A fear of e-mail hasn't kept Extell Development chief Gary Barnett from finding himself in the middle of some of the day's hottest topics, from Atlantic Yards (where he tried to outbid Bruce Ratner at the last minute) to the economic crisis, which he tried to fix with a two-page memo. Now he's wormed his way into the case of 220 Central Park South, a rental building that Vornado has been trying to tear down and replace with luxury condos since 2005.
The remaining rent-stabilized tenants just got huge buyouts to leave, and it looked like the wrecking ball's path was finally clear. Er, not so fast. The Wall Street Journal reports that Barnett bought the lease for the parking garage beneath the 20-story building a few years ago, and he's in no rush to sell it to Vornado. Developer catfight!
So what does Barnett want? More money, possibly, but there's a wildcard: Extell owns a neighboring lot on 58th Street where plans were filed for an 18-story apartment building. On the other side is yet another Vornado-owned property. Maybe Barnett will sell the whole package, or maybe he won't. Writes the WSJ's Eliot Brown, "If Mr. Barnett doesn't budge, Vornado might be able to still erect its building over the existing garage. But it would be much more expensive, if even possible." And so 220 Central Park South's stay on Death Row has been extended yet again.
· Vornado Project Hits Hard Spot [WSJ]
· 220 Central Park South coverage [Curbed]