Madison Equities, partners get $275M loan for 212 Fifth

Gladstone's firm, along with BLT and Thor, can proceed with resi conversion

New York /
Jan.January 21, 2015 09:00 AM

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.

Last month, JLL also handled $200 million in refinancing for Edward Minskoff’s 101 Sixth Avenue.


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
Michael Remer and Richard Hodos (JLL, Getty)
Top retail broker Richard Hodos jumps from CBRE to JLL
Top retail broker Richard Hodos jumps from CBRE to JLL
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
Gary Barnett with  186-190 21st Street (Google Maps, Getty)
Gary Barnett retracts lawsuit after partners show receipts
Gary Barnett retracts lawsuit after partners show receipts
A photo illustration of Gary Barnett and 259 Clinton Street (Extell Development, Getty Images, McNamara Salvia)
Barnett doubling down in Two Bridges
Barnett doubling down in Two Bridges
RIPCO Real Estate’s Gene Spiegelman and Peter Ripka, JLL’s Matthew Ogle and Erin Grace (RIPCONY, JLL, Getty)
RIPCO, JLL take home REBNY’s retail deal of the year awards
RIPCO, JLL take home REBNY’s retail deal of the year awards
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
arrow_forward_ios

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

Loading...