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New York - Philanthropist Joseph Sitt Offers To Acquire Empire State Building For $2.1 Bil.

Published on: June 27, 2013 08:21 PM
By: Reuters
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FILE - Joe Sitt, chairman and CEO of Thor Equities, poses for a picture at his offices in New York, Tuesday, July 21, 2009. Mr. Sit is founder of the Sephardic Jewish Heritage Museum (AP Photo/Seth Wenig)FILE - Joe Sitt, chairman and CEO of Thor Equities, poses for a picture at his offices in New York, Tuesday, July 21, 2009. Mr. Sit is founder of the Sephardic Jewish Heritage Museum (AP Photo/Seth Wenig)

New York - One of New York City’s largest landlords, Thor Equities LLC, has offered more than $2.1 billion in cash to buy the Empire State Building, the real estate firm’s broker said on Thursday.

It was the third unsolicited offer for the landmark skyscraper, which is set to become the centerpiece of a publicly traded real estate investment trust.

Thor Equities confirmed the offer but not the price. A representative from Malkin Holdings LLC, which oversees the Empire State Building’s investors and operations, could not immediately confirm that it has received the offer and declined further comment.

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Broker Jason Meister of Avison Young, which is representing Thor Equities, said the offer was all cash.

Earlier this week, Malkin Holdings said in a letter to investors that it was reviewing two unsolicited bids - one for $2.1 billion and the other for $2 billion - to buy the 102-story building. The letter was included in a filing with the U.S. Securities and Exchange Commission.

Malkin Holdings had said it would consider the two previously unsolicited offers, consistent with its fiduciary duties.

In addition to its presence in New York, Thor Equities owns and develops urban real estate throughout the United States, Latin America and Europe.

Meister Seelig & Fein LLP, the law firm representing investors who oppose the REIT plan, disclosed a letter last week from privately held Cammeby’s International Group offering to buy the building for $2 billion.

The second bidder’s identity was not disclosed in the most recent SEC filing.

Malkin Holdings led the plan to put the Empire State Building and more than 17 other properties into a real estate investment trust called Empire State Realty Trust Inc, which would be publicly traded under the proposed symbol “ESB” on the New York Stock Exchange. Investors recently approved the REIT plan.

Malkin Holdings, the Helmsley Trust and investors would have to approve a sale. The Helmsley Trust is the majority owner of the company that owns the building’s sublease, which expires in 2076.

An appraisal conducted last summer valued the Empire State Building at about $2.33 billion, after debt, according to the SEC filing. Including the mortgage, the historic skyscraper is valued at about $2.53 billion, that appraisal showed.


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Read Comments (17)  —  Post Yours »

1

 Jun 27, 2013 at 08:57 PM Anonymous Says:

Now lets hear how much torah he could have supported

2

 Jun 27, 2013 at 10:21 PM victorg Says:

Reply to 1. You obviously don't know the man, that is motsy shem rah on a good man.

3

 Jun 28, 2013 at 01:37 AM PashutehYid Says:

In which yeshiva do they wear blue jackets like that?

4

 Jun 28, 2013 at 05:47 AM DanielBarbaz Says:

To whom do I make my bid?

5

 Jun 28, 2013 at 07:16 AM yudaleph Says:

Who is to say he doesn't heavily support learning? Besides he isn't buying the building to build his home its an investment that should bring in income? You would never think to tell a retailer to give money to charity instead of buying inventory would you? Some people just spew garbage, possibly because they want some free money.

6

 Jun 27, 2013 at 10:19 PM Anonymous Says:

Reply to #1  
Anonymous Says:

Now lets hear how much torah he could have supported

Are you a cynic?

7

 Jun 27, 2013 at 10:21 PM heyward Says:

I had mentioned to Mr. Ruby Sharon and I will tell you to. I will give you a much better deal on the trade center.

8

 Jun 27, 2013 at 10:26 PM LionofZion Says:

Reply to #1  
Anonymous Says:

Now lets hear how much torah he could have supported

Wow! You are a wicked person. This is a business venture. If he is willing to buy it he surely knows what he is doing and plans to profit. What horrible Lashon Horah you spout.
Let's compare how much Zedaka he gives to how much you do.

9

 Jun 28, 2013 at 07:49 AM Aron1 Says:

Umm... #1 was being facetious.

10

 Jun 28, 2013 at 08:05 AM victorg Says:

Reply to 3
In which planet do they breed stupid people?

11

 Jun 28, 2013 at 08:17 AM DACON9 Says:

HIS DEEDS speak for him, not his costume.
Sephardim dont wear the european 'COSTUME' to pretend to be pious.
True ztedakah is not flashing for ego but humility and kiddush HASHEM.
NOT 'kiddush you' #1 or anyone that speaks from jealousy.

12

 Jun 28, 2013 at 10:31 AM sane Says:

Reply to #1  
Anonymous Says:

Now lets hear how much torah he could have supported

Moronic comment. How do you think major philanthropists make money in the first place to give to charity?

13

 Jun 28, 2013 at 11:00 AM bennyt Says:

Reply to #3  
PashutehYid Says:

In which yeshiva do they wear blue jackets like that?

Obviously not in the same yeshivas that all the child molesters and ponzi schemers of late went to who would never dream of wearing anything but a black jacket. You are pathetic!

14

 Jun 28, 2013 at 12:24 PM oh Says:

Nice thing , yidden reached too, Remember 1944-45 , ohy, hopefully he is shomer shabbos

15

 Jun 28, 2013 at 01:47 PM Anonymous Says:

Commenter no 1 was clearly being cynical. He was mocking the tone of the brilliant commenters who had a negative outlook on Riby Schron. Who is a much greater philanthropist. The difference is that he has a white beard. So commenters here and VIN itself feel that he was fair game.

But commenter 1 was clearly using sarcasm to prove others biases. Which he did very well.

16

 Jun 28, 2013 at 04:05 PM moshiach-NOW Says:

This man is a tzadik nistar....one of the MANY things this man does is.... at the real estate convention in Vegas, his booth gives out free glatt kosher deli sandwhiches, drinks etc. thanks to him many frum, not frum and goyim have what to eat and does not even ask for a thank you in return (enormous kiddush hashem, even goyim eating there praise this jew for feeding them for nothing) . Mr Sitt, i doubt you will see this article let alone my comment, but i want to deeply thank you for everything you do, especially for little things like these free sandwiches at the convention makes a kiddush hahsem nation wide, as many people all over the country come home saying to there families how thanks to this generours jewish man, i had what to eat during the convention (including myself). May hashem bless you add maya vesrim shana ....................Moshiach NOW

17

 Jun 28, 2013 at 07:50 PM Anonymous Says:

Reply to #16  
moshiach-NOW Says:

This man is a tzadik nistar....one of the MANY things this man does is.... at the real estate convention in Vegas, his booth gives out free glatt kosher deli sandwhiches, drinks etc. thanks to him many frum, not frum and goyim have what to eat and does not even ask for a thank you in return (enormous kiddush hashem, even goyim eating there praise this jew for feeding them for nothing) . Mr Sitt, i doubt you will see this article let alone my comment, but i want to deeply thank you for everything you do, especially for little things like these free sandwiches at the convention makes a kiddush hahsem nation wide, as many people all over the country come home saying to there families how thanks to this generours jewish man, i had what to eat during the convention (including myself). May hashem bless you add maya vesrim shana ....................Moshiach NOW

No Frum Yid should step foot in Las Vegas, it is a modern day Sodom!

18

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