The shots were fired at Bridge Street and MetroTech Center just before 11:00 a.m. Tuesday afternoon.
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Witnesses told police a group of eight to ten men fled on Bridge Street, some may have been wearing ski masks.
So far no injuries have been reported.
NYU Campus Safety sent out an alert to students warning of shots fired and advised them to "run, hide or fight."
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An all-clear was given 40 minutes later.
Police are still on the scene investigating the incident.
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