The Real Deal New York

Madison, Thor’s 212 Fifth gets Landmarks nod for resi conversion

Redevelopment will include restoration work and enlargement of penthouse unit

April 15, 2015 04:00PM

212 Fifth Avenue

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

The Landmarks Preservation Commission has approved the residential conversion of 212 Fifth Avenue.

The commission on Tuesday approved proposed changes to the 24-story, 220,000-square-foot office building, which will be redeveloped by Thor Equities, Madison Equities and Building & Lang Technology (BLT).

The three entities own the property through a partnership, having purchased it from Extell Development for $260 million earlier this year, as The Real Deal reported. The companies are financing the work through a $275 million construction loan from Midtown-based iStar Financial.

The redevelopment will include restoration work and the enlargement of the penthouse unit, according to New York YIMBY. Madison’s Robert Gladstone said the company is hoping to capitalize on the building’s 212 address in the residential market, he told the New York Daily News in February. [YIMBY] – Rey Mashayekhi