Judge reinstates restraining order in Tabak Ring dispute

August 02, 2011 10:13AM

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, 251 Park Avenue South, between 20th and 21st streets and 119 West 24th Street, between Sixth and Seventh avenues.

Last month, 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. [Post, 4th item]