The Real Deal New York

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
By Claire Moses | January 14, 2015 03:31PM

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.