Police say it happened Saturday evening at about 6 p.m. on 49th Street.
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They say the 2-year-old and his mother live in a fourth floor apartment and when the mother left the room for a moment, the child somehow made his way out the window.
Neighbors heard the boy crying and spotted him dangling. He fell down, but the two women jumped into action to catch the child.
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Witnesses say the women broke the child's fall but he still hit the pavement.
Police expect him to survive.