It happened on West 45th Street and Broadway around 1 p.m.
The unidentified victim was stabbed in both legs and was removed by EMS to Bellevue Hospital and is said to be stable.
Police say at least three suspects ran away in an unknown direction.
Multiple people were taken into custody in the area of both Sixth Avenue and West 52nd Street and 660 Fifth Avenue.
Investigators say the stabbing was the result of an apparent turf dispute between people selling items in the Times Square area.
This is breaking news. This story will be updated as more information becomes available.
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