The holiday season will be full of color and holiday décor at Manhattan’s tallest buildings thanks to Empire State Realty Trust, Inc.
The Empire State Building, which stands 1,454 feet above Midtown Manhattan, will boast state-of-the-art holiday decorations in its lobby, a full LED light display and holiday concerts for the 2013 holiday season. The Empire State Building will continue the annual lighting of its tower to commemorate Thanksgiving, Hanukkah, Christmas and New Year’s Eve. In addition to the holiday lights, the building will have pianists in the lobby and choir performances on the 80th floor. A full list of holiday events and concerts is available on the company’s website.
The New York State Attorney General’s office is reportedly reviewing the Leona M. Helmsley estate’s liquidation of its stake in the properties launched as part of the Empire State Realty Trust REIT last month, which includes the Empire State Building.
The process will begin once the Helmsley estate files a final accounting of the sale Read More
2013 Owners Magazine
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
Empire State Building
In the end, months of contentious lawsuits, investor squabbles and multiple bids to purchase the Empire State Building didn’t stop Peter and Tony Malkin and the Empire State Realty Trust from going public.
The company’s shares began trading its initial public offering, 71,500,000 shares of Class A common stock, at $13 on the New York Stock Exchange today under the symbol “ESRT.”
Empire State Building
Following Anthony Malkin and Malkin Holdings’ A letter sent yesterday by attorney Stephen Meister, who represents a group of investors opposed to a plan to create a REIT that includes the Empire State Building as an asset, states that the $1.4 billion offer is viable because it is “materially greater” than the appraised value of Read More
Empire State Building
Anthony Malkin and Malkin Holdings plan to move ahead with plans for a public REIT that would include the Empire State Building as an asset, according to a letter filed with the Securities and Exchange Commission and sent to investors on Friday.
The announcement comes despite a string of unsolicited offers made over Read More
Up and Coming
A massive chunk of retail space across the street from the Macy‘s flagship will be up for grabs in 2015, and the marketing is heating up.
Foot Locker currently occupies much of the retail portion at 112 West 34th Street in Herald Square. But when that least expires, landlord W&H Properties will have 90,000 square feet of retail real estate to fill.
Tarter Krinsky & Drogin LLP has signed an expansion at W&H Properties’ 1350 Broadway, the landlord announced last week. The law firm, which moved to the building in 2007, increased its presence by 35 percent and will now occupy a total of 37,609 square feet across three floors.
“Tarter Krinsky & Drogin has been a tenant at 1350 Broadway during a period in which we have transformed the property in a $53-million, top-to-bottom upgrade program,” said Anthony Malkin, president of Malkin Holdings, which oversees the W&H portfolio, in a prepared statement. “This expansion demonstrates that we’ve delivered on our promises and ensured the highest levels of tenant satisfaction.”
Empire State Building
Months of wrangling with dissenting investors finally earned Malkin Holdings the number of votes necessary to launch a REIT that would include the Empire State Building as an asset, but now the company says it is reviewing multiple offers that could lead to its sale.
The latest offer comes from one of the Read More
The U.S. Real Estate arm of German insurance company Allianz is relocating to One Grand Central Place from 1114 Avenue of the Americas after signing a 10-year lease for over 7,000 square feet on the 37th floor of the W&H Properties building. Asking rents were $59 per square foot.
“We chose the location based on the competitive rent, the build out that the landlord is undertaking, the excellent light and views and the proximity to Grand Central,” Greg Taubin, executive managing director at Studley, who represented the tenant, told The Commercial Observer.
It may have taken slightly longer An SEC filing issued by the Malkins today states that “more than the supermajority” of voters have approved the plan, but a spokesperson for the Malkins said the voting remains open.
“We urge all investors who have not yet voted in favor of the proposed consolidation and IPO to Read More
Malkin Holdings LLC is less than half of one percentage point away from gaining the number of votes it needs to launch the controversial real estate investment trust that would include the Empire State Building as an asset, according to a regulatory filing from Anthony and Peter Malkin.
The new filing states that 79.6 percent Read More
From a Taconic Investment Partners project in Hunts Point to the World Trade Center site in Lower Manhattan, power in New York real estate circles has increasingly expanded from the comfortable confines of Midtown Manhattan to the fringes of all five boroughs. While large developments such as the Related Company’s Hudson Yards often dominate the conversation, Brooklyn, Queens and even the Bronx continue to grow in stature.
Long Island City is fast becoming a focal point for the real estate industry as Rockrose and other residential developers tap into the growing Queens neighborhood. In the Bronx, Taconic Investment Partners, formerly the owners of 111 Eighth Avenue, is in the process of a significant capital improvement plan at the BankNote Building on Lafayette Avenue in Hunt’s Point.
Below, a sampling of where power thrives in New York City in 2013.
The Malkins’ quest to launch a $1 billion IPO that would include the Empire State Building continued today at the New York State Supreme Court in Manhattan but concluded without a decision.
The plaintiffs in Meyers v. Empire State Realty Trust Inc. are asking Supreme Court Justice O. Peter Sherwood to block a plan by Peter and Anthony Malkin to buy them out for $100 a share if they do not vote in favor of the proposed IPO.
As of April 3, the Malkins had received 94 percent of the total votes needed to proceed with the IPO, but Justice Sherwood has said that he will throw those votes out if he rules that the buyout is illegal.
AT&T Wireless has signed a 10-year lease for 3,797 square feet on the ground floor of W&H Properties’ 250 West 57th Street. The space has been earmarked for the wireless telecommunications company’s “World Store.” Starting rent for the lease is $350 per square foot.
“There aren’t very many boxes like this, it’s a terrific configuration for [AT&T Wireless],” Anthony Malkin, president of Malkin Holdings LLC, which supervises W&H Properties, told The Commercial Observer.