January 23, 2015
Real Estate Roundup: 212 Fifth, Jowa Holdings & Mexicue
It seems like every week there is breaking real estate news in NoMad! In the last couple weeks we’ve learned that 212 Fifth Avenue is getting converted into residential units, Jowa Holdings is buying up property on 25th Street and you’ll be able to get your fill of Mexican-barbecue fusion soon. The neighborhood is getting livelier every day!
After a long period of limited occupancy, 212 Fifth Avenue, the crown jewel of the Ring Portfolio, will undergo renovations. Real estate developer Thor Equities recently purchased the building from Extell Development for $260 million.
While the striking Neo-gothic, 21-story building has historically been used as an office space, Thor Equities recently unveiled plans to convert 212 Fifth into a resident building. Helpern Architects will oversee the renovations. New York real estate weekly The Real Deal is reporting that the plans detail 48 residential units, commercial space on the ground floor and a triplex penthouse.
Japanese investment firm Jowa Holdings has made their second purchase in New York. The firm recently bought properties at 24-28 West 25th Street and 40 West 25th Street, for a total of $210 million. This is impressive, considering that these properties were sold for $115 million just two years ago. Both buildings, which sit directly west of Madison Square Park, are 12-stories tall and encompass 130,000 square feet. Brickman Real Estate will continue to manage the buildings under Jowa’s ownership.
Mexicue, the innovative Mexican-barbecue fusion restaurant, is set to open a new branch at 225 Fifth Avenue in NoMad. The opening date is not yet known, but construction on the interior is already underway. The unique franchise has a history of targeting bustling neighborhoods with proximity to major transportation hubs. The NoMad branch will become the third in the Mexicue franchise, following locations in Times Square and Midtown West.
Visit 212 Fifth’s website to learn more.