Gothamist and Daily Intelligencer are reporting that Dean Kathryn Yatrakis' daughter Catherine, and her lovely Greek shipping magnate husband Alastair Economakis, have decided to convert a rent-controlled building on 47 E. 3rd (a building they already own, pictured at right) from $625/month apartments to their personal private 6 bedroom/5 bathroom residence.

While the conversion is perfectly legal, and the Economakis had informed their tenants of the proposed transformation years ago, it's doesn't exactly bode well for the couple's public image. (Or give the impression that council with Associate Urban Studies Professor Yatrakis was sought.) Which is precisely why they've launched a website: to share "the other side" of the story, or so says Alastair in the site's epigraph (in which he quotes himself.) Anyway, the whole sorry, sordid tale is available for parsing on Economakis.com.