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It happened at the Manhattan Promenade, a mixed-use commercial and residential high-rise in Kips Bay, WPIX reported.
First responders tried to take the elevator apart to free Waisbren, but they were unable to free him in time, WNBC reported.
He was pronounced dead at the scene.
Six other passengers were on the elevator but they were able to get out, and no one else was hurt.
The Department of Buildings is investigating what happened and so that a similar accident can be prevented.
The DOB had issued citations for the elevator before and residents said the equipment had malfunctioned many times, WNBC reported.
WPIX reported there were 16 violations, but they were dismissed between 2017 and 2018.
Residents of the building told WPIX they've been taking the stairs because they were afraid of the elevator.
The medical examiner has not made a ruling on Waisbren's official cause of death, CNN reported.