Franco Medina Angulo, 29, and Sergio Palomino Ruiz, 28, were there to celebrate a friend's birthday.
A woman was arrested in connection to the shooting.
Police believe the students were innocent bystanders.
The students were pursuing MBAs at NYU's Stern School of Business.
"They were kindhearted people and unfortunately they were in the wrong place at the wrong time," said classmate Nick Mica.
The woman who was detained for their deaths was seen in a video released by police. The investigation for additional suspects continues.
A GoFundMe has been set up to help the families cover the cost of funeral expenses for the students. So far it has raised more than $70,000.
NYU released a statement that the school community is "brokenhearted and shocked" by the deaths of the two students.
"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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