Strouse was stricken after receiving the lifetime achievement award from the Gershman YMCA on Sunday.
Gershman spokeswoman Donna Katz says the 81-year-old Tony Award-winner was being interviewed on stage in front of about 90 guests when he went pale and began to shake.
Strouse was taken to a downtown hospital, where he spent Sunday night. Katz said Monday that Strouse is in stable condition and is expected to be released Tuesday.
Strouse composed the songs for musicals including "Annie," "Bye Bye Birdie," "Applause" and "Golden Boy."
