Joseph Sitt, whose Thor Equities LLC unsuccessfully tried to buy the Empire State Building to avert its inclusion in an initial public offering, said he now owns shares of the new company, Empire State Realty Trust Inc.
“I bought it for a cheaper price than they would have sold it to me for,” Sitt, the chief executive officer of New York-based Thor, said of the stock in an interview today on Bloomberg Television’s “In the Loop with Betty Liu.” He wouldn’t say how many shares he owns.
Last month, Thor offered to buy the title to the Empire State Building for $1.4 billion. The offer, supported by dissident investors who opposed the inclusion of the Manhattan skyscraper in a public company, was “materially greater” than the $1.18 billion value of the building allocated to the company in public filings, Stephen Meister, a lawyer representing those investors, said at the time.
Malkin Holdings LLC, the Empire State Building’s supervisor, rejected the bid and proceeded with a plan to form a real estate investment trust including the landmark tower. Empire State Realty began trading on Oct. 2 and has climbed 12 percent from its IPO price.
“I’m sure they will do well,” Sitt, speaking of the REIT’s shares, said in the interview today.