It happened at 126 Ludlow Street around 4 p.m. Sunday. Officers responded to the scene after receiving multiple 911 calls about a person armed with a weapon.
Police say when they arrived there was blood on the stairs and a man approaching them with a butcher's knife. Authorities report officers told him multiple times to show his hands and drop the weapon. Officials say the man continued to head toward the officers with the knife, so they discharged firearms, striking him.
The suspect, 54-year-old Wei Chan, was taken to the hospital where he was later pronounced dead.
Chan's father, 75-year-old Cheung Chan was taken to the hospital with a laceration to the head. He is expected to survive. The laceration came from his son.
Eyewitness News is told the 75-year-old ran to an upstairs neighbor to call for help.
A couple from Brazil on their honeymoon to New York City witnessed the father and son being brought out of the building.
"It was kind of shocking, because we only got here because my husband wanted to take some pictures," said Debora Martins.
"We thought that it was a, like a street fight. No. Someone fighting something, and then we heard...like four shots," said Fabio Gutierrez.
Officials have not yet released how many shots were fired and by how many officers.
It is not clear if the son spoke English well enough to understand the command to show his hands.
Several responding officers were taken to the hospital for evaluation.
The investigation is ongoing.