It happened around 11:53 p.m. Wednesday at the intersection of Gilham Street and Frankford Avenue.
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Arriving police found the young man suffering from a gunshot wound to his stomach.
He was rushed to Jefferson Torresdale Hospital where he underwent surgery.
Police say the incident was captured on private surveillance cameras.
They say the video showed the victim speaking with the suspect before the shooting.
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"We believe the victim and the shooter were engaged in a conversation just before the shooting took place. Whether or not the victim and shooter know each other, we're not sure, but they were clearly talking to each other just minutes before the shots were fired," Philadelphia Police Chief Inspector Scott Small said.
Three spent shell casings were found at the scene.
Police say the suspect fled in a dark-colored SUV.