It happened around noon at John Bowne High School in Queens.
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Authorities say Lenny Pierre went into cardiac arrest and was rushed to New York Presbyterian Hospital Queens, where he was pronounced deceased.
"This tragic loss occurred during a regular basketball practice," a Department of Education spokesperson said. "Staff responded to a medical emergency and swiftly contacted EMS. A full investigation is ongoing."
The Medical Examiner will determine the cause of death.
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"I am heartbroken to hear of Lenny Pierre's passing," Mayor Bill de Blasio said in a statement. "As a parent, and as a father of student-athletes, I can only imagine the pain and sorrow being felt by Lenny's family, loved ones and classmates. On behalf of 8.6 million New Yorkers, I extend out deepest condolences. We will be with this family now and in the future as we mourn the loss of one of our city's children."
Pierre was a junior. The team's next scheduled game is Jan. 3 at Springfield Gardens High School. It is unclear at this time if any games will be postponed.
The investigation is ongoing.
Schools Chancellor Richard A. Carranza issued the following statement:
"This was a tragic loss, and my heart is with this student's family, team, and school community. We will provide additional guidance counselors and support to this school community for as long as it is needed, and we are working with NYPD and agency partners as they conduct a thorough investigation."