A generator on top of the building caught fire at about noon. The building is located on West 15th Street between 9th and 10th avenues in Chelsea.
Smoke filled the building, prompting officials to evacuate parts of the facility.
The fire has since been knocked down and people are allowed back in the building.
Check out video shot by Eyewitness News viewers Sam Jesse and Justin Dolan:
Here is a photo showing the smoke rising from the building:
A spokesperson for Chelsea Market issued this statement:
"Today there was a minor fire within the cooling tower on the roof of Chelsea market that has been contained. The fire department responded immediately to the scene, and the adjacent office floors of the building were evacuated as a precaution. The safety of our visitors and tenants is our greatest concern. No injuries have been reported and we are working with the FDNY to ensure that the situation remains under control."
The FDNY said the cooling tower caught fire as it was being drained and cleaned. The tower sustained significant damage.