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.
