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Conversions of the Future

An office building next to Madison Square Park is going to become residential. The Real Deal spotted Department of Buildings permits that said 212 Fifth Avenue, at the corner of 26th Street, will transform into 48 apartments, including a triplex penthouse. The backstory to 212 Fifth is that Extell owned it as part of its extensive Ring Porfolio, but as it's selling off the properties one by one, this one went to Joe Sitt's Thor Equities for a whopping $200 million. Hey, 10 Madison Square West: looks like you're getting a condo-fied neighbor. [TRD; previously]