Apparently this issue has been fixed in Android Studio 2.1. Rerun the Android SDK Manager setup in Android Studio and this should solve your issue.
In Android Studio:
Windows: File - > Settings (ctrl+alt+s) -> Appearance & Behavior -> System Settings -> Android SDK.
Mac: Android Studio - > Preferences (cmd + ,) -> Appearance & Behavior -> System Settings -> Android SDK.
Click on Edit on the right of the Android SDK location. Click Next all the way through the wizard and this should fix the problem.
This was answered here for a different question.