The Real Deal New York

Madison, Thor hope 212 address adds New York street cred

The number calls to mind the much-desired, old-school area code
February 26, 2015 11:10AM

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