The Real Deal New York

An attorney for Rubin Schron, president of Cammeby’s International, and one of the city’s major property owners, sent a letter Tuesday to a lawyer representing the company that controls the Empire State Building, Malkin Holdings, offering to buy the iconic skyscraper for $2 billion in an all-cash deal.

Schron proposed to make a $50 million non-refundable deposit once the contract was signed, and close within 90 days, the letter, written by Stephen Meister, partner at the law firm Meister, Seelig and Fein, says.

Schron alternately offers to give the current owners an option to participate in the new ownership structure in the 102-story tower, located at 350 Fifth Avenue.

The proposal comes almost a month after the required 80 percent of the building’s investors signed on to approve the creation of a real estate investment trust, Empire State Realty Trust, composed of the tower and 20 other buildings.

By some measures, the skyscraper is worth some $2.5 billion, according to published reports.

Yet the crux of the matter is not the value of the building, but the value of the stock, the letter argues.

“There is, of course, no guaranty of the price at which Empire State Realty Trust, Inc. securities will trade once the lock-out period expires,” Meister said in his letter. “For that reason, we trust that Malkin Holdings, consistent with its fiduciary duties, will give serious consideration to this offer.”

Malkin, Schron and Malkin’s attorney Thomas Dewey, a partner at the law firm Dewey Pegno & Kramarsky, did not immediately respond to a request for comment.

Meister has been battling the initial public offering of the Empire State Building for months, and as of May represented six clients who objected to a $55 million settlement that resolved a series of lawsuits from shareholders who had opposed the REIT’s formation.

Cammeby’s owns a number of city assets including the lower 28 floors of the Woolworth Building at 233 Broadway in partnership with the Witkoff Group.

Stuyvesant Town

Some 2,000 tenants of Stuyvesant Town-Peter Cooper Village will be spared mid-lease rent hikes as part of an agreement between the owners of the 11,000-unit rental complex and New York Attorney General Eric Schneiderman, his office announced today.

CWCapital Asset Management, the special servicer that controls the complex, notified tenants of the rent increases in May. [more]

77 Warren Street and Andre Kikoski

The Colonnade Group, a New York-based developer, is doing another condominium conversion in Tribeca, this time at a five-story building at 77 Warren Street, according to a description of the project on BuzzBuzzHome. [more]

Gary Barnett, 251 Park Avenue South and Frank Ring

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. [more]

421 Kent Avenue rendering

Christine Quinn goes on offensive over UES marine transfer station. Midtown East townhouse near River House asks $7.5 million. WASA/Studio One architects make progress with stalled Kent Avenue residential building. Rec center on West 60th Street reopens after $15 million makeover. Bernardo Fashions adds five years to lease at 463 Seventh Avenue. Read these stories and more after the jump.

Lisa Simonsen, Dolly Lenz and the Sherry Netherland (credit: CityRealty)

Superstar broker Dolly Lenz departed Douglas Elliman last week, causing industry-wide speculation as to where she will land. Whether Lenz attaches herself to another major firm or establishes her own company, one thing’s for certain — not all of her listings have followed her. [more]

From left: Luxury Listings logo, a Central Park South townhouse and the interior of 973 Fifth Avenue

Readers interested in Manhattan’s glitziest and most expensive properties should check out Luxury Listings NYC, The Real Deal’s newest publication. In our upcoming July/August issue, we turn the spotlight on vacation homes in the Hamptons, Cape Cod, Nantucket, the Catskills and parts of New Jersey, and look at summertime home design and décor for buyers, sellers and renters. We also scope out Manhattan’s most dog-friendly areas, offer advice on how to transport expensive art and antiques, and more. [more]

From left: RXR’s William Elder and the Starrett-Lehigh Building

Sports apparel brand Under Armour has inked a 19,000-square-foot lease at the 20-story Starrett-Lehigh Building, owned by RXR Realty, Crain’s reported. The lease spans 10 years for a portion of the 15th floor, and marks the company’s first New York City space. [more]

Mercedes House

The first two phases of Two Trees Management’s zigzag-shaped Mercedes House development are now fully leased, a spokesperson for Two Trees told The Real Deal, representing some 700 units. [more]

Exterior and interior photos of 75 1/2 Bedford Street

Fat chance? The city’s narrowest building is finally in contract after years of price chops and popping on and off the market, Curbed reported. The property, at 75 1/2 Bedford Street in the West Village, was last asking $3.5 million. [more]