A man in his 50s was rushed to hospital after a stabbing in downtown Toronto on Tuesday afternoon.

It happened near Yonge and College streets at around 1:10 p.m.

Police initially said that the victim had life-threatening injuries, however his injuries are now believed to be serious but non-life threatening.

Police say that a suspect, a man in his 40s, has been arrested.

It is not clear what charges, if any, he will face.

Police continue to investigate at the scene.

On Tuesday afternoon police tape was visible outside a condominium in the area and a trail of what appeared to be blood was visible in the building’s lobby.