Empire State Building’s Managers Face New Investor Suit
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The Empire State Building’s managers were accused in a new lawsuit filed Manhattan federal court of defrauding investors when the New York skyscraper was taken public.
Similar suits in state court were dismissed in July after a judge said the investors had agreed not to sue the managers, Peter Malkin and his son Anthony, after settling with them in a related case. Investors in those cases said the Malkins wrongfully turned down higher offers for the building by itself to drive up the value of 17 other Malkin-owned buildings by making the Empire State Building the centerpiece of a real estate investment trust.