Ring, Extell’s Midtown South property to be sold at auction

New York /
Jun.June 18, 2013 05:30 PM

A nearly vacant office property that is part of the fabled F.M. Ring portfolio will be sold in a public auction on Aug. 28, following a ruling in New York state court, the New York Observer reported. Ring owns the property, at 251 Park Avenue South, with Extell Development, but the companies have been engaged in an ownership dispute.

Extell owns half the 120,000-square-foot building under a “tenancy in common” arrangement — a form of ownership for a single property by two parties, the Observer said. The single-structure can’t be divided, necessitating the August sale.

Bidding for the 16-story building, which is 70 percent vacant, will begin at $0, and will be open to all, including the current owners.

Extell previously won control of 20 West 47th Street from the Rings in 2011, as The Real Deal reported.

“It’s a beautiful, classic old building with magnificent ceilings and unbelievable light,” court-appointed referee Joshua Stein told the Observer. “You can’t buy it for the income; you buy it because you’re going to put capital into it. It’s a development play.” [NYO]Zachary Kussin


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
Extell's Gary Barnett and illustration of building (Extell Development, Getty)
Extell swaps office for resi in East Harlem
Extell swaps office for resi in East Harlem
Extell Development’s Gary Barnett and Ze'ev Jabotinsky St 3 in Jerusalem, Israel
Gary Barnett gives Jerusalem a chance with land purchase
Gary Barnett gives Jerusalem a chance with land purchase
Joseph Tabak, Gary Barnett and Robert Gans with 617 11th Avenue, 603 West 45th Street, 533 West 27th Street (LinkedIn, Robert's Skeathouse, Google Maps, Getty)
Extell, Tabak poised to take over prized Hell’s Kitchen parcel
Extell, Tabak poised to take over prized Hell’s Kitchen parcel
From left: Nir Meir, Gary Barnett, Konrad Bicher, Eric Adams and Paul Manafort (Photo Illustration by Steven Dilakian for The Real Deal with Getty, HFZ Capital Group, Twitter/Konrad Bicher)
New York’s biggest, baddest and juiciest real estate lawsuits of 2022
New York’s biggest, baddest and juiciest real estate lawsuits of 2022
From left: The Solaire in Battery Park City; Extell’s Brooklyn Point in downtown Brooklyn; the Skyline Tower in Long Island City; The Cortland NYC; Extell Development's Gary Barnett; Related Companies' Stephen Ross (Getty, Extell Development, Google Maps, Jim.henderson, CC BY-SA 4.0 - via Wikimedia Commons)
Brooklyn, Queens gain market share in wild year for new condo sales
Brooklyn, Queens gain market share in wild year for new condo sales
Extell Development’s Gary Barnett with 217 West 57th Street
Another $50M sale as Barnett’s Central Park Tower discounts continue
Another $50M sale as Barnett’s Central Park Tower discounts continue
Extell Development's Gary Barnett and 252 South Street (Getty, Extell Development, One Manhattan Square)
Extell refinances 355 unsold units at One Manhattan Square for $266M
Extell refinances 355 unsold units at One Manhattan Square for $266M
arrow_forward_ios

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

Loading...