Sources told CBS New York the guitarist was later transported to Columbia Presbyterian Hospital. He's currently in stable condition.
Fans posted video of Perry on social media that show that Hall of Fame guitarist appearing dizzy before stumbling off stage. Witnesses said he collapsed shortly after.
The 65-year-old Perry was playing alongside actor and musician Johnny Depp and front-man Alice Cooper as part of Cooper's new band "Hollywood Vampires" at the time of the incident.
Cooper tweeted that Perry is stable and with family.
"Hollywood Vampires" also later took to Twitter saying Perry is stable and resting.
Perry is best known for the many years he spent as the lead guitarist for Aerosmith.
This is a developing story and will be updated as more information becomes available.