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Frank Ring buys 80 West End Avenue for $195M

Gary Barnett and Jared Kushner purchased the property in August for $84M

From left: Frank Ring, 80 West End Avenue, Gary Barnett and Jared Kushner
From left: Frank Ring, 80 West End Avenue, Gary Barnett and Jared Kushner

Real estate owner Frank Ring has purchased 80 West End Avenue for $195 million from Gary Barnett and Jared Kushner.

Last year, Ring sold his stakes in prime properties to Barnett’s Extell Development for $330 million.

According to the New York Post, the $195 million deal for the Upper West Side property was closed on Thursday. Barnett and Kushner Companies purchased the 235,000-square-foot building in August for $84 million.

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Extell bought the nearly 1 million-square-foot portfolio in October 2013. The buildings in the package, which included  212 Fifth Avenue and 251 Park Avenue South, were largely left vacant. In June last year, after buying a 50 percent stake in the portfolio, Extell began legal procedures against brothers Frank and Michael Ring for alleged mismanagement of the buildings.

In December, United Cerebral Palsy of New York City signed a 30-year, triple-net lease for 218,000 square feet at the 1912-built property. The Metropolitan Opera and RCN take up other spaces at 80 West End Avenue. [NYP] — Claire Moses

Tags
Extell DevelopmentFrank RingGary BarnettJared KushnerRing Portfolio