Horrified onlookers rushed to help the youngsters as they desperately scrambled to create an escape route for the stranded dancers.
Ladders were propped up against the building's balcony as terrified children dangled perilously from the second floor during the blaze, which broke out at about 7pm yesterday.
As debris began to fall from the burning building two of the children had to fall to escape the blaze.
One of the heroic rescuers even carries a child down the escape ladder.
According to local Fire Chief, Steve Curry, five people were taken to a hospital for further medical attention.
None of the injuries sustained are said to be life-threatening.
Ilker Kesiktas, the man who captured the horror on camera, told CBS: “Thank God nobody was dead.
“That was our only concern. Little injuries but we care about the lives of those kids.”
New York Daily News reported that the fire is believed to have started on the building's first floor, the home of a car repair workshop, before it spread to consume the entire building.
Local Mayor, Michael McPartland, was on the scene to witness the tense rescue and praised the courageous reaction of the bystanders.
McPartland told reporters: “It was one of the bravest things I’ve seen.
“It was kind of dramatic. They didn’t know what to do — the girls were trapped on the second floor.
“They escaped due to the bravery of these two guys.”
Two men, a police sergeant and a local businessman, showed quick thinking as they forced open the dance studio's window to evacuate the trapped children.
Sgt. Dalton said: “We couldn’t do it quick enough.
“Once we got them out they told us they were the last two people in there. Big sigh of relief.”
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