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neighborhood watch

Battle of 47 East 3rd Street Finally Concludes

Only yesterday, we wondered if we'd ever see the end of the standoff between Alistair Economakis and the rent-stabilized tenants of the East Village tenement he's long tried to evacuate in order to convert the building into his own mansion. Well, it's ended: The tenants, foreseeing yet another loss for themselves in a higher court, took buyouts of $75,000 each, with one elderly resident getting $175,000. We're curious (a) where the tenants will land with their $75,000 kick-start, and (b) if this will lead to more landlords trying to clear a rent-stabilized building for their personal use, which the law indeed allows. [NYP via Curbed]

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