New Developments in the News
JANUARY 3, 2011
Tenants at 220 Central Park South get a buyout deal; Greek Orthodox Archdiocese dispute may hamper WTC progress.
A settlement has reportedly been reached between rent-stabilized tenants at the 220 Central Park South rental residence and owners Vornado Realty Trust and the Clarett Group who purchased the 20-story residence in 2005 and have plans to build a 41-story residential condominium tower when the building is vacant. According to city records, a handful of tentants reluctant to leave their apartments have been bought out for between $1.3 million and $1.56 million.
A dispute between the Port Authority and the Greek Orthodox Archdiocese may stand in the way of progress of WTC redevelopment plans. The dispute involves the rebuilding of the St. Nicholas Church, destroyed in the 9/11 attacks; the two parties have not been able to agree on the location, size, or architectural style of the new church.
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