NEW YORK CITY—Extell Development has reached an agreement with Frank Ring, president and founder of F.M. Ring Associates, to acquire his interests in 14 properties in the city. Clustered primarily in Midtown South—the nation's tightest submarket—the portfolio includes such trophies as 212 Fifth Ave., 251 Park Ave. South, and 17 W. 60th St., and collectively adds up to over 1 million square feet.
“Finding a portfolio of this size—in this type of a market—that's so perfectly positioned for re-development is really rare,” says Dov Hertz, EVP of acquisitions for Extell. “All credit is due to Frank's vision.” The purchase was brokered by Joshua Ring, of F.M. Ring Associates, Inc. A purchase price was not disclosed.
A stake in the Ring portfolio was previously purchased by Extell from Ring'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 and Frank Ring have long been in contact about the eventual purchase of Ring's interest.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
