An area near a block of flats on Rangitikei St was cordoned off by police and guarded overnight.

One man is in hospital and another is spending his weekend in Manawatu Prison after a stabbing at a block of flats in Palmerston North.

Wade Anthony Mulligan, 57, was remanded in custody after a brief appearance in the Palmerston North District Court on Friday afternoon.

He will reappear in the same court on Tuesday to face a charge of wounding with intent to cause grievous bodily harm, after an incident in Rangitikei St at 8.55pm on Thursday.

Thomas Heaton Police search a car of interest at the scene.

Residents of the Rangitikei St flats who were spoken to by Stuff about the stabbing were unaware of what had happened, but Detective Senior Sergeant Simon Harrison said the stabbed man was aged in his late 20s.

READ MORE:

* Cannibalism question remains

* 'Proud' murder accused wouldn't spill

* Teen found guilty of murder

The man had been taken to Palmerston North Hospital by St John Ambulance staff in a serious condition, but was in a stable condition in a ward on Friday.

Senior Sergeant Steve Thomas, of the Central District command centre, said a scene examination took place on Friday morning.

The flats where the stabbing is alleged to have taken place was the scene of another high profile violent attack in 2006.

Manawatu man Stanley Waipouri was found dead in one of the flats after having suffered a prolonged beating.

Waipouri's body had been mutilated and was found with severe facial and neck injuries, broken ribs, and various internal injuries.

Ashley Arnopp later pleaded guilty to Waipouri's murder.

He then gave evidence against co-accused Andre Gilling, who was found guilty after two jury trials.

Both men are serving life sentences for their crimes.