The widely anticipated auction of 251 Park Avenue South, owned by F.M. Ring Associates and Gary Barnett’s Extell Development, has been postponed to Oct. 9. The 120,000 square-foot, prewar office tower at East 20th Street was scheduled to hit the block Aug. 28.
Barnett purchased a 50 percent interest in the 16-story building located on the corner of 20th Street in December for $19 million, as The Real Deal reported. He has been engaged in a dispute with F.M. Ring, and has claimed that the building – which is 75 percent vacant despite its prime Midtown South location – has been mismanaged. [more]