The Empire State Building (ESB) has become the subject of a bidding battle, with real estate...

|About: Empire State Realty Trust... (ESRT)|By:, SA News Editor

The Empire State Building (ESB) has become the subject of a bidding battle, with real estate investors Philip Pilevsky and Joseph Tabak, along with a Middle Eastern group, making a combined bid of $2.1B for the tower, which is also on the road to a public listing as part of a REIT. The offer trumps a $2B proposal from property tycoon Rubin Schron but is still below the $2.53B valuation that an independent appraisal calculated.