Princeton Holdings has sold its interest in a portfolio of commercial properties in Manhattan's midtown south submarket for $74 million.
Called the Ring Portfolio covers 1 million square feet of commercial space. The entire portfolio includes 14 commercial office buildings, among them 212 Fifth Avenue and 251 Park Avenue South. All the properties are located in the Midtown South submarket, which is loosely defined as the north-south corridor between 23rd street and 42nd street.
The buyer was only identified as a "New York City real estate development and investment firm."
"Back in 2011, we engaged in a process that will now unfold over the coming years without our involvement," said Princeton chief executive Joseph Tabak. "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."