The shooting was reported at McLaughlin Park at the intersection of Tillary and Jay streets around 1:45 p.m.
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The teen is a student at Brooklyn Laboratory High School which is a couple blocks away from the park.
Students had a half day on Wednesday and police say the victim got into a dispute inside the park that led to the shooting.
Police say witnesses told them that the victim was sitting on a bench with two high school-aged females when two males approached. Words were exchanged and a fist fight ensued, police said.
Police say the teen was shot once by one of the suspects before being taken to New York-Presbyterian Brooklyn Methodist Hospital, where he was pronounced dead.
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"I could see that there was a kid on the floor and that there was somebody from the school doing chest compressions on him ... like a faculty member," witness Jasmine Bulger said.
Cell phone video showed dozens of people emptying out after the teen was shot.
Authorities said they are looking for at least two suspects who were described as school-aged and wearing ski masks.
Both individuals fled eastbound on Tillary Street towards Adams Street on foot.
No arrests have been made and the investigation is ongoing.
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Police say there were nearly 30 other people in the park at the time and they are asking anybody with information to come forward and call 1-800-577-TIPS.
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