Extell Development’s Gary Barnett, in his own words, on how he outmaneuvered rivals and hostile sellers to seize control of one of New York real estate’s most coveted prizes: the million-square-foot F.M. Ring Midtown South portfolio. Read the full story after the jump.
Posts Tagged ‘f.m. ring associates’
UPDATED, 11:25 a.m., Oct. 7: Brothers Frank and Michael Ring inherited 15 buildings in prime Manhattan locations, largely in and around the Flatiron District. But the majority of this potentially highly lucrative real estate sits vacant, due to protracted clashes between the brothers, who sold an interest in the portfolio to Extell in June. Now, Extell is suing to force a sale of the portfolio, some of which will be put up for auction this week.
When Leo Ring died in 1998, his son Frank became the manager of his real estate portfolio, but both brothers inherited a 50 percent stake in it. Frank’s management firm is located at 212 Fifth Avenue, a 21-story tower which is mostly unoccupied despite its location overlooking Madison Square Park. [more]
The widely anticipated auction of 251 Park Avenue South, owned by F.M. Ring Associates and Gary Barnett’s Extell Development, has been postponed to Oct. 9. The 120,000 square-foot, prewar office tower at East 20th Street was scheduled to hit the block Aug. 28.
Barnett purchased a 50 percent interest in the 16-story building located on the corner of 20th Street in December for $19 million, as The Real Deal reported. He has been engaged in a dispute with F.M. Ring, and has claimed that the building – which is 75 percent vacant despite its prime Midtown South location – has been mismanaged. [more]
Extell Development’s Gary Barnett has acquired a partnership stake in a 14-building portfolio owned by brothers Michael and Frank Ring, Crain’s reported. The interest belonged to investor Joseph Tabak, and the deal could allow Barnett to force a sale of the portfolio — with himself in a favorable position to acquire it. [more]
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. [more]
New York real estate investment firms Princeton Holdings and the Bluestone Group are inching closer to their goal of buying an interest in the 14-building Manhattan Ring portfolio that has been valued at more than $460 million. Princeton, headed by Joseph Tabak, and Bluestone, led by his brother Eli Tabak, filed documents yesterday in New York State Supreme Court that back up their claim to buy a controlling stake in Michael Ring’s 50 percent interest in the portfolio of properties in Midtown South and Midtown, that he and his brother Frank Ring own. Frank operates F.M. Ring Associates, which manages the portfolio of office buildings concentrated in the Chelsea and Gramercy neighborhoods. [more]
For the second time in four years, Gary Barnett’s Extell Development is looking to the courts to wrest control of an under-utilized Manhattan office property from brothers Michael and Frank Ring. Extell owns half of the 120,000-square-foot 251 Park Avenue South, while the other half is owned by the Ring brothers. The property is managed by Frank’s F.M. Ring Associates. [more]
From left: Frank Ring, 251 Park Avenue South and 212 Fifth Avenue (building photo credits: PropertyShark)
Midtown-based property owner Joe Tabak is battling in court over a disputed contract to
buy a share in the neglected Ring family’s Manhattan real estate fortune for $112.4 million.
Tabak, through his Princeton Holdings, signed an agreement Feb. 24 with Michael
Ring, a co-owner of the properties, to pay $112.4 million in debt and equity for
a partial interest in 14 buildings, mostly in Midtown South near the Flatiron building, a
lawsuit filed May 31 in New York State Supreme Court shows. By April 15, Tabak had
put about $10 million in escrow, and confirmed in writing that he wanted to proceed with
the transaction, the papers say.
But Ring backed out of the deal, the lawsuit contends. Now, Tabak wants the
complicated joint venture deal — made up of five different parties — to go forward, and
in his petition, asked the court to order arbitration and issue a temporary restraining
order blocking any sale of the properties. On June 6, the judge agreed to the temporary
restraining order. … [more]
Gary Barnett won the 14-story office building located at 20 West 47th Street at a judicial sale today in the rotunda of the State Supreme Court building at 60 Centre Street, with a winning bid of $73 million (note: correction appended).
Barnett, president of Extell Development, beat out multiple bidders, including Parkway Realty and Bluestone Group, for the building between Fifth and Sixth avenues.
“We think the price for a 150,000-[square-foot] building, close to Fifth Avenue, with a large jewelry exchange made sense for us to purchase,” Barnett said in an e-mail. “We expect the whole block to be upgraded once the International Gem Tower (which his firm is building on the same block at 50 West 47th Street) goes vertical, which will be within two months.” … [more]