A joint venture between Robert Gladstone’s Madison Equities, Building and Land Technology (BLT) and Joseph’s Sitt Thor Equities received a $275 million construction loan to acquire and complete the gut renovation of 212 Fifth Avenue, The Real Deal has learned.
Midtown-based iStar Financial provided the financing to the development partners, allowing them to close on the purchase of the 220,000-square-foot, 24-story office property from Gary Barnett’s Extell Development for about $260 million, according to sources close to the deal. Madison, BLT and Thor plan to convert the flagship property of the Ring portfolio into 48 luxury apartments, as TRD reported. Madison and Thor initially partnered on the deal and brought on BLT, though Thor took a small minority stake in the property, sources said.
JLL’s Dustin Stolly, who represented the buyers in the financing, declined to comment.
Broker Herbert Hirsch represented Extell in the sale, while Paul Gruber of PKG Realty Services represented Madison, sources said.
The building, located near West 26th Street, will boast a triplex penthouse as well as a 3,850-square-foot commercial space.