The 52-year-old victim was walking down the street in the 700-block of North Michigan Avenue when he was approached by someone asking him for his spare change. When the victim refused, the person then allegedly pulled out a sharp object and stabbed the victim in the throat area, according to police.
The victim was transported to Northwestern Hospital initially in good condition, officials said.
The victim and a witness were able to give police a description of the attacker, who was later located near Rush Street and Superior Avenue in the city's Gold Coast neighborhood and placed into custody.
Charges are pending.