Eccentric real estate owner Frank Ring, who last year sold his stakes in prime properties to Gary Barnett’s Extell Development for $330 million, has turned around and bought 80 West End Ave. from Barnett and Jared Kushner, The Post has learned.
Ring — looking for a place to park his profits — closed on the $195 million deal on Thursday, sources said. Barnett and Kushner Cos. paid $84 million for the 235,000 square-foot 1912-era building in August.
Last December, United Cerebral Palsy agreed to lease 125,000 square feet at 80 West End. The 30-year triple-net lease means little work for Ring, who would prefer, sources say, to collect the rents and not have to work at managing the property. The Metropolitan Opera and RCN lease other spaces.
Ring and his brother Michael inherited half of 15 buildings from their father Leo in 1988. Each brother owned a 25 percent stake while Frank was named portfolio manager. But Frank left the buildings totaling more than 1 million square feet — and valued at $500 million — largely vacant even as they became increasingly tempting targets for other buyers.
After Leo’s business partner, Robert Eisner, died, his estate sold his 50 percent stake to Barnett, who hauled the brothers into court for mismanagement in order to force sales.
Even as Frank clung to his stake, Michael contracted to sell his interests to another family, only to back out, sparking another court fight.
“My brother … does not manage the property in a conventional or transparent manner, to say the least,” Michael said in court papers.
Barnett finally bought the contract from the other family and was able to reach a settlement with both brothers, setting the stage for the 80 West End deal, sources said.
None of the parties could be reached for comment.