The Real Deal New York

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

December 22, 2010 09:40AM

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]


2 Responses to “Vornado, Clarrett buy out 15 rent-stabilized tenants at future CPS condo”

  1. February 24, 2018 at 7:08 pm, Spotlight on: The no-drama broker behind One57’s $100M condo sale – Zerching by Terrabella Realty said:

    […] South at the site. Candler’s $100.47 million record at One57 is expected to fall when one or more pricier units close at 220 Central Park […]

  2. February 24, 2018 at 10:04 pm, Spotlight on: The no-drama broker behind One57’s $100M condo sale – Miami Commercial Real Estate said:

    […] Park South at the site. Candler’s $100.47 million record at One57 is expected to fall when one or more pricier units close at 220 Central Park […]