But, police later found the ring and are looking to find its owners.
According to the New York City Police Department, the man was proposing to his girlfriend just before midnight on Friday, when he dropped the ring.
Emergency Service Unit officers responded but didn't immediately find the ring, so the couple left.
The good news, officers has recovered the ring.
The NYPD has put out an alert for a mystery couple whose romantic Times Square proposal went seriously awry when the engagement ring fell through a utility grate, beyond their reach. They managed to pull the ring out of a utility grate on Saturday morning. "Help us find them?"
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The woman is blond, and the man is brown-haired and bearded and wearing a gray cap.
Police released surveillance images and footage of the couple trying to retrieve the ring.
Unfortunately for the couple, the NYPD does not have the couple's details, therefore it can't reunite them with the ring.
More than 350,000 people visit Times Square in midtown Manhattan, known as "The Crossroads of the World", every day.