The hit appears to be another chapter in the city's bloody gang wars, with anti-gang Raptor Squad police performing CPR on the 39-year-old in a Greenacre street before he died on Wednesday night.
The victim has been informally identified as Mahmoud "Brownie" Ahmad.
Emergency services were called to Narelle Crescent, Greenacre, about 9.30pm following reports a man had been shot.
Ahmad had been visiting an associate when he was sprayed with bullets.
Police believe multiple gunmen were "laying in wait" for Ahmad in cars primed for the well-executed hit.
"This is an incredibly brazen and callous murder," Homicide Squad Commander Detective Superintendent Danny Doherty told media on Thursday.
"Multiple shots were fired at Brownie Ahmad and it resulted in his death.
"The amount of people with Ahmad at the time in the street - it's an absolute miracle that no one else got hit.
"It is an actual miracle that no one else got hurt."
Raptor Squad police were in the area on Wednesday night as part of ongoing suppression tactics and were the first to respond, Det Supt Doherty said.
They found Ahmad "dying in the street" and performed CPR but he was not able to be saved.
Det Supt Doherty urged members of the public with information to come forward.
"We need help and information from the community so we can put these people away."
Ahmad was the brother of slain underworld figure Walid "Wally" Ahmad, who was gunned down in 2016 while sitting at a busy cafe at a Bankstown shopping mall.
Mahmoud Ahmad was released from jail six months ago after pleading guilty to the manslaughter of Safwan Charbaji in 2016.
Police said after Ahmad returned from Lebanon, officers warned him there was a bounty on his head.
He was told he was a "marked man" and was in imminent danger.
"He continued to associate with people of the criminal milieu and did not want to hide," Det Supt Doherty said.
"His life was always in danger. He was always going to end up a victim of circumstances.
"He has ended up in the morgue as a result."
The gunmen remain on the run and a black Porsche sedan and black BMW were found on fire at Strathfield and Belmore a short time later.
The investigation, led by homicide detectives and crime gang squad members, is targeting known members and associates of criminal networks.
The state opposition says there has been at least 35 major violent incidents involving gangs in NSW since June 2020.
"Crime gangs are carrying out attacks with impunity," Labor's police spokesman Walt Secord said.
"Frankly, I'm less concerned about feuding gangsters killing each other and far more concerned about innocent bystanders getting killed in the crossfire.
"Who knows where a stray bullet could end up in the dark?
"If this was happening on Sydney's north shore the Perrottet government would be throwing all the resources it can to stop the violence."
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