In honor of America's 237th birthday, Riskin Associates would like to report on a developing story posted by the Wall Street Journal regarding one of the U.S.A's most famous and patriotic landmarks: The Empire State Building in NYC. Currently owned by 2,800 shareholders and controlled by New York Family The Malkins, the building has received two unsolicited bids for purchase, the first at $2 billion offered by a company run by New York real estate investor Rubin Schron and the 2nd, coming in just slightly higher at $2.1 billion, was offered by an undisclosed party. The Malkins have received support for the plan to sell from 80% of the stakeholders, however a legal battle is brewing between the the remaining 20% who have opposed the plan. While none of the mentioned parties have commented on their plans moving forward, this second, mysterious offer may is certainly adding a new dynamic to an already intriguing real estate story!
The Empire State Building