A nearly vacant office property that is part of the fabled F.M. Ring portfolio will be sold in a public auction on Aug. 28, following a ruling in New York state court, the New York Observer reported. Ring owns the property, at 251 Park Avenue South, with Extell Development, but the companies have been engaged in an ownership dispute.
Extell owns half the 120,000-square-foot building under a “tenancy in common” arrangement — a form of ownership for a single property by two parties, the Observer said. The single-structure can’t be divided, necessitating the August sale.
Bidding for the 16-story building, which is 70 percent vacant, will begin at $0, and will be open to all, including the current owners.
Extell previously won control of 20 West 47th Street from the Rings in 2011, as The Real Deal reported.
“It’s a beautiful, classic old building with magnificent ceilings and unbelievable light,” court-appointed referee Joshua Stein told the Observer. “You can’t buy it for the income; you buy it because you’re going to put capital into it. It’s a development play.” [NYO] –Zachary Kussin