The Real Deal New York

Thor bids again on Empire State Building to thwart REIT

August 09, 2013 09:00AM

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From left: Joseph Sitt (Credit: Brooklyn Paper), Empire State Building and Anthony Malkin

Joseph Sitt, CEO of Midtown-based Thor Equities, is back to bidding on the Empire State Building to try to halt the iconic skyscraper from being included in a real estate investment trust, the New York Post reported.

Sitt has made two bids for different interests in the skyscraper. One is for building owner Empire State Building Associates, and exceeds the $1.2 billion value listed in Securities and Exchange documents, the Post said. The other is a 63.75 percent stake owned by the Helmsley Estate in Empire State Building Co. LLC., the management stake that subleases the iconic 102-story tower from Empire State Building Associates.

Malkin Holdings wants  to form a REIT with 19 properties, Empire State Building included. In May, Malkin secured the necessary 80 percent of investor votes needed to form a new publicly traded REIT.

Sitt threw his hat into the ring in June, making a bid of more than $2.1 billion to buy the building. Rubin Schron also has bid on the building. [NYP]Mark Maurer

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    Secured the 80% because of the threat to be bought out for $1.00. That is the only reason why it was successfully secured!

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