The Real Deal New York

Madison, Thor hope 212 address adds New York street cred

The number calls to mind the much-desired, old-school area code

February 26, 2015 11:10AM

From left: Joseph Sitt, 212 Fifth Avenue in Nomad and Robert Gladstone

From left: Joseph Sitt, 212 Fifth Avenue in NoMad and Robert Gladstone

Madison Equities’ Robert Gladstone and Thor Equities’ Joseph Sitt are aiming to capitalize on the coveted address of their planned condominium conversion at 212 Fifth Avenue. 

“When people have a 212 number, I say, ‘How did you get that? Who do you know?’ It means something,” Gladstone told the New York Daily News.

Madison Equities, Building and Land Technology (BLT) and Thor Equities bought the former Ring Portfolio property from Gary Barnett for $260 million, and are planning to convert it to condos, as The Real Deal reported. Thor has a minority stake in the property.

“Honestly, the address was 50 percent of the reason I bought the building,” Sitt told the newspaper.

The 212 area code, once given out to all Manhattanites for their landlines, is now a coveted status symbol for those who want to look like long-time New Yorkers. The developers hope the cachet will help lure big-time buyers. In an episode of “Seinfeld,” Elaine angles to take over her dead neighbor’s 212 phone number after 646 becomes the new Manhattan prefix.

The completed project will have 48 apartments, with prices in excess of $3,000 per square foot, sources told the newspaper.

The development team secured a $275 million loan for the project last month. [NYDN] — Tess Hofmann

 

  • anon

    Dumb

  • marknroses

    This project should get top $$$ in that market.
    212 Fifth is not dumb.

  • Think Syrian

    VERY dumb. Marketing strategy based on a tel area code. What’s next? 777 is a jackpot maybe a property with that number should appreciate 40% because of that.
    or anything with 8 could be sold to Asians because its their lucky number – what do you say Joe? 30%?

    • Sy

      he should sell the rest of his buildings on 5th, since they dont have the same marketability as a 212 building. it only makes sense

  • not syrian

    This is the single dumbest comments on a building I’ve ever read.

  • Sinai Sassooni

    I am interested…

  • Dial 7 seven times

    2+1+2=5 Joe was able to buy 50% of that building with that formula in his underwriting. Very few people can see the hidden value as he does. genius of geniuses. Now back to our regular schedule programming ” Are you smarter than a fifth grader”…….

    • BH

      So how is a 50% stake a minority stake in the building, as the article states Thor has

  • Stan

    Gary Barnett is the only one laughing here. Bloody genius. In at 90 million , few months later sells this alone for 260 mill

    • BH

      he completely ravaged these guys. I don’t even think Sitt thinks about anything in terms of cost when he buys now. he’s just throwing his money and hopes for the best wherever it lands.

  • Iranian Jew

    Joey Coney Island – Stop saying dumb stuff and stay focused

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