212 Fifth Avenue IN NOMAD To Finally Be Sold
Thursday April 26, 2012
Real estate investor Joseph Tabak and his Princeton Holdings has won a victory that will give him a $112.5 million stake in the underperforming Manhattan Ring family portfolio. One of their properties is a prominent building right here in NoMad at 212 Fifth Avenue. The Real Deal explains that a professional arbitrator has just recently issued a decision siding with Princeton Holdings and partner the Bluestone Group against Michael Ring that forces Ring to sell a stake in a 14-building portfolio to Princeton and Bluestone.
Ring and his brother Frank have owned the portfolio for nearly 30 years, and have not been able to agree on how to manage the properties, so subsequently the vacancy rates rose, sources said. At one point the properties were threatening to become cash negative, so Michael reached out, in 2011, to the buyers, sources say.
Princeton and Bluestone need to come up with $65 million in cash to fund their portion of the $112.5 million, one source said. The balance will be funded by Michael.
The complex deal structures the $112.5 million as a loan to acquire a 56.25 percent interest in Michael’s interest in the properties.
We have been looking at 212 Fifth for quite some time and wondering when it was going to start to be rented out — very excited to see what this building will bring to NoMad. More to come.
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