Extell Closes on Stake in Ring Brothers Building
Lauren Elkies Schram Jan. 31, 2014, 1:07 p.m.
Gary Barnett‘s Extell Development has closed on an ownership stake in 212 Fifth Avenue, Mr. Barnett confirmed to Commercial Observer.
The 26th Street office building partnership deal closed for $90 million on January 13 and was recorded with the city yesterday, PropertyShark records indicate.
Barnett purchased a stake in a group of 14 Manhattan buildings owned by brothers Michael and Frank Ring, including 212 Fifth Avenue, from investor Joseph Tabak, Crain’s reported in June. The buildings are reportedly valued at more than $500 million.
Doug Harmon of Eastdil Secured, who represented Mr. Tabak in the deal, did not immediately respond to a request for comment.
The portfolio includes 251 Park Avenue South, 331 Park Avenue South and 17 West 60th Street.