Police say the two repeatedly sold cocaine and marijuana to undercover officers at the store in the last five weeks.
The 58-year-old Piacentini and 39-year-old Lazaroff were arrested on drug sale and other charges. Information on their arraignments and legal representation was not immediately available Sunday evening.
No one immediately responded to messages left at possible phone numbers for them.
The star of "Criss Angel Mindfreak" grew up nearby and told Newsday in 2005 that the store was the first magic shop he ever went to.