Shuttered illegal hotel reopens as rentals

The CIM Group-owned building is now leasing

New York /
Apr.April 05, 2015 09:00 AM

In February, the state’s attorney general’s office closed a 36-story, illegal hotel owned by an affiliate of 432 Park co-developer CIM Group. Now, the former Midtown East condo tower has become legitimate rentals.

Located at 49 East 34th Street between Madison and Park avenues, the 110-unit building, which was supposedly a condo building, was actually functioning as a hotel, where $239 a night got you a studio and $359 a two-bedroom, according to Buzzbuzzhome.

Meanwhile, CIM Group had collected millions in 421a tax breaks.

But under an agreement with the state attorney general’s office, CIM will pay back the value of the tax breaks — roughly $4.4 million — to a city fund.

The building has now been dubbed Madison Park Tower and one-bedrooms are listed for $3,277 per month. The studio to two-bedroom residences feature oak floors, nine- to 11-foot ceilings and stainless steel appliances. [Buzzbuzzhome]Christopher Cameron


Related Articles

arrow_forward_ios
Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
Aman Group CEO Vlad Doronin and 730 Fifth Avenue (Getty Images, OKO Group)
Doronin’s Aman Group eyeing sale of Crown Building
Doronin’s Aman Group eyeing sale of Crown Building
Related Companies founder Stephen Ross and 33 Hudson Yards (Getty Images, LoopNet)
Related eyeing sale of Equinox Hotel
Related eyeing sale of Equinox Hotel
Leonard Stern with Wyndham Garden Hotel Newark Airport (Getty, Hotels Combined)
Hartz buys Newark Airport hotel for $34M, plans demolition
Hartz buys Newark Airport hotel for $34M, plans demolition
JPMorgan Chase's Jamie Dimon with 79 Fifth Ave, Apollo Commercial Real Estate Finance's Stuart Rothstein with 165 East 66th Street, and Bank of China's Liu Liange with 555 West End Avenue (Google Maps, Hanley New York, 555westendave, Getty)
Summer slump: Manhattan’s 10 biggest loans shrivel
Summer slump: Manhattan’s 10 biggest loans shrivel
Public Hotel at 215 Chrystie Street, Steve Witkoff and Ian Schrager (Getty, Google Maps, Witkoff)
Schrager, Witkoff default on Public Hotel mortgage
Schrager, Witkoff default on Public Hotel mortgage
38-59 11th Street in Long Island City (Gene Kaufman Architect, iStock)
Daryl Hagler books $63M Long Island City hotel sale
Daryl Hagler books $63M Long Island City hotel sale
From left: 121 West 26th Street, Watermark’s Brendan Medzigian and Two Kings Principal Christopher Wang (Google Maps, Watermark , LinkedIn)
Watermark Capital sells Holiday Inn in Chelsea for $80 million
Watermark Capital sells Holiday Inn in Chelsea for $80 million
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...