According to a NY1 transcript, Grimm and Scotto said the following during the confrontation:
"So Congressman Michael Grimm does not want to talk about some of the allegations concerning his campaign finances," Scotto said before tossing back to the station. Then as the shot ended, Grimm reapproached Scotto and began speaking to him directly.
"What?" Scotto responded. "I just wanted to ask you..."
Grimm: "Let me be clear to you, you ever do that to me again I'll throw you off this f-----g balcony."
Scotto: "Why? I just wanted to ask you..."
Grimm: "If you ever do that to me again..."
Scotto: "Why? Why? It's a valid question."
Grimm: "No, no, you're not man enough, you're not man enough. I'll break you in half. Like a boy."
Update: Grimm made the following statement about the incident:
John Stanton is a senior national correspondent for BuzzFeed News. In 2014, Stanton was a recipient of the National Press Foundation’s 2014 Dirksen Award for distinguished reporting of Congress.
Contact John Stanton at email@example.com.
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