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]
Posts Tagged ‘frank ring’
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]
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]
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]
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]
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]
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]
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]
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]
[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.
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]