The Real Deal New York

Frank Ring picks up five Park Slope properties

Purchases mark start of new father-son portfolio, brokers say

March 19, 2014 04:52PM
By Julie Strickland

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From left: 385 9th Street, 466-468 9th Street and Frank Ring

From left: 385 9th Street, 466-468 9th Street and Frank Ring

Frank Ring, who sold his stake in a 13-building Manhattan South real estate portfolio to Gary Barnett’s Extell Development for $308 million in January, has kicked off the building of a new portfolio with his sons, The Real Deal has learned.

Ring paid $5 million for a pair of side-by-side townhouses at 468 and 466 9th Street in Park Slope, and $2.85 million for a semi-detached four-story, four-family rental property at 385 9th Street, listing broker Joanne Gay of Joanne Gay Realty told The Real Deal. In addition, Ring purchased a three-unit rental at 844 Union Street for $3.1 million, listed by Jill Braver and Brian Lehner of Brown Harris Stevens, and another three-unit rental at 336 10th Street, listed by the Corcoran Group’s Frank Castelluccio, Nicholas Hovsepian and Mara Ingram, for $2.24 million. The buildings are held in the name of 153-155 W23 LLC, which is wholly controlled by Frank Ring, according to Gay.

“For an independent broker, it’s rare having two properties next to each other in a tight market,” Gay said. “He’s going to keep them as rentals, and worked with his son Josh Ring as the agent on the sale of 385 9th Street.”

Ring picked up 466 and 468 9th Street as part of an estate sale, while Joe and Gina Accetta, who own a handful of rental properties in the area, were the sellers of 385 9th Street. A spokesperson from Brown Harris Stevens declined comment on the sale of 844 Union Street, and a spokesperson for the Corcoran Group declined to comment on the sale of 336 10th Street.

Ring declined to comment on the purchases.

Along with his father Leo and brother Michael, Ring built up a portfolio of Manhattan properties over several decades before Leo died in 1998.

  • RingFinger

    Great will these be kept vacant for 40 years too??

  • HughGass

    I feel bad for those tenants!

  • Jonnny

    What’s the play? In the near term, vacate them, and then…keep them that away indefinitely?

  • gRingO

    ‘Cause if you hated it, then you should have put a Ring on it…’

  • koskesh

    does this make sense to anyone????

    why wouldn’t he fill up those buildings in manhattan, and refi them if he wanted to cash out???

    who does this? complete insanity

    we need anonymous comment section back so people can curse him out

  • marknroses

    there goes the neighborhood

  • KJ

    Mazel tov Frank and Josh! I wish you the best in building your new portfolio!

  • David Brown

    I assume he has to roll over the sales proceeds into new properties in order to defer the capital gains tax (1031 exchange).

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