New York ( CNN ) -- A 47-year-old man was arrested Sunday in the death of a 73-year-old woman who was set on fire in the elevator of her Brooklyn apartment building , telling police the woman owed him $ 2,000 , New York police said . Jerome Isaac faces charges of first-degree and second-degree murder , along with arson , police said in a statement . The victim was identified as Deloris Gillespie . Isaac also lives in Brooklyn , but does not live at the address where the incident took place , police said in a statement . Isaac told police Gillespie owed him $ 2,000 for work he claims he did for her , said NYPD Deputy Commissioner Paul Browne . He turned himself in to police overnight or early Sunday morning , he said . Neighbors said the woman was returning home to her fifth-floor apartment in Prospect Heights after a grocery store trip Saturday . A preliminary investigation showed the man was standing outside the elevator on the fifth floor and attacked the woman as she was attempting to exit , authorities said . The incident was caught on surveillance cameras inside and outside the elevator , and police have the videotapes , Browne said . Authorities believe Isaac initially sprayed the woman with a flammable liquid , presumably gasoline , and continued to spray her as he followed her back into the elevator , Browne said . The woman was first sprayed in the face , he said . Then , using `` one of those long lighters that you would use for a grill , he lit a Molotov cocktail and used the burning leg on top of that to ignite her body , '' Browne said . The suspect stepped out of the elevator , threw the Molotov cocktail inside , then returned again to spray more liquid on the woman as she burned , he said . `` This is as bad as it gets , '' Browne told CNN 's Don Lemon . Authorities responding to a 911 call of a fire found the woman 's body inside the elevator . She was pronounced dead at the scene , according to the police statement . Residents told CNN affiliate WCBS they heard screams and saw smoke -- and realized a woman was on fire inside the elevator . `` Myself and someone from the sixth floor went down knocking to get people out . Knocking on doors telling people 'There 's a fire , get out , get out , '' a resident named John told the station . He did not want to give his last name . Neighbor Carmen Martinez told the station the victim had lived in the building since the 1980s . `` She used to give toys and gifts to kids all the time , '' Martinez told the station . `` From everything we hear ... she was just this sweet 73-year-old woman , '' Browne said . Photos that police released of the attacker show a man dressed in dark blue clothes , white gloves , with a dust mask on his head and carrying a container on his back . The photos were released during the search for a suspect , Browne said . Isaac lived about 10 minutes away from Gillespie 's apartment building , Brown said . After the incident , he apparently returned home and ignited the door to his own apartment , he said . He was concerned he had burned himself in the second incident , although no one else was injured , Browne said . He then hid out on a rooftop for a while and fell asleep , later going into a police station `` reeking of gasoline '' and telling officers he was responsible for a fire . During questioning , Browne said , he implicated himself in Gillespie 's death . It was not clear whether Isaac had retained an attorney . CNN 's Maria P. White and Susan Candiotti contributed to this report .
NEW : `` This is as bad as it gets , '' police official says . NEW : `` The man was shot in the head and died at a hospital after being hit by several bullets from an AK-47 assault rifle that had been stolen earlier this month. " The suspect says the victim owed him $ 2,000 . The victim is identified as Deloris Gillespie , 73 .