220 Central Park South and its Never Ending Story

The re-development of the nearly empty building at 220 Central Park South seems to be experiencing a deadlock. Developer Extell Development Co. has a lease for the parking garage until 2018, and they apparently do not see a reason to end it early. Developer Vornado Realty Trust is the developer of 220 Central Park South and is prevented from touching the building as long as Extell occupies the garage. The Wall Street Journal reported that Vornado has wanted to raise the building and replace it with a condominium tower since 2005. Vornado changed its strategy recently, as clearing the building and interfering with the lives of the current customers of the parking garage wasn't helping. The battle rages on in the form of a lawsuit, which was filed last week against Extell.

Extell has recently acquired its neighbor “The Jumeirah Essex House” and owns another development project next to 220 Central Park South.