49 East 34th Street

Photo: Urban Edge

A Midtown East condo tower that was busted as an illegal hotel in February has returned to the market — as legitimate rentals.

Located between Madison and Park avenues, the 36-story building at 49 East 34th Street was supposed to be a condominium. However, the 110 units were actually being rented out for $239 a night for a studio to $359 for a two-bedroom, the New York Times reported. The owners of the property, an affiliate of Los Angeles-based CIM Group, had collected millions of dollars in 421a tax breaks.

Under an agreement with the state attorney general’s office, CIM will pay $4.4 million, the value of the tax breaks, to a city fund for affordable housing. The AG ordered that the building would cease operating as a hotel by March 11 and that the units would become apartments.

And voila, here they are! The newly dubbed Madison Park Tower (teaser here) hit the market at the end of March, with one available one-bedroom listed for $3,277 per month. The building has skyline views of the Empire State Building, East River and Manhattan. The studio to two-bedroom residences have oak hardwood floors, ceiling heights of 9 to 11 feet, pre-installed solar shades and kitchens with stainless steel appliances, Italian custom cabinetry, KitchenAid stove and GE dishwasher. The bathrooms come with stone countertops, glass tile backsplash, white marble tiles and Kohler fixtures. Select apartments feature in-unit Bosch washer and dryer, and some rentals are graced by setback terraces.

Sample floorplan below:

49 east 34th street B fp

Amenities include a 24-hour attended lobby, gym and laundry. Douglas Elliman is handling leasing at the property.

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