Isaac bought a plot of ground opposite Central Park. Isaac erected a residence. It was a three-story, mansard, and basement granite front building, and occupies the entire width of the lot. Since 1913, when Isaac died, and P commenced a life estate, there has been a change of circumstances and conditions in connection with Fifth Avenue properties. Apartments were erected, and the building of private residences has practically ceased. P wanted to tear down the mansion and create apartments with 172 rooms renting for $1000 per room and a profit of $30,000 per year vs. a substantial loss in maintaining the residence by itself. P is the first remainderman in Isaac’s estate. The other three objected to the project as waste. P sued for a declaration and judgment allowing him to construct the apartment.

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