Barnett wants to get his tower built first, and who could blame him. In 6 years, his tower would be completed with many units already sold.
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For months, landlord Vornado Realty Trust had been trying to strike a deal to remove rival Extell Development Co. from 220 Central Park South, a former apartment building in which Extell controls a basement parking garage on a lease that runs until 2018. Since 2005, Vornado has wanted to raze the building and put a condo tower in its place, but it is being held up by Extell, which also owns a neighboring development site and has resisted Vornado's offers to buy it out of its lease.
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Vornado, meanwhile, understandably wants to get in on some of that hot real estate action in the area. All the top residential properties are nearby - 15 CPW, Time Warner Center, One57, etc. It's no wonder they see dollar signs...
Quote:
David Greenbaum, the Vornado executive in charge of the project, told analysts on a conference call earlier this month that the residential development site is "probably the best in Manhattan, with unobstructed views of the park." "We've got enormous financial aspirations for this development," Mr. Greenbaum said
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