Empire State Building Plan Gets More Support, Malkins SayKara Wetzel
Malkin Holdings LLC, the supervisor of the Empire State Building, said it has received about 94 percent of votes needed from the property’s investors to include the tower in a real estate investment trust and take it public.
About 75 percent of unitholders of Empire State Building Associates LLC, which owns the skyscraper, have voted in favor of the transaction, Malkin Holdings said in a regulatory filing today. It needs 80 percent approval from the group to proceed. As of yesterday, about 87 percent of the unitholders had voted.
Malkin Holdings Chairman Peter Malkin and President Anthony Malkin have been urging quick approval of a plan to form a REIT owning the landmark Manhattan tower and about 20 other New York-area properties, saying a longer process would be more costly, and at greater risk of disruption. A group of Empire State Building Associates beneficiaries have opposed the move and urged investors not to support the proposal.
The Malkins said March 15 that the plan had been approved by about 90 percent of unitholders who had voted, with about two-thirds accounted for. They agreed the following week to extend voting from a previous deadline of March 25, pending a court decision on a class-action settlement tied to the transaction.