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. Read More
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. Read More
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. Read More
The Malkins are getting tantalizingly close to winning their bid to make the Empire State Building part of a Real Estate Investment Trust.
A letter sent today by Peter Malkin and Anthony Malkin to investors states that the controlling owners (the Malkins) have received 94 percent of the votes needed to proceed with the IPO that would launch the contentious REIT.
“I think it’s going to happen,” said one Malkin colleague, an executive at a leading real estate firm in New York City, upon hearing the news. “It seems like they continue to garner more and more positive votes.” Read More
A giant gorilla-like creature scales the Empire State Building, clutching a beautiful blond woman. Fighter jets circle, machine guns shooting to kill. He pounds his chest, roaring, refusing to go down without a fight.
The final scene from the 1933 production of King Kong gripped viewers and put them on the edge of their seats Read More
The owners of the Empire State Building are reportedly edging closer to obtaining the number of shareholder approvals needed to support the once-controversial $1 billion launch of a public REIT that would include the storied building as an asset.
Owners Peter Malkin and Anthony Malkin of Malkin Holdings wrote in a letter to shareholders that, of those who have voted, 90 percent of the tower’s unit-holders have approved the plan; as well as 95 percent at 1 Grand Central Place; and 97 percent at 250 West 57th Street, Bloomberg reported.
“This remarkable level of participation in such a short period has exceeded our hopes,” the Malkins said in the letter, according to Bloomberg. “We encourage the very small percentage of participants who have voted against any proposal to consider now changing their votes to be for all the proposals.” Read More
ServiceNow will be shifting around offices in Midtown.
The leading cloud-based services that automate enterprise IT operations move offices and double their space at W&H Properties‘ One Grand Central Place. The firm had initially taken a 4,969 square foot space on the 23rd floor in 2009 and will be moving to a 11,841 square foot Read More
Scanning the papers and business web-sites, you’d assume the economy—and, perhaps, the real estate industry in general—was approaching a quagmire, what with employment rates still lower than expected and leasing sluggish.
Nonetheless, with Thanksgiving approaching we asked some of the commercial real estate industry’s biggest names what they were thankful for this year,and their answers were far more positive than expected.
After the jump, a brief sampling of the responses, as told to Commercial Observer staff reporters Al Barbarino and Billy Gray.
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New York City law firm Clifton Budd & DeMaria has signed 10-year, six-month lease at the Empire State Building, The Commercial Observer has learned.
The labor and employment law firm leased 15,072 square feet on the 61st floor of the historic building, located at 350 Fifth Avenue, and will move from 420 Lexington Avenue in the second quarter of 2013.
The asking rent was $55 per square foot, a spokesperson for building supervisor Malkin Holdings confirmed. Read More
NuvoTV, the first English-language cable network geared toward bi-cultural Latinos in the United States, is moving its New York office to the fifth floor of 501 Seventh Avenue.
The company has inked a four-year lease on a 5,449-square-foot, pre-built suite with landlord W&H Properties. Asking rent was $48 per square foot. Read More
The Empire State Building is becoming a more exclusive address.
The tenant roster in the iconic 81-year-old skyscraper has been cut to 171 companies from more than 600 in 2006, before Malkin Holdings took over supervision of the property. The average rent has increased to $42.10 a square foot from about $26. The building, which is among the few notable commercial assets in Murray Hill, is approximately 20 percent vacant, partly because Malkin is keeping space off the market as it looks to assemble offices suited to larger users. Read More
LinkedIn, the social network for work professionals that boasts more than 187 million members across 200 countries, is expanding its New York office space in the iconic Empire State Building. The company has inked a 10-years lease for 40,781 square feet of space on the 23rd floor of the building, where it is reaching a total occupancy of 72,523 square feet. The asking rent for the new space was $51 per square foot. Read More
Fresh & Co. is set to open a new location in Midtown in early 2013.
The announcement comes in recent light of the eatery’s fifth location on the corner of Broadway and Waverly Place, replacing the local twenty-four hour deli, Delion. The new, sixth location will open at W&H Properties‘ 1359 Broadway catering to those between Penn Station and Bryant Park. Read More
When executives at Malkin Holdings’ W&H Properties chose to reposition the Empire State Building and several other assets prior to the downturn, few expected that 250 West 57th Street, a building chock-a-block with 150-square-foot offices, would experience such a rapid transformation. But sure enough, less than five years after those ambitious renovations began, the building welcomed its first full-floor tenant in three decades, thanks to a leasing deal with Perseus Books Group in February. Seeking to consolidate two offices in New York City, the publishing group took the 26,104-square-foot 15th floor earlier this year and expects to consolidate and expand over the next few weeks. After the jump, Anthony Malkin, president of Malkin Holdings, reviews the furniture plan and the Mufson Partnership architectural designs with The Commercial Observer and discusses why, exactly, Perseus chose 250 West 57th Street. Read More
