The stabbing happened along the staircase at 42nd Street and 8th Avenue near the A & C lines just after 9 p.m. Saturday.
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Authorities say the suspect tried to take the victim's phone and after a verbal dispute, the victim was stabbed in the torso.
Two people were apprehended by police in the subway station, three others fled the scene.
The victim, who has yet to be identified, was taken to a local hospital and was said to be stable.
The suspect being sought by police is described as a male about 5'5" who was last seen wearing black pants and a white jersey with gold lettering that reads "legend."
The investigation into the stabbing is ongoing.
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Anyone with information is asked to call the NYPD's Crime Stoppers Hotline at 1-800-577-TIPS (8477) or for Spanish, 1-888-57-PISTA (74782).
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