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Horrifying video below shows the moment a man was crushed to death by a malfunctioning elevator at a Manhattan luxury high-rise rental building.

The incident occurred at 8.30am on Thursday August 22, according to sources. The building, called Manhattan Promenade, is a 23-story building at 344 Third Ave. near East 26th Street in Kips Bay.

As seen in the video, one person safely exited the elevator before the victim became trapped

The man was pronounced dead at the scene by the city medical examiner. The victim, identified as Sam Waisbren, 30, was believed to be a resident of the building, The Post reported.

Sources said the elevator was occupied by seven people and the man was exiting at the lobby level when the car suddenly dropped toward the basement, causing him to become stuck between the elevator car and the shaft wall on the first floor.

With five others still inside the elevator, the man was dragged to death along the wall between the elevator and the shaft.

Waisbren was pronounced dead at the scene, and the remaining five people inside the elevator were reportedly rescued.

Watch the footage through the link below. (Warning: Graphic)

According to StreetEasy, luxury 183-unit building, built in the late 1990s, has a 24-hour doorman and many apartments are complete with balconies or terraces.

One-bedroom apartments at the building are currently on the market for up to $3,695 a month. Waisbren was believed to be a resident of the building.

This is sickening!