The robbery happened around 11:30 a.m. Friday on Lafayette Street in Lower Manhattan.
Video showed one of the men pin the boy against a scaffolding pole while the other stole from him.
They struck the victim in the face repeatedly during the robbery.
The men took his jacket and his shoulder bag that contained his wallet, $4 in cash, and his cell phone.
They walked away, while the boy was taken to Presbyterian Downtown Hospital with minor injuries.
Authorities say 35-year-old Charles Destefano was arrested Friday afternoon, but investigators are still looking for the other suspect.
Anyone with information in regard to this incident is asked to call the NYPD's Crime Stoppers Hotline at 1-800-577-TIPS (8477) or for Spanish, 1-888-57-PISTA (74782). The public can also submit their tips by logging onto the CrimeStoppers website at WWW.NYPDCRIMESTOPPERS.COM or on Twitter @NYPDTips. All calls are strictly confidential.
MORE NEWS: Cops bust illegal fight club dubbed 'Rumble in the Bronx'
* Get Eyewitness News Delivered
* More Manhattan news
* Send us a news tip
* Download the abc7NY app for breaking news alerts
* Follow us on YouTube
Submit a News Tip