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Times Square Luxury Hotel Moves Step Closer to Foreclosure Sale

  • Owner Maefield is at risk of losing property after ruling
  • High-profile NYC building struggled to find retail tenant
The Times Square Edition hotel.
The Times Square Edition hotel.Photographer: Zack DeZon/Bloomberg

A Times Square hotel and retail property once valued at more than $2 billion is a step closer to foreclosure after a court victory for a group of lenders led by Natixis SA.

The court granted the lenders the right to foreclose on the property, which features the 42-story Times Square Edition hotel designed by Marriott International Inc. and hospitality legend Ian Schrager. The judge also scheduled a hearing to decide how to proceed with a sale.