The incident was reported around 6:45 p.m. on Thursday in front of 1551 Sheridan Ave in the Bronx.
The children, a 10-year-old girl and her 5-year-old brother, somehow avoided being shot as the gunman fired multiple shots on his intended target, a 24-year-old man.
The first suspect is described as a man with sunglasses who wore all black clothing. The second individual is a light-skinned male who wore a white baseball cap, a red long-sleeved shirt, and dark-colored shorts.
One of the suspects fired about a dozen shots in total.
The victim was shot three times -- once in each leg and in the lower back -- and taken to the hospital where he is expected to survive.
The children were not physically injured.
WARNING: The following video is shocking -- everyone involved survived
Kids miraculously not hit in brazen broad daylight shooting on NYC sidewalk
After the shooting, the suspect got on a scooter with a second person and they both got away northbound on Sheridan Avenue.
NYPD Chief of Department Rodney Harrison said the shooting "seems like it's a gang incident, which has been plaguing NYC this year."
"I'm disgusted, I'm going to be honest with you, it's very alarming," Harrison said.
Anyone with information is asked to call the NYPD's Crime Stoppers Hotline at 1-800-577-TIPS (8477) or for Spanish, 1-888-57-PISTA (74782).