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LIU CALLS FOR CITY TO RENEGOTIATE OUTRAGEOUS MARRIOTT MARQUIS LEASE
Audit Finds Agency Gave Hotel Rent Breaks and Right to Buy Valuable Times Square Property for Pennies on the Dollar
NEW YORK, N.Y. — City Comptroller John C. Liu will hold a press availability to discuss findings of an audit that uncovered Marriott Marquis' 1998 revised lease agreement, which could cost taxpayers $349.9 million. Under the terms of the revised lease with the City's Economic Development Corporation, the Marriott Marquis can buy the City property it sits on for just $19.9 million in 2017.
WHO: New York City Comptroller John C. Liu
WHAT: Availability to discuss new audit into the lease agreement between the New York City Economic Development Corporation and the Marriott Marquis Hotel.
WHERE: 1535 Broadway, in front of the Marriott Marquis, between 45th and 46th streets
WHEN: Tuesday February 12, 2013. 11 a.m.