NEW YORK | 220 Central Park | 176m | 577ft | 41 fl | Demo

[RobertWalpole]

Demolition of 220 CPS starts in Jan.

[RobertWalpole]

As per ACRIS, Extell owns 225/227 W58th, which is directly to the west of the back of 220 CPS.

http://a836-acris.nyc.gov/Scripts/Do...10031900369003

As per ACRIS, Vornado, the developer of 220 CPS, owns the next parcel, 229 W58th.

http://a836-acris.nyc.gov/Scripts/Do....dll/BBLResult

[RobertWalpole]

Filed on 11 Jan. 2012:

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

[RobertWalpole]

The following was filed with the DOB on 21 Feb. 2012 in connection with the demolition.

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

[RobertWalpole]

http://online.wsj.com/article/SB1000...ESecondStories

NY REAL ESTATE COMMERCIALApril 29, 2012, 10:52 p.m. ET.Standoff at Central Park .
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.smaller Larger By ELIOT BROWN
The pressure is rising in a standoff on Central Park South between two of the city's most powerful developers.

Vornado Realty Trust is getting ready to start demolition on a 1950s-era apartment building at 220 Central Park South to get the site prepared most likely for a luxury condominium tower.

There's only one problem: One of the commercial tenants in 220 Central Park South hasn't left. That tenant, a parking garage, is controlled by rival developer Gary Barnett.
.
Mr. Barnett's Extell Development Co., which is developing the soaring 1,004-foot One57 condominium tower one block to the east, bought into the lease of the underground parking garage in Vornado's building a few years ago, according to people familiar with the matter. It runs about five more years, the people said.

Thus far Mr. Barnett has resisted Vornado's attempts to rid him from the building through a buyout or settlement. But now Vornado is stepping up the pressure as it moves forward with demolition preparations, which call for tearing down the building above the garage, stopping at the second floor.

Talks between the two sides also are continuing. "We're trying to take down the building and then we'll come up with a first-class building," Vornado's chief executive, Michael Fascitelli, said in a brief interview last week.

As to Mr. Barnett, he said, "We have a little issue there, but we're trying to resolve it."

Extell, however, believes tearing down the building atop the garage could be dangerous.

"We think it would show very poor judgment to attempt to demolish an occupied building, especially when there is no possibility of construction for a number of years. God forbid something bad happens for no purpose," a spokesman said in a statement. "We have the greatest respect for the leadership of Vornado and would be surprised if they actually moved to demolish."

Vornado, one of the city's largest office and retail landlords, filed with the city for demolition permits last month. Scaffolding is going up on the edges of the white-brick building, which was cleared of residential tenants in 2010.

Should the two sides fail to strike a deal, Vornado could still proceed with demolition. But demolition would likely be more complex and expensive if the garage isn't vacated.

It's unclear exactly what Mr. Barnett wants. Extell owns a neighboring site on 58th Street that was purchased 2006, where it has filed plans for an 18-story tower. Depending what Vornado builds on its site, many Central Park views in Mr. Barnett's planned tower could be blocked. Vornado also owns the site directly to the west of Mr. Barnett's property on 58th Street, which could factor into discussions.

Mr. Fascitelli said last week he believes Mr. Barnett, who he described as "tough" and "smart," wants to be paid some money, and for Vornado "to do something different that enhances his building."

Vornado bought 220 Central Park South in 2005 for $132 million, initially planning to put in its place a 41-story condominium tower. The company hasn't released updated plans but chairman Steven Roth made it clear in his annual letter to shareholders earlier this month that Vornado has been watching what Mr. Barnett is doing at One57.

"We hear that the 1,000 foot tall, direct park-view apartment tower under construction on 57th Street is pricing at $6,500 per square foot," Mr. Roth wrote. "Our 220 Central Park South site, just down the block, is better."

Vornado has a record of patience in the New York City development world, as the bulk of its activity is in owning existing buildings. The company sat for years on the vacant site of the former Alexander's department store on Lexington Avenue and 59th Street before building Bloomberg LP's new headquarters, which was crowned with floors of high-priced condominiums with Central Park views.

In contrast, Mr. Barnett, a former diamond trader-turned developer, is building constantly. Skilled at assembling prime development sites through buying up neighboring lots, he launched projects both in the boom years of the last cycle, as well in the uncertain early days of the recovery, when he bet on a rebound and started work on two large Manhattan towers.

After Vornado bought 220 Central Park South, the company spent years vacating its rent-regulated apartment tenants, who were entitled to lease renewals. In late 2010, the company struck a deal to spread about $40 million between the roughly two dozen remaining residential tenants, and was left to contend only with the parking garage lease for the building, which runs through the full block to 58th Street.

Write to Eliot Brown at eliot.brown@wsj.com

[desertpunk]

Curbed

Robert A.M. Stern Designing Finally-in-Progress 220 CPS?



The long developer face-off at 220 Central Park South may finally be coming to an end. Keen real estate observer Michael Gross notices that the building's rear facade is thoroughly scaffolded and that it was covered with workers this morning, "likely signaling its imminent demolition." That seems in line with site owner Vornado's most recent plan for the building, to demolish everything above the second floor even though Gary Barnett, owner of 220 Central Park South's underground parking garage, has refused to make way. Will Barnett change his mind now that Vornado's making some serious moves?

And we mean starchitect-level serious. Gross hears from a few sources that Robert A.M. Stern has been asked to design the future 220 Central Park South (which Vornado chair Steven Roth promised would be better than Extell's One57). No permits have been filed, so we don't know whether Stern is on board—but if Vornado is looking for a One57-killer, that's certainly one way to go about it.

---

[RobertWalpole]

On 1 August 2012, Vornado filed demolition permits for its two, dilapidated structures on the 58th St side of this property. As previously noted, however, Vornado's two properties, 229 and 231 W 58th, are separated from the 58th St entrance to 220 CPS by 227 W 58th, which Extell owns.

[desertpunk]

Vornado files to raze two Midtown buildings

Vornado Realty Trust is moving forward with its plans to demolish two small mid-block commercial buildings in Midtown that are tied to a large condominium development on Central Park South.

The large real estate investment trust filed plans with the city’s Department of Buildings this month to demolish 231 West 58th Street, a three-story structure, and 229 West 58th Street, which has five floors. The properties are located between Broadway and Seventh Avenue.

The buildings are near a residential apartment building at 220 Central Park South, which Vornado is demolishing and where the REIT plans to build a 41-story luxury apartment condo.

It is not clear if the development rights from the two properties were added to the bulk of the condo site. Documents filed with the city’s property records said that excess and bonus development rights from some neighboring properties were contributed to the Vornado condo site.

The city’s Department of Buildings issued a stop work order at the 220 Central Park South site yesterday, after bricks fell from the 10th floor to the street level, according to the DOB’s website. The order remained in effect today, a spokesperson for the DOB said, but insiders said such orders are often lifted within days.

Vornado declined to comment.

The two West 58th Street properties are adjacent to 225 West 58th Street, where the Extell Development Company has filed plans to build an 18-story residential building.

[RobertWalpole]

In this photo, you can see the back of Vornado's 220 CPS, which is on 58th St. You can also see Extell's empty lot which is immediately to the west of 220. (In fact, Extell's white sign with its logo is visible on the blue construction fence.) Immediately to the west of Extell's lot are the two buildings that Vornado owns and is about to raze.

Anticipating that Vornado's 220 CPS could obstruct some views of Extell's 225 W 57th, Extell masterfully "seized control" of the Vornado project by purchasing the lot between 220 and Vornado's two other 58th Street buildings and by taking a long-term lease in the subterranean garage at 220. Extell has Vornado by the balls!




Here's an overhead shot of 220 CPS which shows how it extends all the way to 58th St.



I expect Extell to negotiate a deal in which Vornado's structure occupies only the narrow footprint along CPS. That way, the views from 225, which is somewhat west of there, will be preserved. Since Vornado supposedly hired Stern, we may see a 275-300m limestone tower rise at 225 CPS, a la 99 Church St.

[desertpunk]

God, 58th St. looks like hell.

[RobertWalpole]

This small stretch indeed looks horrible. However, that will change in the very near future.

[Hudson11]

Originally Posted by RobertWalpole

Since Vornado supposedly hired Stern, we may see a 275-300m limestone tower rise at 225 CPS, a la 99 Church St.

that would be another great addition to the central park skyline, hopefully that'll happen.

[RobertWalpole]

I agree.

[sbarn]

Walked nearby yesterday, lots of shrouding going on over at 220 Central Park South.

image hosted on flickr

(photo by me)

[RobertWalpole]

220 CPS, which is all covered in demo netting, can be seen in the lower right corner. (It looks black due to the netting.)

JWALAS

[ThatOneGuy]

They need to release a render, already!

[RobertWalpole]

They can't because the developer, Vornado, doesn't yet know the footprint of the tower. Vornado could build much higher if it could transfer the air rights from three contiguous parcels on W 58th St., of which it owns two and a rival developer, Extell, owns the key one, which is located adjacent to 220 CPS. Extell, the developer of One57, also is tHe developer of 225 W57th. To preserve the views of 225, it wants to dictate the design of 220 CPS. Presumably, it wants Vornado to limit the footprint to just the CPS portion of the site, which would place it as far east as possible vis-a-vis 225. Also, that would yield a tower of about 250m, which is well below the roughly 400 to 450m that 225 is expected to be.

[RobertWalpole]

I walked by on 10 Oct. 2012 and perceived dramatic progress on 58th St. The entire south wing of 220 CPS, which is on 58th, is gone, but for the first story which houses Extell's garage. Also, three of the dumpy little buildings tat Vornado owns are currently being razed.

[SelectYourLifestyle]

its a good project but the density is getting so immense that it seems one big shadow..
:-(

[desertpunk]

Demolition Alley: Columbus Circle East, 225 W.57th St. + Deconstructing 220 CPS (Deal Reached?)

Bobcat emerges from 58th Street side of 220 CPS


Demo of 221 W 58th, foreground, demo of north tower of 220 CPS background (A Fine)


Front of 220 CPS

At some point in the near future you will have an open view of Central Park from West 57th Street, just East of Broadway. No, not from the high floors at the Portzamparc tower, but simply from ground level. It will be a rare but short-lived view through two city blocks, but there is just that much demo work going on in the area right now. Currently there stands a large vacant lot where 225 West 57th once stood, future home to an Extell Development 50 story mixed use tower that is rumored to be the future home of the tallest Nordstrom in all the land. Extell has taken out a couple of adjoining buildings as well as the building just to the north on West 58th Street. Across the street on the north side of 58th Street the back tower of once and future 220 CPS has completed demolition, a couple of next door buildings are coming down (219 and 221 West 58th), and work has begun on the demolition of the front tower of 220 CPS that faces CPS. They are laying waste to the whole area! 220 CPS has been subject to a battle between Extell Development that owns (owned?) the garage space and Vornado that owns everything else. Last we heard from any source was that Extell was taking Vornado to court, but some settlement surely must have been worked out, as the only thing that is coming out of that garage at this point is a bobcat moving debris.

The result here is an amazing demolition alley in some of the densest and most valuable property in the world! The pics I have here are from this week, and, yes, they are a bit gloomy, but then again, de-construction is a dirty business.

If a deal got reached, we're in business!