The incident occurred just after midnight in the 5600 block of Carpenter Street.
According to police, the teen was gunned down outside a home where people were celebrating the new year.
He was shot in the chest and hand and taken to the Hospital of the University of Pennsylvania where he was pronounced dead.
Officers say they took two men into custody for questioning and they were both armed with guns.
They also found a gun in the yard near the shooting scene.
The victim's name has not been released and so far, no arrests have been made.