Vornado, Clarrett buy out 15 rent-stabilized tenants at future CPS condo

Fifteen rent-stabilized tenants at 220 Central Park South have been bought out by Vornado Realty Trust and the Clarrett Group, clearing a major hurdle for the developers in their plan to eventually tear down the rental apartments and erect a more than 40-story condominium in its place, the Observer reported. The development team had been trying for years to oust tenants at the building — among them the Corcoran Group’s Leighton Candler — to no avail, and had offered them as much as $1 million a person in the past if they would vacate. City records now show that 15 of them, including Candler, are officially out, for a price of between $1.3 million and $1.56 million each. Vornado and Clarett purchased the property, between Broadway and Columbus Circle, for $131.5 million in 2005. [NYO]