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The Chetrit Group’s Joseph Chetrit is suing Gary Barnett (above) and his Extell Development for $400M, over allegations of interfering with Chetrit’s bid for the coveted Ring portfolio back in 2013.
The 14-building portfolio was formerly jointly owned by Joseph Tabak’s Princeton Holdings and members of the Ring family, and included office towers in prime locations throughout the city, The Real Deal reports.
Chetrit had been in talks with Princeton to buy out Frank Ring’s stake, but the suit alleges Extell’s simultaneous bid to acquire Princeton’s contract on Michael Ring’s stake “knowingly caused Princeton to breach its obligations to [Chetrit] and interfered with” Chetrit and Princeton’s prospective JV, says a copy of the summons obtained by TRD.
Through a series of aggressive, complicated legal maneuvers, Extell went on to buy Frank and Michael Ring’s stakes in the portfolio for roughly $100M. Extell has since sold or ground-leased most of the properties for north of $700M.
Shortly after the deal closed in 2013, Chetrit sued Joseph Tabak and Princeton over the decision to sell Michael Ring’s stake to Extell for $65M, claiming it represented “fraudulent and deceitful conduct.” That case is still making its way through the courts.
Chetrit and Extell did not immediately respond to Bisnow's requests for comment. [TRD]
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