02/12/2013 06:14 pm ET

Marriott Marquis' 'Sweetheart Deal' Could Cost Taxpayers $350M, Liu Says

MIDTOWN — A "sweetheart deal" with one of Manhattan's most famous hotels could ultimately cost New York City taxpayers close to $350 million in lost revenue when its lease expires in four years, Comptroller and 2013 mayoral candidate John C. Liu announced Tuesday.

The Marriott Marquis in Times Square, a 49-floor hotel with famous curved, glass-enclosed elevators, will be eligible in 2017 to buy its property for the "fire-sale price" of just $20 million — a $173.1 million markdown from market value, Liu alleged.

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