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Central Park South Holdouts Get Million-Dollar Buyouts

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Clarett Group and Vornado Realty Trust have been waging a long, long, long battle with the rent-stabilized tenants of 220 Central Park South. Clarett and Vornado bought the 20-story building in 2005, with hopes of turning it into a 41-story glassy luxury condo. One real estate bust and many tenant legal roadblocks later, the developers finally got some key permits in late 2009. But they still had to contend with the tenants, who even a few months ago insisted they were holding out for a landlord settlement. Their strategy worked (and hey, those terraces are probably much less appealing in December). The Observer reports that 15 tenants have accepted buyouts. We don't blame them, because each one will be taking home between $1.3 million and $1.56 million in exchange for giving up those rent-stabilized apartments. Maybe Corcoran broker Leighton Candler, herself a building tenant and the recipient of a $1.56 million buyout, can help them all find new digs.
· At Least Some 220 Central Park South Tenants Have Left the Building [NYO]
· 220 Central Park South coverage [Curbed]

220 Central Park South

220 Central Park South, New York, NY