In a surprise happy ending to the city’s most convoluted luxury-hotel saga, the Times Square Edition will reopen on June 1 – even as its skyscraper home races toward foreclosure.
It was just last May that the 452-room pleasure palace at Seventh Avenue and West 47th Street was scheduled to close permanently. Notice of the closure, originally planned for August 2020, had even been given to employees and government and union officials.
The soon-to-be-reopened hotel boasts the glamorous, ninth-floor Terrace restaurant run by celebrated chef John Fraser, several fashionable bars and performance spaces, and giant LED lights overlooking Times Square.
The hotel is the largest portion of 701 Seventh Ave., a 42-story, mixed-use building which chief lender Natixis is attempting to seize from defaulted landlord Maefield Development.
Although a judge in March allowed Natixis to foreclose, the action must wait until the precise amount of indebtedness is determined, a source told The Post. It was not known how long the process would take.
Until the limbo ends, 701 Seventh Ave. is still owned by Maefield, led by Mark Siffin, which defaulted on a $600 million Natixis mortgage nearly two years ago. The loan was part of a much larger debt package involving Maefield, several partners,