Two residents of a four-story building at 10th Avenue and 34th Street received a $25 million payout after stalling part of the Hudson Yards redevelopment project by refusing to vacate.
According to a New York Post report, the corner was slated for redevelopment by real estate giant Tishman Speyer, who had bought the property and its surroundings for $438 million. But the developer couldn’t proceed with its plans until the pair moved, the Post claimed, and they refused to budge.
The two residents, identified in court papers referenced by the Post as Gary Schwedock, 58, and Steven Kobrick, 36, now reside on the top floor of Riverbank West, a 44-story doorman building at 560 W. 43rd St. with concierge service, a pool and roof deck.
Their lawyer, David Rozenholc, is known for lengthy appeal cases, so Tishman offered the men a multimillion-dollar settlement to avoid a prolonged battle, Crain’s New York reported.
Rozenholc told Crain’s that Tishman was right in assuming he would continue to fight.
“I would have taken the next step and come up with another argument. … [Even] if [the developer] wins every step of the way, it will take them five years,” he said.
“In all the years I have been doing this, this is the most intense period of development, and real estate values are just continuing to go up,” the lawyer was quoted by the Post.
Ben Shaoul, a major residential developer quoted by Crain’s, called Rozenholc “the most feared tenant attorney with respect to development sites. … I don’t think he has ever lost a case.”