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]
Posts Tagged ‘michael ring’
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]
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]
From the June issue: For a year now, real estate investor Michael Ring has been locked in a legal dispute with Joseph and Eli Tabak, who are trying to wrest control of the 14-building Manhattan portfolio that Ring has long co-owned with his only brother, Frank.
In early 2011, Michael decided to sell the Tabaks a portion of his stake in the roughly $460 million portfolio, which has notoriously sat nearly vacant for years. [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]
A judge has reinstated a temporary restraining order preventing property heir Michael Ring from selling a share in the Ring family’s Midtown office building portfolio to anyone but investor Joe Tabak, the Post reported.
Tabak placed $10 million in escrow and tried to proceed with the purchase but Ring allowed the agreement expire, claiming it was not binding.
The high-vacancy buildings in the portfolio include 212 Fifth Avenue, between 25th and 26th streets, and 119 West 24th Street, between Sixth and Seventh avenues.
[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]