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

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

TRD 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

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