Extell Development Company confirmed Friday that it has reached an agreement with Frank Ring, president and founder of F.M. Ring Associates to acquire his interests in 14 New York City properties.
The 14 properties, which include 212 Fifth Avenue, 251 Park Avenue South, and 17 West 60th Street, add up to over one million square feet, mostly in the Midtown South area, and have become known colloquially as the Ring Portfolio.
“Finding this size of a portfolio in this type of a market so perfectly positioned for re-development is really rare,” said Dov Hertz, executive vice president of acquisitions for Extell.
No information was released on the purchase price, although the portfolio is reportedly worth up to $800 million.
As reported, Extell first bought a stake in the 14 building portfolio from Frank’s brother, Michael, in June this year. Following the purchase of Michael Ring’s interest in the portfolio, Extell initiated legal proceedings for control of the portfolio.
However, Extell said it had long been in contact with Frank about the eventual purchase of his interest.
“It was always our goal to consummate a deal with Frank outside of the courts,” said Gary Barnett, president of Extell. “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.”
The deal brings together one of the largest family-run portfolios in New York City and one of the largest developers in New York City.
In a press release from Extell, Frank Ring commented, “We’re very excited about the freedom this sale will provide us. 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.”
The purchase was brokered by Joshua Ring, of F.M. Ring Associates, Inc., said Extell.