Empire State Building needs $660M for makeover
May 06, 2008 12:58PM
Empire State Building
The manager of the Empire State Building wants to finance a $660 million renovation. Peter Malkin of Wien & Malkin, which manages the building, wants investors in Empire State Building Associates LLC to approve the borrowing as the credit crunch makes lending for commercial projects tough. The building, valued at an estimated $2 billion-plus, has a debt of only $61 million, Bloomberg said. The famous building had fallen behind the times in recent years and was filled with small tenants. But as it modernizes, the building is warehousing space for larger tenants. And prices are going up. Rates on new office leases have reached $52 to $63 per square foot, up from $32 to $42 a year ago. [Bloomberg via Financial Post]
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Comments
sory obout that
the building is actaly very nise and needs to be a national building and landmark
Comment #1 Posted By: sory obout that 12/08/08