Princeton Holdings LLC, a leading real estate investment and finance firm, announced this week that it had sold its interest in a one million square-foot office portfolio in Manhattan's Midtown South submarket for $74 million. According to a Wall Street Journal report, the buyer was Extell Development, a major New York City real estate development and investment firm. Terms of the deal were not disclosed, though it is known that a joint venture led by Princeton bought a 25% stake in the portfolio, (known as the 'Ring portfolio') controlled by F.M. Ring Associates, in 2011 with a deposit of $10 million.
"Our investment philosophy at Princeton Holdings can best be defined as long-term with the ability to seize upon near-term exit opportunities if they are too attractive to resist," said Joseph Tabak, CEO of Princeton Holdings. "Back in 2011, we engaged in a process that will now unfold over the coming years without our involvement. While we are pleased with the outcome here, it's clear that the portfolio will ultimately yield many rewards for those who have the fortitude to 'crack the code' here. As we have done before, we will re-invest the proceeds from this lucrative deal back into our core business of real estate investment and development."
The portfolio includes 14 commercial office buildings, among them 212 Fifth Avenue and 251 Park Avenue South. Market estimates peg the value of the entire Ring portfolio at roughly $400 million to $500 million.
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