Malkin gets $710M offer for property in Empire State portfolio

60 East 42nd Street is second-largest building in planned REIT

New York /
Jul.July 24, 2013 09:30 AM

Updated, 12:52 p.m., July 24: Malkin Holdings has received a $710 million offer for the second largest building in the planned Empire State Realty Trust, Crain’s reported. The offer is at a 16.6 percent premium — or about $100.9 million — over what the building would be valued at in the proposed real estate investment trust’s initial public offering, Jason Meister, an executive at Avison Young, told The Real Deal.

Malkin Holdings – which is looking to form a REIT with the Empire State Building and 18 other properties – disclosed in a Securities and Exchange Commission filing seen by Crain’s that it had received an offer for 60 East 42nd Street, a 55-story, 1.3 million-square-foot building located across from Grand Central Terminal.

The buyer of the identity was not disclosed. The offer comes in the wake of several bids of north of $2 billion made on the Empire State Building, with suitors including Joseph Sitt  and Rubin Schron, as The Real Deal reported.

In May, Malkin Holdings secured the necessary 80 percent of investor votes needed to form a new publicly traded REIT. [Crain’s]Hiten Samtani


Related Articles

arrow_forward_ios
Tony Malkin (Getty, iStock)
Empire State Realty Trust reports 97.5% drop in Q4 earnings
Empire State Realty Trust reports 97.5% drop in Q4 earnings
Clockwise from top left: Boston Properties' Owen Thomas; Empire Real Estate Trust's Tony Malkin; Equity Commonwealth's David Helfand; Columbia Property Trust's Nelson Mills; SL Green's Marc Holliday; Vornado Realty Trust's Steve Roth; and Brookfield's Brian Kingston (Getty)
Office unease: Tenants are paying up but staying away
Office unease: Tenants are paying up but staying away
Empire State Realty Trust CEO Anthony Malkin and the Empire State Building (Photos via Getty Images)
Empire State Realty cancels dividend for rest of 2020
Empire State Realty cancels dividend for rest of 2020
Jonathan Litt of Land & Buildings (Getty Images/iStock)
Armed with a modest checkbook but a big pulpit, Jonathan Litt is going after Big Office. Can he prevail?
Armed with a modest checkbook but a big pulpit, Jonathan Litt is going after Big Office. Can he prevail?
ESRT CEO Anthony Malkin and the Empire State Building (Malkin by Sean Zanni/Patrick McMullan via Getty Images; iStock)
Is the Empire State Building a symbol of Covid woes?
Is the Empire State Building a symbol of Covid woes?
Tony Malkin (Getty)
Empire State Realty Trust lost $20M in Q2
Empire State Realty Trust lost $20M in Q2
From left: Empire State Building, One Vanderbilt and 220 Central Park South
REITs: A crystal ball for NYC’s commercial real estate
REITs: A crystal ball for NYC’s commercial real estate
Anthony Malkin, president of the Empire State Realty Trust, sounded off on working from home, police protests and a socially distanced Observatory. (Getty, iStock)
Tony Malkin on looting, unions and Empire State Building reopening
Tony Malkin on looting, unions and Empire State Building reopening
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...