therealdeal.com – Extell Development’s acquisition of the Ring portfolio is considered one of Gary Barnett’s shrewdest plays. But it also made him some enemies.
In a massive $400 million lawsuit, the Chetrit Group’s Joseph Chetrit is suing both Extell and Barnett — accusing the developer and his firm of interfering in Chetrit’s bid for the Ring family’s valuable portfolio of Manhattan office properties.
Chetrit’s attorneys filed summons Friday in New York State Supreme Court, claiming Extell’s 2013 acquisition of the 14-building portfolio represented “tortious interference” with Chetrit and Joseph Tabak’s Princeton Holdings’ plans for a joint venture to manage the properties.
Categories: Real Estate