Editor’s note: This article originally ran October 21, 2014.
In a market where rents are on the upswing and demand is strong, an empty building is a rare prize. In the case of the F.M. Ring portfolio, there were 14 of them. Brothers Frank and Michael Ring, long at odds, left about a million square feet vacant for years in Midtown South – a neighborhood where average asking rents are now north of $65 a foot. Not surprisingly, many of the city’s top developers tried in vain to get their hands on the properties. The one to finally pull it off was Extell Development’s Gary Barnett.
In September 2014, as part of a larger interview for a profile, the developer offered details on the complex transaction for The Real Deal. He described how he was able to outmaneuver the hostile sellers as well as industry rivals to take control of the portfolio. [more]