Police say the victim was parking on a lot at Scott and Markham Streets when the suspect got out of a car with two other men inside and robbed him.
It happened just before seven-thirty.
The victim told officers the suspect drove off in his car, followed by the men in the other car.
The man had tracing set up on his vehicle and police were able to track it down in the parking lot of an apartment complex on West 51st Street.
The vehicle was recovered but not the man's other property.