Judge reinstates restraining order in Tabak Ring dispute

TRD New York /
Aug.August 02, 2011 10:13 AM

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]


Related Articles

arrow_forward_ios
Placeholder image

Tabak’s Princeton Holdings to test Israeli bond market

Tabak’s Princeton Holdings to test Israeli bond market
Placeholder image

Chetrit slaps Tabak with suit over $65M Ring contract flip

Chetrit slaps Tabak with suit over $65M Ring contract flip
Bob Gladstone and 212 Fifth Avenue (Credit: Gladstone by Craig Barritt/Getty Images for Haute Residence; Google Maps)

Investors reach settlement with Bob Gladstone over $1M mismanagement allegations at 212 Fifth

Investors reach settlement with Bob Gladstone over $1M mismanagement allegations at 212 Fifth
From left: Jeff Bezos with 212 Fifth Avenue and Ken Griffin and Sting with 220 Central Park South (Credit: Getty Images, StreetEasy)

Records, records and more records: Resi deals set higher bar in 2019

Records, records and more records: Resi deals set higher bar in 2019
John Loeb Jr. and 237 East 61st Street in Lenox Hill (Credit: Google Maps and Wikipedia)

These are some of the most notable resi sales of the week

These are some of the most notable resi sales of the week
Here’s what the $20M-$30M NYC investment sales market looked like last week

Here’s what the $20M-$30M NYC investment sales market looked like last week

Here’s what the $20M-$30M NYC investment sales market looked like last week
Madison Equities, Thor sell 212 Fifth’s retail space to international investor for more than $25M

Madison Equities, Thor sell 212 Fifth’s retail space to international investor for more than $25M

Madison Equities, Thor sell 212 Fifth’s retail space to international investor for more than $25M
Gladstone, Heiberger settle $100M libel suit

Gladstone, Heiberger settle $100M libel suit

Gladstone, Heiberger settle $100M libel suit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...