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.
Tenant Elizabeth White Pultz complained that despite the money, she and her husband won’t be able to remain anywhere in the borough.
“I don’t think we can afford Manhattan anymore,” she said.