New York Times Highlights 212 Fifth Avenue Conversion

The New York Times reported on the highly anticipated, complicated conversion of the neo-Gothic office tower 212 Fifth Avenue into residential condominiums. The development, led by Olshan client Madison Equities, will hold 48 units and include more than 3,800 square feet of commercial space on the ground floor. The scheduled opening for the 24-story condo is in Spring 2016 and renderings note renovations on the parapat and restoration of the brick exterior. The building was purchased by a joint venture of Madison Equities, Building and Land Technology (BLT) and Thor Equities from Extell Development in a deal valued at approximately $260 million. Olshan Real Estate partner Thomas Kearns represented the venture on the acquisition and construction loan.