Vornado Realty Trust (NYSE: VNO
) has acquired the land and air rights for its planned development at 220 Central Park South, for $194 million.
Current zoning on the 3.15-acre site would allow for 137,000 buildable square feet at the site, located in the Columbus Circle submarket of Manhattan.
Having completed its assemblage, the buyer will begin construction on a 920-foot luxury residential condominium tower totaling 472,000 square feet. Designed by Robert A.M. Stern Architects, the proposed tower will offer unobstructed views of Central Park.
Please see CoStar COMPS #2863198 for additional information on this transaction.
Vornado previously acquired the now-demolished multifamily building located at 216-220 Central Park S. along with 221 W. 58th St. back in 2005 for $131.5 million, according to CoStar data.