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Developers Feud Over Empty Building on Central Park South

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The scaffolding up at 220 Central Park South?not to mention rumors that the one and only Robert A.M. Stern might be behind the building's makeover?led us to predict that the developer feuding at the site might, at long last, be over. Not so! In fact, it's gotten more litigious. To recap: developer Vornado controls the building, but developer Extell controls the parking garage in the building's basement, with a lease until 2018. Extell has so far refused to be bought out, and Vornado's getting impatient to knock the building down for condos. Vornado's new strategy, revealed in a lawsuit filed last week, is telling Extell it's in default on its lease. That could set Extell on the path to eviction, according to the Journal.

Of course, Extell is planning to fight back. The developer's argument: Vornado has cleared out the building, so there's no one left to use the parking spaces in Extell's garage. That does make the whole thing seem rather silly.
· Developers in Power Struggle [WSJ]
· 220 Central Park South coverage [Curbed]

220 Central Park South

220 Central Park South, New York, NY