Madison, Thor hope 212 address adds New York street cred

The number calls to mind the much-desired, old-school area code

TRD New York /
Feb.February 26, 2015 11:10 AM

Madison Equities’ Robert Gladstone and Thor Equities’ Joseph Sitt are aiming to capitalize on the coveted address of their planned condominium conversion at 212 Fifth Avenue

“When people have a 212 number, I say, ‘How did you get that? Who do you know?’ It means something,” Gladstone told the New York Daily News.

Madison Equities, Building and Land Technology (BLT) and Thor Equities bought the former Ring Portfolio property from Gary Barnett for $260 million, and are planning to convert it to condos, as The Real Deal reported. Thor has a minority stake in the property.

“Honestly, the address was 50 percent of the reason I bought the building,” Sitt told the newspaper.

The 212 area code, once given out to all Manhattanites for their landlines, is now a coveted status symbol for those who want to look like long-time New Yorkers. The developers hope the cachet will help lure big-time buyers. In an episode of “Seinfeld,” Elaine angles to take over her dead neighbor’s 212 phone number after 646 becomes the new Manhattan prefix.

The completed project will have 48 apartments, with prices in excess of $3,000 per square foot, sources told the newspaper.

The development team secured a $275 million loan for the project last month. [NYDN] — Tess Hofmann

 

Related Articles

arrow_forward_ios
Thor Equities’ Joe Sitt and a rendering of 933 Broadway (Credit: Thor)

Thor Equities sues Mactaggart over latest broken deal

Thor Equities sues Mactaggart over latest broken deal
Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Bob Gladstone and 212 Fifth Avenue (Credit: Gladstone by Craig Barritt/Getty Images for Haute Residence; Google Maps)

Investors reach settlement with Bob Gladstone over $1M mismanagement allegations at 212 Fifth

Investors reach settlement with Bob Gladstone over $1M mismanagement allegations at 212 Fifth
Wharton Properties' Jeff Sutton, Thor Equities' Joe Sitt, 530 Broadway and Michael Shvo

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M
Thor Equities' Joe Sitt and 180 Livingston Street (Credit: Google Maps, iStock)

Brooklyn megachurch sues Thor for “putrid” leaks from Dallas BBQ

Brooklyn megachurch sues Thor for “putrid” leaks from Dallas BBQ
494 Broadway and Thor Equities' Joe Sitt (Credit: Google Maps)

Thor faces foreclosure on site where lender says it’s seeking “unrealistic rents”

Thor faces foreclosure on site where lender says it’s seeking “unrealistic rents”
The beach in Tulum, Mexico, and Thor Equities Joe Sitt (Credit: Thor Equities LLC via Bloomberg)

Joe Sitt’s $100M plan for Pablo Escobar’s Tulum compound

Joe Sitt’s $100M plan for Pablo Escobar’s Tulum compound
93 North 9th Street in Williamsburg, Thor Equities' Joe Sitt, and a KAWS statue (Credit: Google Maps and Jim Bowen via Flickr)

Acclaimed artist KAWS pays $17M to expand Williamsburg studio

Acclaimed artist KAWS pays $17M to expand Williamsburg studio
arrow_forward_ios

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

Loading...