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Extell Sells Part of Ring Portfolio

NEW YORK CITY—A joint venture between Kaufman and Principal Real Estate has picked up four of the buildings in Midtown South.

By Rayna Katz | Updated on April 09, 2014

NEW YORK CITY—The Kaufman Organization and Principal Real Estate Investors have announced the joint venture acquisition of four former Ring buildings in the NoMad and Flatiron districts from Extell Development Company. The properties—which total 341,441 square feet—are located at 13-15 W. 27th St., 45 W. 27TH St., 19 W. 24th St. and 119-125 W. 24TH Street.

Fred Leffel, Grant Greenspan, and Michael Kazmierski of the Kaufman Organization and Kyle Elfersof Principal Real Estate Investors led the efforts in securing a 99-Year net lease for the properties; all of which are slated for extensive capital improvements. David Ash, principal, Prince Realty Advisors represented Kaufman and Principal. Thomas Kearnsof Olshan Frome and Wolosky served as their counsel. 

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