Over the past several years, the Reporter has provided regular updates on the efforts of Catherine and Alistair Economakis to convert their 15-unit rental property on East 3rd Street in Manhattan into their single-family home. After five years of litigation, which included an appeal to the Court of Appeals in Albany, the Economakises have settled with the remaining tenants in the building, clearing the way for the implementation of their conversion plans.
After the courts held that the rent stabilization law allowed the property owners to refuse to renew their tenants’ leases, the parties were scheduled to attend a court hearing on November 10th at which the Economkises would be required establish their good faith intention to reside at the premises, as required by law. Instead, the parties agreed to a settlement which will provide each of the remaining tenants with a payment of $75,000, with an elderly tenant receiving $175,000. In accordance with the terms of the settlement, the tenants will be allowed to remain until August, 2009.
Congratulations to Catherine and Alistair on their hard-fought, lengthy and expensive struggle in pursuit of their rights as property owners. All property owners, especially smaller property owners, have benefited from their successful efforts. RSA is proud to have done its part by submitting amicus briefs on behalf of all of our members in support of the Economakises.
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