The shooting happened around 4:20 p.m. last Tuesday near 112 East 128th Street.
Police say that a 14-year-old boy was shot in the head, and a 15-year-old was shot in the leg.
Both victims were rushed to Harlem Hospital. The 14-year-old Justin Streeter of Plainfield, New Jersey was pronounced dead after arriving.
Police say the 17-year-old suspect, who was not named, is facing murder, attempted murder, assault, and firearms charges.
An investigation into the shooting was ongoing. A motive is currently unknown.