The owners of the Empire State Building, an iconic part of New York�s skyline, have received another unsolicited offer to buy the landmark skyscraper, which is set to become the centerpiece of a real estate investment trust that would become publicly traded, according to a regulatory filing on Wednesday.
Malkin Holdings LLC, which oversees the Empire State Building�s investors and operations, said in a letter to investors that it was reviewing two unsolicited bids – one for $2.1 billion and the other for $2 billion – to buy the 102-story building. The letter was included in a filing with the U.S. Securities and Exchange Commission.
�We consider all matters, including unsolicited offers, consistent with our fiduciary duties, to form a judgment on what action is appropriate,� Malkin Holdings said in the letter. �We do not intend to issue a comment until after our review.�
Opened in 1931 during the Great Depression, the Empire State Building is one of New York City�s leading tourist attractions – known for its Art Deco tower and its colored lights at night. The building, listed as a National Historic Landmark, has been featured in movies ranging from �King Kong� to �An Affair to Remember� and �Annie Hall.�
Meister Seelig & Fein LLP, the law firm representing investors who oppose the REIT plan, disclosed a letter last week from privately held Cammeby�s International Group offering to buy the building for $2 billion.
The second bidder�s identity was not disclosed in the most recent SEC filing.
Malkin Holdings led the plan to put the Empire State Building and more than 17 other properties into a real estate investment trust called Empire State Realty Trust Inc, which would become publicly traded under the proposed symbol �ESB� on the New York Stock Exchange. Investors recently approved the REIT plan by a super majority.
Malkin Holdings, the Helmsley Trust and investors would have to approve a sale. The Helmsley Trust is the majority owner of the company that owns the building�s master lease. The master lease expires in 2076.
An appraisal conducted last summer valued the Empire State Building at about $2.33 billion, after debt, according to the SEC filing. Including the mortgage, the historic skyscraper is valued at about $2.53 billion, that appraisal showed.
(Reuters)
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“The building, … has been featured in movies ranging from �King Kong� to �An Affair to Remember� and �Annie Hall.� ”
Why would we care about movies? Who cares where the Empire State Building was featured, if it’s a goyish thing, it doesn’t belong here, on YWN! This site is meant for the Yeshivisha oilam, we don’t want to hear about movies. If we did, we’d go to a prusta site like aol or foxnews.