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]