New Growth Returns, Together With New Holdouts

But there are exceptions. Tom Chernaik, 49, a tech entrepreneur and a longtime hire-stabilized tenant on the Higher East Side, took a extra than $3 million settlement, prior to attorney fees, in 2019, to give up his two-bed room apartment, according to sources familiar with the offer. The house has because adjusted possession and the making has been demolished to make way for a 13-story condo with retail room and just 12 luxury apartments, wherever selling prices have but to be introduced, but will likely climb effectively into seven figures.

Mr. Chernaik discovered the apartment a person morning in 1993, while browsing the Village Voice, and held on limited for 26 several years, previous paying $3,200 a thirty day period for the 1,100-sq.-foot room. He was unfortunate to see it go, but with the settlement, he was in a position to transfer his loved ones up to a 3-bedroom rental nearby, and also acquired a five-bed room household with a pool in Connecticut “for a lot less than the price tag of the least expensive studio in Manhattan,” he said.

Many others still, with the suitable kind of leverage and brio, have held out for additional. Herbert Sukenik, a holdout tenant in the way of 15 Central Park West, a market place-switching luxurious tower done in 2008, gained $17 million to leave his single-home-occupancy condominium at the Mayflower Lodge, which was torn down to accommodate the new tower. He was also provided a high-ground apartment at a nearby property overlooking Central Park for $1 a month, with the developer paying out the rest of the hire, in what was maybe the most significant payout for a single tenant in city historical past. He was represented by Mr. Rozenholc, who collected a single-third of the settlement.

An obituary in 2011 called him a “pioneer in the industry of Nuclear Magnetic Resonance.” A relative, reached by mobile phone, reported “he was amazing and misunderstood — and, at the very same time, cantankerous.”