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

TRD 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

Gary Barnett

Quantifying the rise and fall of NYC’s condo market

50 West 66th Street and Extell Development CEO Gary Barnett (Credit: Binyan Studios via Curbed NY)

Extell accuses City Club of reneging on settlement over UWS tower

Extell Development chairman Gary Barnett with 555 Tenth Avenue and 524 East 14th Street (Credit: Barnett by Anuja Shakya, 555ten and StreetEasy)

Extell scores $700M refi for three Manhattan buildings

Brooklyn Point at 138 Willoughby Street and Extell Development’s Gary Barnett (Credit: Alistair Gardiner for The Real Deal)

And you get an incentive! Extell offers to pay carrying costs at Brooklyn’s tallest tower

Raizy Haas and Gary Barnett (Credit: Getty Images, iStock)

One of Gary Barnett’s longtime deputies is leaving Extell

Gary Barnett and 1855 Broadway (Credit: Google Maps)

Gary Barnett assembling Columbus Circle development site

Extell Development chairman Gary Barnett and One Manhattan Square (Credit: Anuja Shakya, StreetEasy)

Rent now, buy later at Extell’s One Manhattan Square

arrow_forward_ios
Loading...