2007_02_47e3.jpgA state appeals court ruled that a couple can evict tenants at 47 East Third Street so they can turn the 11,575 square foot building into their private home. A five bedroom home with library, gym, and nanny's suite. The five-story building had 15 units, with many tenants that had rent-stabilized rents of $600-1200 a month, and last year, a Manhattan Supreme Court judge found there would be an "inescapable consequence" of converting the building to a single-unit residence.

Now the couple, Alistair and Catherine Economakis, with their McMansion-in-the-East-Village dreams, can start eviction proceedings. Six of the units are free, and the Economakises have started renovating. The other units' tenants plan to appeal. The building was originally bought for $1 million a few years ago - rent-stabilized buildings are about half the price of non-stabilized ones.

Alistair Economakis told the Sun, "I am finally going to get my opportunity to go in front of a Housing Court judge and prove what I have always said I was going to do: that is, live in my building with my wife and children." We bet they'll move in, live there for a year, and then move out and redevelop it as luxury lofts. And interesting footnote: A caller complained to the Department of Buildings just this past Wednesday to say "THAT THERE IS ILLEGAL CONSTRUCTION...THE BUILDING OWNER IS CREATING A TRIPLEX ON THE ABOVE FLOORS."