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Malkin Holdings has received the third bid in less than two weeks for the Empire State Building...

Malkin Holdings has received the third bid in less than two weeks for the Empire State Building (ESB), this time an offer "north of $2.1B in cash" from New York property magnate Joseph Sitt. The proposal is higher than bids of up to $2.1B from real-estate mogul Rubin Schron and a group of Middle Eastern and European investors, but is short of the $2.53B that an independent appraisal has valued the tower at. Malkin is also in the process of listing Empire State Building as part of a REIT.
Comments (5)
  • Does this mean the planned reit is off if they wind up selling the empire statement building?
    30 Jun 2013, 12:26 PM Reply Like
  • Yes!

     

    The voting held by the owners of the other buildings for the proposed REIT contained a stipulation that if the Empire State Building was not included, the REIT would not go forward.
    3 Jul 2013, 05:58 PM Reply Like
  • Yes!

     

    The voting held by the owners of the other buildings for the proposed REIT contained a stipulation that if the Empire State Building was not included, the REIT would not go forward.
    3 Jul 2013, 05:58 PM Reply Like
  • REIT is a big mistake if interest rates rise.
    1 Jul 2013, 07:08 AM Reply Like
  • Yes.

     

    When the owners of the other buildings slated to be in the proposed REIT voted to Ok their own sale, the prospectus said if the Empire State Building isn't in the REIT there would be no REIT.
    3 Jul 2013, 08:54 PM Reply Like
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