Malkins claim immunity in Empire State Building suit

Managers say they're shielded from litigation due to 2012 settlement

TRD New York /
Jul.July 08, 2014 11:00 AM

Attorneys for the Malkin family have asked a judge to dismiss the latest lawsuit brought by investors in the Empire State Building, saying the family gained immunity from such litigation as part of a $55 million settlement reached in November 2012.

The investors in the current suit allege that they lost $410 million in potential profit because the building’s managers, Peter and Anthony Malkin, did not entertain offers that would have generated a higher return than what investors received when the Malkins eventually rolled the Empire State Building into a new real estate investment trust, Bloomberg News reported.

The transfer of the Empire State Building to the REIT, the Empire State Realty Trust, came in at $1.89 million, far less than the $2.2 billion and more offered for the building, as The Real Deal previously reported.

Judge O. Peter Sherwood said he was inclined to believe the Malkins do in fact have immunity under the previously reached settlement, which he oversaw and approved, according to Bloomberg. [Bloomberg News]Tom DiChristopher

Related Articles

Donald Trump and Dean & Deluca's Soho location (Credit: Getty Images, iStock)

Trump Organization sues Dean & DeLuca over rent defaults

Natasha Page and Jason Walker

Lawsuit: Douglas Elliman broker called me a “mulatto”

Aby Rosen and Lever House at 390 Park Avenue (Credit: Getty Images and Google Maps)

Aby Rosen says Tod Waterman stabbed him in back on Lever House deal

E.L. Tower at 500 South Avenue (Credit: Google Maps, iStock)

Charges dropped against tenant leader

40 East 72nd Street and Spiros and Antonia Milonas (Credit: Getty Images, iStock)

“Officially out of money”: Upper East Side condo in disarray

The Sand Castle apartment complex at 7-11 Seagirt Ave in Far Rockaway (Credit: Google Maps)

Queens landlords settle record $1M discrimination case

A New York court’s greenlight of a class action against Big City Realty could change the dynamic of class action suits. (Credit: iStock)

“Nightmare” for landlords: Court OK’s class action against Harlem owner

Miki Naftali and 1045 Madison Avenue (Credit: Getty Images, Google Maps)

Naftali accused of violating zoning laws at UES development