For those who missed the New York Times’ article this weekend in regards to the recent battle taking place over the Empire State building, you’ll get to see how it plays out today in court. Here is a quick synopsis of what’s about to play out from the Times:
On one side are the New York real estate barons Peter L. Malkin and his son Anthony E. Malkin, who control the landmark tower but are minority owners. They are within a whisker of landing the deal of a lifetime, valued at $5.2 billion, that would offer to the public shares in 19 properties in the New York area that they oversee, including the crown jewel, the Empire State Building.
The offering would catapult the Malkin family into the elite of Manhattan real estate, valuing their stake at an estimated $730 million and installing Anthony Malkin as chairman of a major new company, Empire State Realty Trust.
What some are forgetting in this legal battle is taking into account the celebration of what of New York’s most treasured real estate landmarks. It was yesterday, April 28, 2013 that the Empire State Building celebrated it’s 82nd birthday. It’s a shame that such a legal battle overshadows something that is a staple of New York City.
It’s interesting to see how certain properties around the city actually change to non-other than a piggy bank for folks who are looking to cash in. The time, effort and design that went into these properties seems to be thrown to the background when it comes to cashing in on investments and making some extra money. This is a piece of history and it seems as if sometimes we forget about what’s really important and what matters in times like this.
Either way hopefully a resolution is reached in a quick and orderly manner. Although, it seems as if this is going to be a long drawn out process. Only time will tell.