The incident was reported at a building on 34th Street shortly after 10 a.m.
The elevator fell halfway before the emergency brakes kicked in.
One person suffered a minor injury to their back.
The Department of Buildings said their preliminary investigation indicates that the freight elevator was carrying 25 people and a large amount of IT equipment when it dropped from the first floor to the basement.
The DOB's investigation is ongoing.
MORE NEWS: NYPD officer describes saving 4-year-old girl in Times Square shooting
* More Brooklyn news
* Send us a news tip
* Download the abc7NY app for breaking news alerts
* Follow us on YouTube
Submit a News Tip