Emergency services were called to a community centre in southwest Sydney about 5.50pm on Wednesday, NSW Police said.
Paramedics treated the 32-year-old man at the scene on Rossmore Avenue in Punchbowl, but could not save him.
Police say a silver Lexus sedan was spotted driving away from the area after the incident.
Acting Superintendent Dean Johnstone said the man was known to police but he had not been formally identified.
Supt Johnstone said the shooting was believed to be targeted, but would not confirm if it was linked to organised crime.
He described the shooting as a "callous act" that could easily have endangered others.Â
"We believe this was a targeted attack, but we do not believe that other persons were at risk," Supt Johnstone told a press conference.
"However, obviously in a public place like this, those actions cannot be tolerated as it potentially endangered innocent members of the community."
A crime scene has been established at the site and police say investigations are continuing.
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