The Real Deal New York

Posts Tagged ‘malkin holdings’

  • From left: Sacha Zarba, the Empire State Building and LinkedIn co-founder Reid Hoffman

    From left: Sacha Zarba, the Empire State Building and LinkedIn co-founder Reid Hoffman

    Social networking website LinkedIn is once again spreading its tentacles at the Empire State Building. LinkedIn will take a further 44,000 square feet at the tower, The Real Deal has learned, bringing its total presence there to about 160,000 square feet. [more]

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  • 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]

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  • 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]

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  • 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]

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  • 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]

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  • ryan-kass

    Ryan Kass and Empire State Building

    A Newmark Knight Grubb Frank broker who had represented the Malkin Holdings-managed Empire State Building has been tapped as senior vice president and director of leasing and marketing at the Empire State Realty Trust, a real estate investment trust that includes the iconic property.

    Since 2002, Ryan Kass handled more than 600 deals as NGKF’s senior managing director. He also worked on leasing campaigns for Carnegie Hall Tower, 645 Madison Avenue and One Grand Central Place. He will hold the same job title at the REIT as Fred Posniak, an earlier hire who used to work at W&H Properties. [more]

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  • Meister-Schron-ESB-Malkin1

    From left: Jason Meister, Rubin Schron, Empire State Building and Anthony Malkin

    The Empire State Building has 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 offered for the iconic tower before it was packaged into the real estate investment trust. [more]

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  • 1350 Broadway and Anthony Malkin

    Anthony Malkin and 1350 Broadway

    Last week’s lukewarm response to the Empire State Realty Trust’s initial public offering may have made investors nervous, but the real estate investment trust holds a number of Garment District properties — in addition to the iconic tower the trust is named for — and those may prove to be its saving grace.

    The IPO was for a portfolio that includes the Empire State Building as well as 17 other office and retail properties in Manhattan and Westchester counties in New York and Fairfield County in Connecticut. Among these are several buildings in the rapidly-changing Garment District, including 1350 Broadway, 501 Seventh Avenue, 1359 Broadway and 1333 Broadway. [more]

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  • ESRT-stock-price

    The Empire State Building share price hovered around $13

    Empire State Realty Trust’s lukewarm debut as a public company — its share price closed at $13.10, up 0.77 percent over the initial offering — has provided little in the way of consensus on whether the factious plan to create the real estate investment trust was the wisest move. [more]

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  • Ranking NYC’s real estate dynasties

    October 02, 2013 10:30AM
    From left:

    From left: Jerry Speyer, Rob Speyer, Bill Rudin, Peter Malkin and Anthony Malkin

    From the October issue: Seymour Durst and his brothers built six Manhattan buildings in a 12-year run. Paul and Seymour Milstein built 10 in about the same amount of time. And Lew and Jack Rudin built 11 in two decades. [more]

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  • 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]

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  • From left: Jerry Speyer and Peter Malkin

    From left: Jerry Speyer and Peter Malkin

    Power in real estate typically gets handed down from the father to the son. But in some high-profile cases, it’s the sons-in-law who assume the throne.

    At the mighty landlord Tishman Speyer, for example, Jerry Speyer joined the company in the 1960s as a vice-president, working for his father-in-law Bob Tishman. But it was apparent from the day he joined that he was the heir apparent, the Wall Street Journal reported. Similarly, Peter Malkin was the right-hand man of his father-in-law Lawrence Wien for several years before he assumed control of the company whose holdings include the Empire State Building, after Wien’s death in 1988. [more]

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  • 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]

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  • 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]

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  • 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]

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  • 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]

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  • Empire State Building: a buyer’s manual

    September 09, 2013 10:30AM
    Empire State Building

    Empire State Building

    From the September issue: The iconic Empire State Building is on the brink of a major ownership shake-up. Its lead owner and manager, Malkin Holdings, has made headlines recently for its efforts to package the 2.9-million-square-foot tower into a real estate investment trust with 18 buildings and other properties. While Malkin is pushing to go public through an IPO, some of real estate’s biggest heavyweights are circling with bids topping $2.3 billion — and one of them could derail Malkin’s plan by making an offer to buy the tower that’s too good to pass up. [more]

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  • Favoring IPO, Malkin rejects ESB bids

    September 07, 2013 12:00PM
    sitt-esb-malkin-2

    Empire State Building and Anthony Malkin

    Malkin Holdings, the lead owner and manager of the Empire State Building, has rejected several buyout offers for the 2.9-million-square-foot tower. Had Malkin found an acceptable offer, plans to take the building public in a real estate investment trust package that includes 18 buildings and other properties would have been scuttled. [more]

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  • foot-locker-malkin

    112 West 34th Street and Anthony Malkin

    W&H Properties is stepping up marketing for a nearly 90,000-square-foot retail space at 112 West 34th Street, in a heavily trafficked area across the street from the Macy’s flagship. [more]

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  • From left: Anthony Malkin and One Grand Central Place

    From left: Anthony Malkin and One Grand Central Place

    Malkin Holdings, the firm that controls 1 Grand Central Place, has signed a 10.5-year lease with law firm Hafetz Necheles & Rocco to take the building’s entire 36th floor, Crain’s reported. [more]

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