Extell has reached a deal with Vornado to sell the land and air rights above a development site at 255 West 58th Street.
Vornado announced today (Tuesday) it paid $194 million for the 137,000 zoning square feet, allowing it to complete the assemblage of its 220 Central Park South site in Manhattan.
The deal will allow development to begin on a 920 foot luxury residential condominium tower containing 472,000 s/f. The to-be constructed tower will have unobstructed Central Park views and be designed by Robert A.M. Stern Architects.
In a statement, Extell said that, as part of the sale, all of the litigation has been settled. “We are thankful that our differences with Vornado have been resolved amicably. We wish them great success,” said Gary Barnett, president of Extell Development Company.
“This clears the way for the development of two great buildings that will enhance the skyline and contribute greatly to the economy of New York City.”
The real estate power houses have been involved in ongoing litigation over the site. Extell is planning its own condo on the same block.