Malkins claim immunity in Empire State Building suit

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

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

arrow_forward_ios
470 Broome Street  and Rayo Withanage (Photos via Saltzman Architects, P.C. and Withanage)
From Picasso’s estate to squatting in Soho: The 470 Broome Street affair
From Picasso’s estate to squatting in Soho: The 470 Broome Street affair
Ziel Feldman and the XI. (Getty, The Xi)
Investor alleges HFZ diverted funds to save XI condo project
Investor alleges HFZ diverted funds to save XI condo project
102-05 Ditmars Blvd (Google Maps)
Queens hotel wins massive tax reduction
Queens hotel wins massive tax reduction
The property at 235 West 102 Street (Google Maps, iStock)
UWS landlord fights millions in tax overcharges on unused cellar
UWS landlord fights millions in tax overcharges on unused cellar
Victoria's Secret CEO John Mehas. (Getty)
Westfield sues Victoria’s Secret over WTC mall location
Westfield sues Victoria’s Secret over WTC mall location
John Fareri and Villa BXV (Getty, Facebook/VillaBXV)
Westchester developer files for bankruptcy — twice — to fight arbitration award
Westchester developer files for bankruptcy — twice — to fight arbitration award
Kent Swig (Getty, iStock)
Kent Swig’s cryptocurrency venture off to rocky start
Kent Swig’s cryptocurrency venture off to rocky start
Attorney Mitchell Kassoff, in photo at far right, is now being investigated by federal authorities along with the Manhattan District Attorney's Office. Walter Mack, his lawyer, is pictured at top left. (Getty, Doar Law)
Feds investigating AWOL real estate attorney
Feds investigating AWOL real estate attorney
arrow_forward_ios

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

Loading...