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Barnett and Kushner Cos. paid $84 million for the property just last August..
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New York real estate baron Frank Ring has purchased 80 West End Ave from Gary Barnett’s Extell Development and Jared Kushner for $195 million, after reaching a $330 million deal with Barnett to settle a law suit, the NY Post reported.
The deal was closed last Thursday. Barnett and Kushner Cos. paid $84 million for the property just last August.
Ring made this acquisition after getting a $330 million buyout for his New York properties from Extell. This ended a lawsuit brought by Barnett against King over properties they co-own.
In 1988, Frank Ring, together with his brother, inherited from their father, Leo, a 50% share in 15 buildings, totaling more than 1 million square feet and worth an estimated $500 million. Each brother received a 25 percent stake in the buildings, and Frank was given the job of portfolio manager.
The other half went to the father’s business partner Robert Eisner. When Eisner died, his estate sold his half of the buildings to Barnett.
Frank, it was claimed, had left the buildings mostly vacant, even as they were sought out by other buyers. Ring has a reputation for not taking an active role in his properties and just looking to collect the rent.
Located between 63d and 64th streets, constructed in 1921, the building holds 235, 000 square feet and has seven stories, including a penthouse. It was originally intended for use as a trucking garage.
The structure has 15 foot high ceilings on each of its first six floors, and a parking garage for 70 cars. The 7th- floor penthouse has 21 foot high ceilings and opens to two roof decks.
The building is scheduled for renovation, which will include new lobbies, elevators and a refurbished exterior. The building currently has two different lobbies, one at the West 64th Street entrance and the other at the West End Ave entrance.
The property offers 24/7 access.
In 1986, the building was divided into condominiums. But it was never fully occupied.
Last December, United Cerebral Palsy of New York City signed a 30 year triple net lease for 125, 000 square feet of space there. That deal will reportedly bring King about $8.5 million a year in rent.
The Metropolitan Opera and RCN also hold leases there.
