Firefighters have rescued a construction worker who was trapped in the rubble of a building under demolition that partially collapsed, killing another worker in New York City.

Fire Commissioner Daniel Nigro says the rescued worker is in serious but stable condition after the three-hour effort to free him Friday.

The building was undergoing demolition to make way for a luxury boutique hotel.

"All the floors and all the debris basically came down to a V, and he was right underneath the V. Pretty much the hardest part of a V collapse is where he was," FDNY Captain Dominic Bertucci said.

Nigro says 17 other workers escaped the collapse.

Building owner Fortuna Realty Group declined to comment and referred calls to a demolition company.

The demolition firm, Northeast Service Interiors, says no one was immediately available to comment. 

Authorities are investigating.