[UPDATE BELOW] A man was stabbed in the chest in Times Square this afternoon, and the perpetrator remains at large. An NYPD spokesman said that the victim was stabbed around 2 p.m. near the intersection of West 46th Street and Seventh Avenue. The victim was transported to Bellevue, and authorities say his injuries are not life-threatening. Police from the Midtown North Precinct are currently canvassing the area for the suspect, a male who is reportedly in his 40s.

[UPDATE]The Post reports that the incident involved a folding chair and an "I Heart NY" t-shirt.

One man hit the other with a folding chair. The other man then stabbed the chair-wielding man, according to three witnesses.

“They started yelling. I don't know what about. The dude picks up a folding chair and starts flailing on the other guy. He stabs him and jets," said Mitch Harper, who works for a nearby jewelry store.

The assailant ran away when a man broke the fight up, witnesses said. The man then used a white “I heart NY” shirt to apply pressure to the wound.

“[The] good Samaritan when and grabbed a t-shirt and ran back over and put it on the guy's chest," said Shawn Forbes.

Police are still looking for the assailant, who was wearing black jeans and a grey jacket.