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]