His son Antony, 33, was taken to Royal Prince Alfred Hospital as suffering stab wounds, with a knife still in his back. But it was reported that he is in a stable condition after surgery.
The father and son were well respected within Sydney's Lebanese community.
Photo: Antony Metledge, 33, was fighting for his life in hospital after the daylight stabbing. (Facebook: Supplied)
Emergency services said the pair were stabbed by a 49-year-old man who fled the scene and hitched a ride and was last seen in Rockdale — about 6 kilometres from the crime scene.
NSW Police have launched a massive manhunt and have pooled together significant resources — including police helicopters, dog units and riot squad personnel — from across the inner west to track down the suspect.
The man was described as being Caucasian, about 180 centimetres tall with a large build and a shaved head.
Police said he was last seen wearing a high-vis yellow shirt, long blue work pants and brown work boots and may have been carrying a construction helmet.
He was last seen hitching a ride in Rockdale — about 6 kilometres from the crime scene — but police would not confirm if the driver appeared to know the suspect.
Inspector Chad Deegenaars said the man was "capable of a violent" act and was "known" to police, but not "adversely" so.
"He is known to us, but nothing overly alarming," the inspector said.
Photo: A distressed woman was seen talking to police at the scene. (ABC News)
Police said the three men involved were known to each other and it was not a "random attack", but would not elaborate on those details.
Inspector Deegenaars said the suspect "did not have a fixed address" and was between homes.
Authorities also secured the object used in the stabbing for forensic investigation.
Around 3:00pm, a distressed woman was seen running up Applebee St, saying: "Is he dead?"
She was then taken out of sight by police, where she could be heard crying and wailing.
Inspector Deegenaars said the incident had been traumatic for all involved, from the family, to co-workers at the construction site and for emergency responders.
"It's the worst news anyone can hear," he said.