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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."
Most East Village Tenement Tenants Settle for $75K
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2nd avenue and 47th- 1 hammarskjold plaza. 15-20 ambulances and trucks.
Info from FDNY: people on 4
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900,000?! For an entire building in Manhattan? god thats cheap.
I think that's why there's outrage-- the building was $900K because there were rent-stabilized tenants. If the Economakises bought any other building for their own personal conversion, it'd probably would have cost them a lot more.
Well, $1.6 million after buying out the tenants, plus whatever he paid to the 7 tenants who already accepted money, plus legal fees.
Rent control is a sick joke and should have been abolished decades ago.
2 Million wouldn't get you an apartment building in Chicago much less manhattan.
This guy played the system and won.
My heart goes out to the tenants. The Economakis family is not welcome in our community.
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,
In a place that he bought and legally owns? The HORROR.
He legally purchased the building. Whether or not he wants to live there or not isn't anyone's business. The tenants held out. As a result of this payout they have lived rent free in Manhattan for years. So what is the moral of the story? Work really hard to have enough money to buy something and be called a parasite for doing so? That is outrageous to me...
he can go eff himself. I hope his children are healthy.
we got a new sheriff in town now. but that new sheriff will still take care of his rich children if they are sick.
Rent control is a farce. Why should anyone have the right to a better quality of life in NYC because of some archaic ruling? Why should you get to be an artist because you don't have to worry about rent the way the next person does? Bullsh*t. Pay your way or move on.
Supreme Court in NY is a trial court (i.e., fairly low-level). The Court of Appeals is the highest court in the state.
If you are too stupid to understand the value of Rent Stabilization, I cannot help you.
Anyone who is bitter over rent stabilization or control is either a greedy landlord or some jealous person foolish enough to pay market rent.
If you don't like paying market rent, then buy your own place, like I did. Put up or shut up.
Don't worry. With the Dems in control in Albany and NYC always having a Dem majority, RS/RC is never going away. Get used to it.
If any of the haters don't like it, there is always Houston to move to.
Rent stabilization shouldn't even exist. No one has the "right" to live in a particular area. If you can't afford it, MOVE. There are plenty of other places in the city, state, country that are more affordable than Manhattan. Just as there are plenty of people who bust their ass to EARN their means to live in the city. And by earn, I mean earn money. THAT'S what it takes to live here. These tenets should not be complaining- they are getting $75K for what?! What the hell do they deserve to get that settlement for? For having underpaid in rent for god knows how many years? Seriously, the money they saved in rent: THAT in itself is "settlement" money.
$900,000 for what could be a $15 million building plus the nearly $1 million in payouts to the tennants equals a vey shrewd bit of dealing. Fortunately, there aren't many of these Ekonomakises around or Manhattan would be uninhabitable.
Why don't the displaced tenants move to Houston then? They have some cash in their pockets now...
Why would anyone want to live in the East Village? It is the worst part of Manhattan. Overrun with hipsters and lefties who believe they are entitled to everything.
Did anyone approach the 15 tenants allowing them to buy the $900K bldg? With an average price apt $60K-about $375/mo mortgage, that is stabilization and cheaper than rent. Instead they get 4yrs+ of $1500/mo rent in NYC.
Clearly this guy got a major deal. Rent stabilization is about balancing so much unfairness of things.
^ The seller clearly wanted a check, not a process.
The $75,000 the tenants received to leave is baloney. The tenants should have received enough money so that they could afford a comparable apartment in the same area. What will $75k get them in the LES? Nada. Who negotiated the tenant's deal? They've gotten screwed. Mostly because they were rent stabilized. When you are rent stabilized, you are their for life.
When a tenant is required to leave their residence in the name of eminent domain, the tenants is paired with a comparable apartment in the same area. Or at least the city would try to get them one. That should have been the case with these tenants. These tenants should have to leave the neighborhood they have been living in for decades.
Without rent controls you would have no one to help
you in this city with ANYTHING.
The rich don't have to work and they ain't gonna
deliver your goods to the stores.
I love my 6 room apt. for $750.a month.
Druel you mortgaged up to the wazoo about to be unemployeds.
While you were bust playing yo electronic games
this President was killing the banking system.
These tenants sold out their RIGHTS TO POSSESSION
of their apartments for next to nothing by the way.
Must have had a lousy attorney.