Extell Development officially acknowledged its 14-property Ring Portfolio acquisition today, a more than 1 million-square-foot package that includes 212 Fifth Avenue, 251 Park Avenue South and 17 West 60th Street.
“Finding this size of a portfolio in this type of a market so perfectly positioned for re-development is really rare,” Dov Hertz, executive vice president of acquisitions for Extell, said in a release. “All credit is due to Frank’s vision.”
Extell first picked up a stake in the portfolio from Frank Ring’s brother Michael in June of this year, launching legal proceedings for control of the portfolio shortly after that purchase. Frank Ring and Extell have, according to the release, long been communicating about the eventual purchase of his interest, though an auction had been scheduled to unload 251 Park Avenue South.
“It was always our goal to consummate a deal with Frank outside of the courts,” Gary Barnett, president of Extell, said in the release. “Business is business, and sometimes the courts are part of that business. But I’ve always gotten along with Frank and he’s been nothing but straightforward in all our dealings.”
In the statement, Barnett went on to say that he has “learned a lot from Frank” as he got to know him better.
“We’re very excited about the freedom this sale will provide us,” Frank Ring said in the release. “Having built this portfolio with my father, I’m especially looking forward to building another portfolio together with my sons and seeing them place their stamp on New York real estate.” — Julie Strickland