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Extell Development Reaches Agreement on Ring Portfolio Purchase

Frank Ring to Sell Interest in 14 Redevelopment Properties Across NYC
October 11, 2013
Extell Development Company has reached an agreement with Frank Ring, president and founder of New York-based real estate investment firm F.M. Ring Associates, to acquire his remaining interests in the Ring Portfolio, comprised of 14 properties totaling more than 1 million square feet in New York City.

Extell first bought a stake in the properties from Frank's brother, Michael Ring, in June of this year. The 25% partial interest sale closed for $74 million, according to CoStar data. See CoStar COMPS #2770985.

Following the purchase, Extell initiated legal proceedings to take control of the portfolio. However, the two have continuously been in contact about the eventual purchase of the remaining interest in the portfolio. The pair has struck a deal, bringing together one of the largest developers in New York City with one of the largest family-run portfolios in the city.

"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."

F.M. Ring Associates, Inc. was founded in 1971 by Frank Ring with the goal of establishing the family as landlords rather than just building managers. The portfolio was started by Frank's father, Leo Ring, back in 1944, though most of the properties were acquired under Frank's leadership between 1973 and 1980.

"We’re very excited about the freedom this sale will provide us," said Frank Ring. "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 14 properties, located mainly in the Midtown South area of Manhattan's Chelsea submarket, reportedly have great redevelopment potential. Boasting almost 98 percent vacancy, the properties are in various states of repair. The portfolio includes:
AddressBuilding SizeYr Blt
212 Fifth Ave.21-story, 223,500-square-foot1913
251 Park Ave. S16-story, 120,000-square-foot1909
114 E. 25th St.12-story, 50,400-square-foot1921
119-125 W. 24th St.12-story, 151,200-square-foot1913
142 W. 24th St.12-story, 70,000-square-foot1920
155 W. 23rd St.12-story, 72,000-square-foot1911
19 W. 24th St.12-story, 69,000-square-foot1910
30 E. 23rd St.12-story, 32,500-square-foot1912
331 Park Ave. S12-story, 45,000-square-foot1913
45 W. 27th St.12-story, 66,500-square-foot1912
13-15 W. 27th St.11-story, 55,000-square-foot1933
17 W. 60th St.11-story, 93,750-square-foot1907
34 W. 17th St.10-story, 30,000-square-foot1910
23 W. 24th St.single-story, 3,500-square-foot1930

"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. "All credit is due to Frank’s vision."

The deal was brokered by Joshua Ring with F.M. Ring Associates, Inc.
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