The officers were patrolling in a car at 11:30 p.m. Saturday when they saw Kimani Gray, 16, separate himself from a group of people and adjust his waistband, The New York Times said.
Officers then got out of the car to question the teen, and Gray allegedly pointed a revolver at the officers, the Times said.
The two officers fired and hit Gray, who was later pronounced dead.
Gray did not fire his gun, police said, but it was loaded.
It was not clear whether the officers identified themselves as police before shooting, or how many shots were fired, the Times said.
The shooting came on the same day that officers shot a man on Staten Island after a traffic stop, the Times reported. That incident occurred about 1:15 p.m. when two detectives in civilian clothes approached a stopped car, the Times said.
The driver, Clinton James, 33, then accelerated his vehicle and pinned one of the officers against another car.
The second officer shot James, who is now in stable condition, The Times said.