Unnamed bidder offers $2.1B for Empire State Building

TRD New York /
Jun.June 26, 2013 10:30 AM

A second bidder — this time unidentified — has bid to buy the Empire State Building before the planned initial public offering for a portfolio that includes the iconic tower, Bloomberg News reported. The would-be buyer pledged to pay $2.1 billion, topping Rubin Schron’s $2 billion offer last week.

Building owner Malkin Holdings is currently reviewing two unsolicited bids in advance of the planned IPO, according to a regulatory filing cited by Bloomberg News.

Schron, president of Cammeby’s International and one of the city’s major property owners, had offered $2 billion in cash, as The Real Deal reported. He offered to make a $50 million non-refundable deposit once the contract was signed, and close within 90 days.

An appraisal has valued the 102-story building at $2.53 billion, Malkin has claimed, in separate filings.

Malkin is offering buyouts to investors who do not support the share sale, Bloomberg News said.

Last month, the required 80 percent of the building’s investors signed on to approve the creation of a publicly traded real estate investment trust, Empire State Realty Trust, composed of the tower and 20 other buildings. The trust is seeking to raise about $1 billion in what may be the second-biggest U.S. IPO of a REIT, Bloomberg said. [Bloomberg News]Mark Maurer


Related Articles

arrow_forward_ios
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Cammeby’s secures $58M loan for 9-story LES resi building

Cammeby’s secures $58M loan for 9-story LES resi building

Cammeby’s taps Suffolk Construction for Coney Island’s tallest tower

Cammeby’s taps Suffolk Construction for Coney Island’s tallest tower

Clockwise from the top left: Jackson Park at 28-40 Jackson Avenue, 240 Willoughby Street in Fort Greene, 664 Pacific Street in Brooklyn, and 247 Metropolitan Avenue in Williamsburg (Credit: StreetEasy, Google Maps, Pacific Park Brooklyn, The Pod Hotel)

These were the top 10 outer-borough loans last month

These are NYC’s biggest rental landlords

These are NYC’s biggest rental landlords

Here’s what the $10M-$20M NYC investment sales market looked like last week

Here’s what the $10M-$20M NYC investment sales market looked like last week

Cammeby’s buys Kew Gardens resi complex for $23M

Cammeby’s buys Kew Gardens resi complex for $23M

Ranking the biggest, most profitable family firms in NYC

Ranking the biggest, most profitable family firms in NYC

arrow_forward_ios