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Loan on Land Under Troubled Times Square Hotel Pitched for Sale

  • High-profile NYC property was shuttered for months in pandemic
  • Project faces foreclosure amid struggles to find retail tenant
The Times Square Edition hotel in New York.
The Times Square Edition hotel in New York.Photographer: Zack DeZon/Bloomberg

A $150 million loan is up for sale on the land beneath the beleaguered Times Square Edition, a luxury hotel and retail property once valued at more than $2 billion that faces foreclosure.

The hotel and the underlying ground are owned separately by entities controlled by Maefield Development. The ground has $900 million in debt, including the $150 million junior loan that’s up for sale, according to loan documents.