The owners of a 36-story building on East 34th Street in Manhattan turned what was supposed to be a condominium into a hotel while taking millions of dollars in tax breaks meant to spur the construction of affordable apartments, The New York Times reports. The property’s current owner, an affiliate of CIM Group, has agreed to pay $4.4 million—the value of the tax breaks—to a special city fund for building affordable housing, the New York State attorney general’s office said. The hotel will cease operations by March 11 and the tower’s 110 unites will be converted into rent-regulated apartments, the article states.
