The baffling behavior of the Rings

June 19, 2012 04:00PM

From the June issue: As a business publication, we usually write about people who try to make money. So it’s interesting when you come across members of the real estate community who, from the outset, seem to have a completely different goal in mind.

I’m talking about the ongoing saga of the notorious Ring brothers, who reporter Adam Pincus writes about in “’Ringing in’ a new era.” The brothers, Frank and Michael, co-own 14 prime office buildings, most of them in Chelsea and Gramercy, that are mysterious relics of a bygone era. As sharks circle, the coveted portfolio sits nearly 90 percent vacant in the middle of the tightest commercial market in the country, and the buildings have fallen into less-than-prime condition. [more]