73-year-old hermit in 350sf apartment > CFA > MBA

Water Cooler
#1

"In 2004, developers Will and Arthur Zeckendorf bought the famed Mayflower Hotel and several adjacent lots on the Upper West Side for just over $400 million, with the goal of creating the city’s most exclusive residential building — 15 Central Park West. Only one thing stood in their way: A 73-year-old recluse named Herb Sukenik, who refused to move from the hotel. In this excerpt from his new book, “House of Outrageous Fortune” (Altria Books), author Michael Gross reveals the most expensive eviction in New York City history. "

http://nypost.com/2014/03/02/hotel-hermit-got-17m-to-make-way-for-15-central-park-west/

TLDR: man refuses to move from apartment unit, preventing developer from demolishing the building. He is paid $17 million to leave.

#2

Location, location, location.

#3

That $17 million was a bargain for the developer if the current value of the condos in 15 CPW is any indictation…

#4

That’s awesome. My landlord wanted me to move and charge some new person more I just say no.

#5

Eminent Domain?

#6

being in right place/right time > Top 2 MBA > CFA > Other MBA > realtor > CPA

#7

What about realtors who sell those condos he got displaced from so they could build. They deserve to be above Other MBA.

#8

Interesting stories.

I have to say, the developers can/ may do very bad things to tenants in this situations. Like pretty much construct around them and force them out, have people monitor them and annoy them 24-7…

But at least they pay $17M, which is the right thing to do.

#9

Good to know that I’m ranked somewhere below “realtor”. Thanks, bud.

#10

so hacksaw mba> cpa???..that is rude…

#11

This reminds me of the old guy in Up. Of course he solved his problem by sending hundreds of helium baloons up the chimney and flying to South America. Getting a $17 million payoff is probably the second most baller way to go in that scenario.

#12

I’m really shocked they didn’t just wack the guy and get on with it. How does some Trumpesque real estate empire let some old ass man push them around.

#13

^ He didn’t ask for too much. $17M isn’t worth the potential heat. That’s the key.

#14

WTF. We’re talking USD here yo. Some brotha in my hood would have made it look like a clutch accident for a whoppin’ $50k.

#15

That’s because your buddy’s value of time in the slammer is pretty low. Donald Trump isn’t going to risk a stay in the iron bar hotel for $17M. To him that’s sandwich money.

#16

Exactly what i said, and to those who said $17M is not “too much money”, trust me, developers would do a lot more for a lot less.

#17

Well, it is a value mismatch in the sense that the old man’s utility of moving is definitely much less than $17 million. It is due to some apparently shortsighted contractual agreement that the tenant came into a position of such bargaining power. Plus, it so happens that this bargaining power fell into the hands of the most difficult person to deal with, a grumpy old man full of life regrets.