In the summer of 1970, petitioner-landlord planned to renovate the subject premises at 233 West 15th Street in Manhattan to create eleven studio apartments. These plans were disrupted however, when squatters, supported by local groups, occupied the building seeking to have the City acquire the property and renovate it for low income tenants. Negotiations led to a $234,950, 30-year loan from the City to the landlord for the purpose of renovating the building into apartments...
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