Most East Village Tenement Tenants Settle for $75K

Jen Chung

Published Nov 11, 2008

Modified Nov 11, 2008

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Jen Chung

Published Nov 11, 2008

Modified Nov 11, 2008

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The Post has details on how much tenants of 47 East 3rd Street settled for: "The [eight] tenants will each receive $75,000 under the settlement, except for one elderly resident, who will get $175,000." The tenants had been fighting to remain in the 11,000-square foot 15-unit rent-stabilized building, which was purchased for $900,000 in 2003 by Alistair Economakis who later decided he wanted to convert the entire building into a home--with a gym, nanny suite, etc.--for his family. The tenants questioned whether Economakis would really live in the building, suspecting he would rent it out at market rates or flip it for millions, and the situation raised questions about rent laws for years. In the summer, the Court of Appeals ruled that Economakis could evict them; the Post says the tenants "gave in because they weren't confident they would beat" their landlord in Manhattan Supreme Court. A tenant added, "I don't think we can afford Manhattan anymore."