Extell sells another Ring portfolio building — this one for $40M
Purchaser Metro Loft buying property with plans of converting it to residential
Gary Barnett’s Extell Development sold 331 Park Avenue South, one of the buildings the company acquired in 2013 as part of the F.M. Ring portfolio, for $39.5 million to Metro Loft, The Real Deal has learned.
The purchase marks Metro Loft’s second acquisition from the portfolio. In December, the developer bought a 12-story building at 114 East 25th Street for $36.5 million. Extell paid $308 million for a 50 percent stake in the Ring package.
Avison Young’s Neil Helman, Jon Epstein, Vincent Carrega, Charles Kingsley and Jason Meister represented both buyer and seller.
Helman said Metro Loft will likely convert the newly acquired property into a condominium, and that the building lends itself to floor-through apartments. “It’s such a burgeoning neighborhood,” he said about Midtown South, “it’s a highly desirable place to be.”
Metro Loft also has plans to convert the East 25th Street property, one of 14 Midtown South office properties in the Ring portfolio, into a residential development.
The Ring portfolio‘s crown jewel, 212 Fifth Avenue, is also going residential, as previously reported by TRD. Nearby 251 Park Avenue South is in contract to be bought by the Feil Organization. Extell also agreed to sell ground leases for four of the buildings to the Kaufman Organization in March.