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]
Posts Tagged ‘f.m. ring associates’
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]