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The attempt by the owner of the Empire State Building (ESB), Malkin Holdings, to form a REIT and...

The attempt by the owner of the Empire State Building (ESB), Malkin Holdings, to form a REIT and take the iconic skyscraper public is in danger of failing due to opposition from legacy investors from the 1960s. Malkin needs the approval of 80% of 3,300 units held by those investors, who fear for their regular income checks and the tax implications of going public.
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  • empirestatebuildinginvestors
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    Good synopsis about the likelihood of this plan failing. One major error, Malkin Holdings doesn't own the Empire State Building. The 2800 investors in Empire State Building Associates L.L.C own the 3,300 units. The Malkin family owns about 8%. Getting approval of 80% of the current owners has little chance of success. Why? The owners like owning the most famous and valuable office building in the world, and plan on keeping it in their families for the next generation.
    23 Nov 2012, 09:51 PM Reply Like
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