Prized Ring building at 212 Fifth Ave. is going residential

Thor, together with Madison Equities, BLT, buys crown jewel of Extell's Midtown South portfolio

New York /
Jan.January 14, 2015 03:31 PM

UPDATED: 4:56 p.m., Jan. 14: An office building at 212 Fifth Avenue, the crown jewel of the Ring portfolio in Midtown South, will be converted into a residential project with 48 apartments, according to a permit application filed with the city today. Although Gary Barnett’s Extell Development officially owns the building and is listed on the permit, sources said the 220,000-square-foot, 24-story property is in contract to sell to Joseph Sitt’s Thor Equities for $260 million. Robert Gladstone’s Madison Equities and real estate investment firm Building and Land Technology (BLT) are also buying a stake in the property. 

Helpern Architects is designing the conversion, located at 26th Street near Madison Square Park. Plans call for 48 residential units as well as a 3,850-square-foot commercial space on the ground floor. The building will include a triplex penthouse.

The deal is expected to close next week, sources said.

After a bitter battle with brothers Frank and Michael Ring, Extell formally closed on the 13 buildings in January 2014 for $308 million. Since then, Barnett has been selling the properties one by one, including 251 Park Avenue South to the Feil Organization.

Correction: A previous version of this story incorrectly identified the new owners of 212 Fifth Avenue. It is a partnership between Madison Equities, BLT and Thor.


Related Articles

arrow_forward_ios
Extell Development's Gary Barnett (Credit: Getty Images and iStock)
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Central Park Tower
Extell just went public with Central Park Tower listings
Extell just went public with Central Park Tower listings
Gary Barnett taps outsider as CEO of Extell
Gary Barnett taps outsider as CEO of Extell
Gary Barnett taps outsider as CEO of Extell
OKO Group’s Vlad Doronin and the Aman New York at the Crown Building (Getty Images, Aman New York, Google Maps/Aman New York)
TRD Pro: The most expensive Manhattan homes sold in August
TRD Pro: The most expensive Manhattan homes sold in August
Extell Development’s Gary Barnett, Robert Gans and Princeton's Joseph Tabak (Getty)
Investor has till Christmas to pay $200M to Barnett, Tabak
Investor has till Christmas to pay $200M to Barnett, Tabak
Extell's Gary Barnett and Central Park Tower (Kidfly182, CC BY-SA 4.0, via Wikimedia Commons, Barnett via Paul Dilakian)
Breaking down Extell’s sky-high ask at Central Park Tower
Breaking down Extell’s sky-high ask at Central Park Tower
Gary Barnett and Central Park Tower (Getty, Percival Kestreltail/CC BY-SA 3.0/via Wikimedia Commons)
Gary Barnett seeks record $250M for Central Park Tower penthouse
Gary Barnett seeks record $250M for Central Park Tower penthouse
Extell's Gary Barnett (Illustration by The Real Deal with Getty)
Gary Barnett: Partners sold our buildings and didn’t tell me
Gary Barnett: Partners sold our buildings and didn’t tell me
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...