Prized Ring building at 212 Fifth Ave. is going residential

Thor, together with Madison Equities, BLT, buys crown jewel of Extell's Midtown South portfolio

From left: Robert Gladstone, Gary Barnett and 212 Fifth Avenue
From left: Robert Gladstone, Gary Barnett and 212 Fifth Avenue

UPDATED: 4:56 p.m., Jan. 14: An office building at 212 Fifth Avenue, the crown jewel of the Ring portfolio in Midtown South, will be converted into a residential project with 48 apartments, according to a permit application filed with the city today. Although Gary Barnett’s Extell Development officially owns the building and is listed on the permit, sources said the 220,000-square-foot, 24-story property is in contract to sell to Joseph Sitt’s Thor Equities for $260 million. Robert Gladstone’s Madison Equities and real estate investment firm Building and Land Technology (BLT) are also buying a stake in the property. 

Helpern Architects is designing the conversion, located at 26th Street near Madison Square Park. Plans call for 48 residential units as well as a 3,850-square-foot commercial space on the ground floor. The building will include a triplex penthouse.

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The deal is expected to close next week, sources said.

After a bitter battle with brothers Frank and Michael Ring, Extell formally closed on the 13 buildings in January 2014 for $308 million. Since then, Barnett has been selling the properties one by one, including 251 Park Avenue South to the Feil Organization.

Correction: A previous version of this story incorrectly identified the new owners of 212 Fifth Avenue. It is a partnership between Madison Equities, BLT and Thor.