It happened at 133-28 150 Street just after 11:30 a.m.
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The NYC Department of Buildings said workers were doing waterproofing work at the two-story home where excavation work was also taking place.
The DOB said unstable masonry brick supports on the outside of the house collapsed during, pinning two workers in excavation area.
Both men were pulled to safety and taken to Jamaica Hospital where they were said to be serious but stable.
The workers are both expected to survive.
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The investigation into the incident is ongoing.
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