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NEW YORK CITY-The fee interest in the land beneath the 16-story Best Western President Hotel located at 234-242 West 48th St. in Times Square is up for grabs. Bids are due by 3 p.m. on Wednesday, Nov. 9.

Eric M. Anton and Ronald A. Solarz, both senior managing directors of Eastern Consolidated, are marketing the property on behalf of the fee owner in an all-cash auction. Anton says the property will be delivered free and clear of existing debt. “An investor stands to benefit from increased lease payments in the future based on pre-determined increases over the life of the lease,” he notes. “Furthermore, the fee position has an attractive Consumer Price Index protection provision.

Situated on the south side of West 48th Street between Broadway and Eighth Avenue, the Best Western President Hotel is one of 28 hospitality properties in the area. There is 100 feet of frontage on 48th Street. “Rarely does an opportunity arise to purchase a foothold in Times Square, universally referred to as ‘Crossroads of the World’,” notes Solarz.

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