According to authorities, the victim was heading into an apartment building near Avenue C and East 12th Street when he was stopped by the man, who asked him for a cigarette.
The suspect followed the victim into the lobby of the apartment building and into the building's elevator.
Surveillance footage shows the suspect then pulling out a box cutter and allegedly demanding money from the victim, who was seated on a Rollator walker.
Police say the suspect successfully took $60 from the victim's pocket before getting out of the elevator.
The suspect is described as a dark-skinned man, approximately 30-40 years old; last seen wearing a dark red Under Armour baseball hat, black jacket, red sweatshirt, red sweatpants, red Nike brand sneakers, and black gloves.
Anyone with information in regard to this incident is asked to call the NYPD's Crime Stoppers Hotline at 1-800-577-TIPS (8477) or for Spanish, 1-888-57-PISTA (74782). The public can also submit their tips by logging onto the CrimeStoppers website at https://crimestoppers.nypdonline.org/ or on Twitter @NYPDTips.
Police say that all calls are strictly confidential.