The Real Deal New York

Vornado files to raze two Midtown buildings

Properties are near 220 CPS, and adjacent to Extell residential site

August 16, 2012 06:00PM

From left: Vornado CEO Michael Fascitelli and the exteriors of 231 and 229 West 58th Street (buildings credit: PropertyShark)

Vornado Realty Trust is moving forward with its plans to demolish two small mid-block commercial buildings in Midtown that are tied to a large condominium development on Central Park South.

The large real estate investment trust filed plans with the city’s Department of Buildings this month to demolish 231 West 58th Street, a three-story structure, and 229 West 58th Street, which has five floors. The properties are located between Broadway and Seventh Avenue.

The buildings are near a residential apartment building at 220 Central Park South, which Vornado is demolishing and where the REIT plans to build a 41-story luxury apartment condo.

It is not clear if the development rights from the two properties were added to the bulk of the condo site. Documents filed with the city’s property records said that excess and bonus development rights from some neighboring properties were contributed to the Vornado condo site.

The city’s Department of Buildings issued a stop work order at the 220 Central Park South site yesterday, after bricks fell from the 10th floor to the street level, according to the DOB’s website. The order remained in effect today, a spokesperson for the DOB said, but insiders said such orders are often lifted within days.

Vornado declined to comment.

The two West 58th Street properties are adjacent to 225 West 58th Street, where the Extell Development Company has filed plans to build an 18-story residential building.

The building 231 West 58th Street was the home to the Amateur Athletic Union since the organization was formed in 1888; the group left New York City in 1970 and relocated to Indianapolis, Ind. — Adam Pincus

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