NYC

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

FILE - In this March 19, 2012 file photo, New York City Comptroller John Liu speaks to a reporter in New York. The embattled
FILE - In this March 19, 2012 file photo, New York City Comptroller John Liu speaks to a reporter in New York. The embattled Democrat, for weeks reluctant to provide details of his campaign workings, is now laying out an extensive defense of his fundraising and even speaking with optimism about his political future. (AP Photo/Seth Wenig, File)

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.

Read more on DNAinfo

CONVERSATIONS