Grand Central Owner Opposes IPO of Empire State Building

The owner of Manhattan’s Grand Central Terminal is part of a legal battle against the supervisors of the Empire State Building, teaming with investors opposed to an initial public offering of the landmark tower.

Andrew Penson, who controls a company that bought the terminal in 2006, filed two affidavits in support of a group of Empire State Building investors trying to block a settlement of a class-action lawsuit against Malkin Holdings LLC, which is seeking to include the skyscraper in a real estate investment trust that will go public. In the filings, Penson said the IPO would inflict “vast harm” on the about 2,800 co-investors in the Midtown tower whose votes the Malkins are soliciting.