The Real Deal New York

Posts Tagged ‘frank ring’

  • From left: Frank Ring, 80 West End Avenue, Gary Barnett and Jared Kushner

    From left: Frank Ring, 80 West End Avenue, Gary Barnett and Jared Kushner

    Real estate owner Frank Ring has purchased 80 West End Avenue for $195 million from Gary Barnett and Jared Kushner. [more]

    2 Comments
  • 34-Barnett-Solarz

    From left: 34 West 17th Street, Gary Barnett and Ron Solarz

    Gary Barnett’s Extell Development is soliciting buyers for a small office building near Union Square, the first property in the 14-building Ring portfolio to hit the market since Extell took control of the portfolio last year. [more]

    1 Comment
  • From left: Frank Ring, 251 Park Avenue South, 212 Fifth Avenue and Gary Barnett

    From left: Frank Ring, 251 Park Avenue South, 212 Fifth Avenue and Gary Barnett

    Gary Barnett’s Extell Development closed on a $410 million refinancing of the Ring portfolio, according to property records filed with the city this morning. Extell borrowed a further $95 million on the properties from Deutsche Bank, following a $315 million loan it received from the bank in January. [more]

    4 Comments
  • From left: 385 9th Street, 466-468 9th Street and Frank Ring

    From left: 385 9th Street, 466-468 9th Street and Frank Ring

    Frank Ring, who sold his stake in a 13-building Manhattan South real estate portfolio to Gary Barnett’s Extell Development for $308 million in January, has kicked off the building of a new portfolio with his sons, The Real Deal has learned. [more]

    8 Comments
  • From left: George Kaufman, 119 West 24th Street and Gary Barnett

    From left: George Kaufman, 119 West 24th Street and Gary Barnett

    In the latest in the Ring portfolio saga, Gary Barnett’s Extell Development is in advanced discussions to sell the long-term ground leases on four of the portfolio’s office buildings, The Real Deal has learned. The Kaufman Organization is the buyer, and the deal is valued at north of $150 million, according to a source familiar with the talks. [more]

    1 Comment
  • Ring-212-Barnett

    From left: Frank Ring, 251 Park Avenue South, 212 Fifth Avenue and Gary Barnett

    Gary Barnett’s Extell Development paid $308.2 million for Frank Ring’s 50 percent stake in 13 buildings, mostly located in Midtown South, city records show. The acquisition was announced in October when the contract was signed but the price had not been revealed. [more]

    7 Comments
  • Barnett--251--212--Chetrit

    From left: Gary Barnett, 251 Park Ave. South, 212 Fifth Ave. (Buildings: PropertyShark) and Joseph Chetrit

    It appears that developer Joseph Chetrit has been quietly stewing for months after he lost out on an opportunity to buy a stake in the 14-building portfolio previously owned by brothers Michael and Frank Ring. [more]

    7 Comments
  • From left: Frank Ring and Gary Barnett

    From left: Frank Ring and Gary Barnett

    Extell Development officially acknowledged its 14-property Ring Portfolio acquisition today, a more than 1 million-square-foot package that includes 212 Fifth Avenue, 251 Park Avenue South and 17 West 60th Street.

    “Finding this size of a portfolio in this type of a market so perfectly positioned for re-development is really rare,” Dov Hertz, executive vice president of acquisitions for Extell, said in a release. [more]

    3 Comments
  • From left: Frank Ring and Gary Barnett

    From left: Frank Ring and Gary Barnett

    Extell Development has signed a contract to buy 14 prime properties from Frank Ring, in a deal expected to close in a few months.

    While there’s no word yet on exactly how much Extell is paying, investment-sale brokers cited by the New York Post valued the portfolio at between $600 million and $800 million. [more]

    1 Comment
  • frank-ring-212-fifth-barnett

    From left: Frank Ring, 212 Fifth Avenue, Gary Barnett

    Extell Development is wasting no time to control the entire valuable-but-largely-vacant 14-building Ring portfolio after it gained 50 percent interest in the package this week. It is already suing to force a sale of at least seven of the properties, court records show.

    Gary Barnett’s Extell filed complaints yesterday in New York State Supreme Court. The move came just two days after the development firm bought a 50 percent stake in the portfolio. More filings are expected today, one source said. [more]

    3 Comments
  • 212 Fifth Avenue, which is part of the portfolio, and Gary Barnett

    212 Fifth Avenue, which is part of the portfolio, and Gary Barnett

    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]

    1 Comment
  • From the April issue: These days, a bewildering array of new real estate — related technologies, from iPads to “virtual staging,” are all but essential to doing business in New York. Or are they?

    Some successful real estate pros have just said “no” to all this technology, claiming it distracts them from the business at hand. Landlord Frank Ring, who owns some 15 office buildings, famously does not use email and prefers to be contacted by fax. [more]

    1 Comment
  • From left: Gary Barnett of Extell Development, Frank Ring of F.M. Ring Associates and 251 Park Avenue South

    A state court judge signed an order on Thursday requiring the auction of a 16-story office building co-owned by Extell Development and brothers Frank and Michael Ring, located in the core of the strong Midtown South office market, court records show. [more]

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  • From left: Gary Barnett of Extell Development, Frank Ring of F.M. Ring Associates and 251 Park Avenue South

    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]

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  • From left: Eli Tabak, Frank Ring, 251 Park Avenue South and 212 Fifth Avenue

    A state appeals court panel today backed jilted joint-venture partner Joseph Tabak in his effort to buy a $112.4 million stake in the mostly underperforming Ring portfolio of 14 office properties concentrated in Midtown South.

    The interim ruling, handed down this morning, does not provide a final victory for Tabak in his struggle to gain an equity stake, but it gives him some breathing room while a lawsuit filed in May winds through the courts. … [more]

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  • [Updated 11:41 p.m., with a comment from Ring's attorney] A state court judge handed down a defeat today to deep-pocketed real estate
    investor Joe Tabak who sought to partner with property heir Michael Ring
    through a $112.4 million infusion of cash and debt in 14 mostly underperforming
    Manhattan commercial properties.
    State Supreme Court Justice Bernard Fried rejected a request by Tabak’s
    Princeton Holdings for a preliminary injunction to block Ring from “selling,
    leasing, transferring or encumbering Michael Ring’s interest,” until arbitration had
    resolved a simmering agreement dispute.
    [more]

    Comments
  • alternate<br /></a>text
    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]

    1 Comment

  • Gary Barnett and 20 West 47th Street

    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]

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