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.
“It was always our goal to consummate a deal with Frank outside of the courts,” says Gary Barnett, Extell president. “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. “I've learned a lot from Frank as I've gotten to know him better,” continues Barnett. “It's amazing how he positioned his portfolio for the long term with great success.”
“We're very excited about the freedom this sale will provide us,” says 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.”
F.M. Ring Associates, Inc., was founded in 1971 by Frank Ring and concentrated on establishing the Ring family as landlords rather than just building managers. The Ring portfolio first took shape under Frank Ring's father, Leo Ring, in 1944, with the majority of the portfolio being acquired under Frank Ring's stewardship between the years 1973 and 1980.
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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.
