Why the Latest Central Park Nabe Developments Have No Place for You

The New York Times this morning described how developers are forming their own Billionaires' Club--make that a Billionaires' Neighborhood--near Central Park.

Seven buildings are now on the way, with the highest of high-end apartments "selling for tens of millions of dollars and promising spectacular Central Park views."

The article says that the key to the rise of the buildings is that view. The other key: A billionaire's resources.

Today's story was sparked by the announcement that a long-running dispute over access to the Central Park view between two rival developers--which involved maneuvering that included buying the opponent's adjacent property and leasing a garage to block construction plans--had been settled.

Gary Barnett, president of Extell Development--and current titleholder as seller of the most expensive apartment in the nabe, his $95 million One57 penthouse sale to a Russian industrialist--settled his company's differences with Vornado Realty and its CEO, developer Steven Roth.

Their new buildings will stand side by side, slightly shifted from their original sites, between Seventh Avenue and Broadway at, respectively, W. 57th and W. 58th Streets. Extell's new uber-luxury site will be a block west of its One57 palace.

The Times has the lowdown on the settlement and how the seven new buildings will have absolutely no problem whatsoever finding billionaires, here.

The Times report also includes a map laying out the buildings and developers. Quidnunc will reproduce it because it wants to see if it can, but in real life, never would do so, and would just refer our friends to the Times link above.

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