The New York Post reports:
Eight holdout tenants who fought for five years to keep their millionaire landlord from turning their Lower East Side tenement into a mansion for himself agreed to be bought out yesterday.
The last rent-stabilized tenants of 47 E. Third St. said they gave in because they weren't confident they would beat real-estate baron Alistair Economakis in the Manhattan Supreme Court trial scheduled to begin yesterday.
Economakis, the son of a Greek shipping magnate, bought the six-story building for $900,000 in 2003 and said he needed it as a home for himself, his wife and two children.
He reached deals with seven of the 15 tenants but the others fought until yesterday.
The tenants will each receive $75,000 under the settlement, except for one elderly resident, who will get $175,000.
Here is the Web site for Alistair Economakis -- The Other Side of the Story: 47 East 3rd Street
Previously on EV Grieve.