Rings’ 251 Park Avenue South auction postponed

Gary Barnett's Extell has been battling for control of building
September 03, 2013 09:26AM

The widely anticipated auction of 251 Park Avenue South, owned by F.M. Ring Associates and Gary Barnett’s Extell Development, has been postponed to Oct. 9. The 120,000 square-foot, prewar office tower at East 20th Street was scheduled to hit the block Aug. 28.

Barnett purchased a 50 percent interest in the 16-story building located on the corner of 20th Street in December for $19 million, as The Real Deal reported. He has been engaged in a dispute with F.M. Ring, and has claimed that the building – which is 75 percent vacant despite its prime Midtown South location – has been mismanaged.

The New York Post could not reach any of the involved parties over Labor Day to determine why the auction was postponed.

Extell previously won control of 20 West 47th Street from the Rings in 2011, as The Real Deal reported. [NYP, 1st item]  – Hiten Samtani