In an effort to identify the anonymous couple, the NYPD put out a video message on social media showing them searching for the ring before police had arrived.
They have since been in touch with police and they are working to return the ring safely.
"Thank you, Twitter. Case closed!" the NYPD posted Sunday afternoon, along with a photo of the happy couple.
The officers who helped search for the ring confirmed that Drennan was their man through a photograph, and arrangements are being made to ship the ring back to the lucky pair, police sources said.
Good news came earlier today, with reports the couple had been located.
The NYPD Twitter account gave credit for finding the ring to the department's special operations bureau, which also includes specialized aviation, harbor, and horse-mounted units.
Daniella said yes straight away but they both knew the ring wasn't the right size.
The man was captured on CCTV getting on one knee and proposing to his girlfriend in Times Square.
"Wasn't a Twitter user, I am and will be forever grateful to all who have helped me get my ring back!" They've released surveillance photos of the couple and are asking the public to help reunite them with the ring. Thought was gone forever!
The couple added: "We are so thankful to everyone - especially the New York Police Department and everyone who shared our story".