The Real Deal New York

Posts Tagged ‘michael ring’

  • 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]

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  • 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]

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  • 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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  • “Ringing in” a new era

    June 08, 2012 10:30AM

    Frank Ring

    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]

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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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  • 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.

    Last February, Ring, who owns 50 percent of the 14 properties in the portfolio with his brother Frank, signed a contract to sell a stake to Tabak’s Princeton Holdings for $112.4 million.

    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.
    [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]

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  • 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]

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  • 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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