The Real Deal New York

Posts Tagged ‘empire state building’

  • Empire State Building and Anthony Malkin (inset)

    Empire State Building and Anthony Malkin (inset)

    Malkin Holdings’ buyout provision for shareholders who voted against taking the Empire State Building public has been ruled legal in State Appellate Court. [more]

    Comments
  • Anthony Malkin and the Empire State Building

    Anthony Malkin and the Empire State Building

    Another day, another lawsuit against the Malkin family, the former majority owners of the Empire State Building who placed the iconic building in a publicly traded REIT last year.

    This suit, filed by former investors last week in New York State Supreme Court, claims that they lost $600 million when the Malkins allegedly breached their fiduciary duty. [more]

    Comments
  • From left: Joseph Sitt, the Empire State Building and Anthony Malkin

    From left: Joseph Sitt, the Empire State Building and Anthony Malkin

    Shareholders in the Empire State Building have filed yet another lawsuit against the fledgling Empire State Realty Trust, alleging that the Malkin family and executives of the real estate investment trust had their self-interest paramount when opting to take the tower public, resulting in a $500 million loss for shareholders. [more]

    2 Comments
  • Bill-de-Blasio-and-family

    Mayor Bill de Blasio (center) and his family

    year_in_reviewNew York City real estate can sometimes feel like a blood sport, with a host of rivals vying to get the upper hand. Luckily, here at The Real Deal, we have a ringside seat. And in 2013, the industry did not disappoint. Office towers traded for more than $1 billion, retail rents cracked $3,000 per square foot, and $100 million became the new $50 million in residential listings. The Midtown East rezoning came and went, as did more than one commercial brokerage CEO. And let’s not forget that little matter of the mayoral election. Read on for the editorial staff’s picks of the biggest stories of the year. [more]

    Comments
  • Empire State Building and Anthony Malkin (inset)

    Empire State Building and Anthony Malkin (inset)

    The saga of the Empire State Building’s initial public offering continues. Investors in the Midtown tower filed a new lawsuit alleging that they lost out on up to $400 million due to the decision of the Malkin family, whose company manages the building, to take the building public rather than sell it to private investors.

    “At a bare minimum, the Malkins should have, but did not, meaningfully engage with the bidders,” the suit, filed in New York State Supreme Court on Dec. 24, stated. The building and about 18 others officially transferred over to the nascent Empire State Realty Trust for $1.89 billion — a far cry from the $2.2 billion and more that investors such as Joseph Sitt and Rubin Schron had offered for the tower alone, as The Real Deal reported. [more]

    2 Comments
  • Malkin-ESB-Helmsley

    From left: Anthony Malkin, the Empire State Building and Harry and Leona Helmsley

    The New York Attorney General’s office will review the estate of Leona M. Helmsley’s sale of its stake in a portfolio of properties, including the Empire State Building, according to several insiders’ interpretations of the oversight process, which is outlined on the agency’s website. [more]

    Comments
  • Jason Meister

    Jason Meister

    Jason Meister, a broker and vice president at commercial brokerage Avison Young, who represented both Joseph Sitt and Rubin Schron in their unsuccessful bids for the Empire State Building, compared the building’s initial public offering to Obamacare on television yesterday. See full story and video after the jump.

    4 Comments
  • Edelman-Machleder--ESB-P-Malkin

    From left: Richard Edelman, Robert Machleder, the Empire State Building and Peter Malkin

    The base investment unit that thousands of individual investors used to measure their stakes in the Empire State Building are worth about $82,000 less than Malkin Holdings’ oft-cited projections, a month after the Empire State Realty Trust, a real estate investment trust that includes the building, went public, sources told The Real Deal. [more]

    Comments
  • Miller Samuel's Jonathan Miller

    From left: 350 Fifth Avenue and ESRT trading on Oct. 2 (Credit: Yahoo! Finance)

    Empire State Realty Trust, the newly formed real estate investment trust that counts the iconic Empire State Building among its holdings, priced its initial public offering at $13 per share this morning. Since then, the stock hit a high of $13.49 and a low of $13.05 per share, according to Nasdaq. See the video after the jump.

    Comments
  • Anthony Malkin and the Empire State Building

    Anthony Malkin and the Empire State Building

    Empire State Realty Trust starts trading its shares on the New York Stock Exchange this morning after an initial public offering Tuesday that sold 71.5 million shares of its marquee building for $13 each. The IPO raised $929.5 million for the real estate investment trust, despite a share price that was $1 to $3 cheaper than analysts’ expectations.

    The share price stood at $13 shortly after the opening bell; trading is under the symbol ESRT.

    The IPO values the stake of the REIT’s supervisors, Peter Malkin and son Anthony Malkin, at about $460 million. Empire State owns 19 properties in the tri-state area, valued at about $3.2 billion, and is considered by analysts as an investment with vast growth potential. In September, The Real Deal analyzed the complicated ownership structure of the tower. [more]

    1 Comment
  • This month in real estate history

    September 23, 2013 04:30PM
    Empire-State

    The Empire State Building was constructed by the Starrett Corporation

    From the September issue: 1935: Firm behind Empire State Building goes bankrupt

    The renowned Starrett Corporation — the firm that built the Empire State Building in less than a year during the start of the Great Depression and invested in properties nationwide — filed for bankruptcy 78 years ago this month. [more]

    Comments
  • Anthony Malkin and the Empire State Building

    Anthony Malkin and the Empire State Building

    Empire State Realty Trust will plan an initial public offering of the company’s stock at between $13 and $15 per share, officials for the proposed real estate investment trust said. The REIT said in a regulatory filing that it is selling 71.5 million shares and will offer underwriters a chance to buy 10.7 million additional shares to meet excess demand. [more]

    Comments
  • 350 West 34th Street and Anthony Malkin (inset)

    350 West 34th Street and Anthony Malkin (inset)

    Anthony Malkin, long at the helm of an effort to turn the Empire State Building into a publicly traded real estate investment trust, received 100 percent of votes necessary to move forward with an initial public offering of the skyscraper and 18 other properties. [more]

    1 Comment
  • Borin-530-1150-Biltmore-Steinberg

    From left: Glenn Borin, 530 Broadway, 1150 Fifth Ave., 271 W. 47th St., Richard Steinberg (Building photos: PropertyShark)

    Four of Manhattan’s biggest landlords are so dissatisfied with their property tax bills that they petitioned the court in the first week of the annual appeals season for a reduction — and will be joined by thousands of other owners in the next month. [more]

    Comments
  • Edelman-ESB-Malkin

    From left: Richard Edelman, the Empire State Building and Anthony Malkin

    The investors in the company that owns the Empire State Building have all voted to back a plan from Malkin Holdings to fold the landmarked tower into a real estate investment trust. But a handful of stakeholders have publicly chafed at the proposal. [more]

    Comments
  • Thor ups bid for Empire State Building

    September 09, 2013 08:28PM
    Empire-State-BuildingJoeSitt

    The Empire State Building, Joe Sitt

    UPDATED, Sep. 10, 9:00 a.m.: Three days after Malkin Holdings informed investors that they would continue with a planned initial public offering of the Empire State Building and other properties, Thor Equities increased its bid for the fee interest in the Art Deco tower to $1.4 billion. [more]

    6 Comments
  • Empire_State_Building_Graphic

    From left: Peter Malkin and Joseph Sitt

    Over the past seven years, Malkin Holdings has steered the once warren-like Empire State Building from a derided Class B relic to a reinvigorated office tower that competes for large tenants with the city’s most modern Class A properties. [more]

    Comments
  • sitt-esb-malkin

    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. [more]

    1 Comment
  • From left: Marc Holliday and Stephen Green (Photo by Steve Friedman)

    From left: Marc Holliday and Stephen Green (Photo by Steve Friedman)

    Manhattan is well on its way to once again becoming a landlord’s market, with a growing number of small high-end deals, a declining availability of bargain sublease space, and a strong local and national economy which would drive demand, SL Green Realty executives said in the real estate investment trust’s second-quarter conference call. [more]

    Comments
  • From left: Andrew Penson and a photo of One Grand Central Place

    Property owner Andrew Penson has been unmasked as the source of a $710 million bid to purchase One Grand Central Place, a Malkin Holdings-owned office tower that is part of a controversial planned real estate investment trust, the Wall Street Journal reported.

    Penson, whose company owns Grand Central Terminal, is also one of the Empire State Building stakeholders who has opposed the Malkin Holdings’ plan to sell the iconic skyscraper as part of a public offering. [more]

    Comments
MENU