right place," added Mica.
A GoFundMe has been set up to help the families cover the cost of funeral expenses for the students.
NYU released a statement that the school community is "brokenhearted and shocked" by the deaths of the two students.
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"The University has been in touch with the remaining group members to offer them support and aid; none of the others were injured," the statement read. "NYU has also reached out to the families of the slain students to provide whatever assistance we can and to express the sympathies of the University community. In addition, our counseling service will make resources available to students in the MBA program, the Stern School community, and especially to the close peers and friends of the slain students. NYU grieves today with the family, loved ones, and friends of these students, whose lives ended tragically, suddenly, and far too early."
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