This is a website for fifty year participant investors in Empire State Building Associates L.L.C.
owner of the Empire State Building (ESB).
(This website is not affiliated with Malkin Holdings LLC , Empire State Building Associates LLC or Empire State Realty Trust, Inc.)
11/10/20
Report: People from 136 Countries have visited this Website.
11/05/20
Empire State Realty Trust, Inc. notifies SEC they lost lawsuit.
https://www.sec.gov/ix?doc=/Archives/edgar/data/1541401/000162828020015671/esrt9-30x2010xq.htm
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8. Commitments and Contingencies
Legal Proceedings
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As previously disclosed, in October 2014, 12 former investors (the "Claimants") in Empire State Building Associates L.L.C. (“ESBA”), which prior to the initial public offering of our company (the "Offering"), owned the fee title to the Empire
19
State Building, filed an arbitration with the American Arbitration Association against Peter L. Malkin, Anthony E. Malkin, Thomas N. Keltner, Jr., and our subsidiary ESRT MH Holdings LLC, the former supervisor of ESBA (the "Respondents"). The statement of claim (also filed later in federal court in New York for the expressed purpose of tolling the statute of limitations) alleges breach of fiduciary duty and related claims in connection with the Offering and formation transactions and seeks monetary damages and declaratory relief. Claimants had opted out of a prior class action bringing similar claims that was settled with court approval. Respondents filed an answer and counterclaims. In March 2015, the federal court action was stayed on consent of all parties pending the arbitration. Arbitration hearings started in May 2016 and concluded in August 2018. On August 26, 2020, the arbitration panel issued an award that denied all Claimants’ claims with one exception, on which it awarded Claimants approximately $1.2 million, inclusive of seven years of interest through October 2, 2020.
Respondents believe that such award in favor of the Claimants is entirely without merit, and are in active discussion about their next steps.
Pursuant to indemnification agreements which were made with our directors, executive officers and chairman emeritus as part of our formation transactions, Anthony E. Malkin, Peter L. Malkin and Thomas N. Keltner, Jr. have defense and indemnity rights from us with respect to this arbitration.
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SEC filing omits news company also LOST counter-claims that were filed against Empire State Building Investors that filed the lawsuits.
10/13/20
Empire State Building Investors win case!
Background: Less than 1% of Empire State Building Associates Investors opted out of an earlier class action lawsuit so they could pursue this case. The defendants were Anthony Malkin, Peter Malkin, Thomas Keltner and Empire State Realty Trust, Inc.
"On August 26, 2020, the arbitrators issued their Final Award, ruling that the voluntary overrides were not enforceable against plaintiffs, and awarding damages of $714,822.39 plus statutory prejudgment interest of $450,338.11 for a total amount of $1,165,160.50, to be paid by defendants to plaintiffs no later than October 2, 2020. All other claims and the counterclaim were denied." click here
09/28/19 Update:
New York Federal Court lawsuit and AAA arbitration against
Malkin Holdings alleging fraud and breach of fiduciary duty in
sale of Empire State Building to ESRT REIT. click here
01/19/19 Empirestatebuildinginvestors.com visitor traffic to date.
Unique Visits
358,000
Page Views
796,000
09/29/18 SEC's lawyer, U.S. Department of Justice Attorney, signs agreement to pay Empire State Building Investors website for illegally withholding ESRT/Malkin SEC Enforcement Investigation documents.
Freedom of Information (FOIA) cases rarely result in legal fees being paid by government to requesters.
07/17/18 SEC offers to pay legal fees to Empire State Building Investors website operator.
Federal Courts rule SEC unlawfully withheld ESRT/Malkin Holdings records sought through Freedom of Information Act (FOIA).
Judges in two FOIA lawsuit cases, one in San Diego, another in Washington DC, ordered SEC to provide withheld documents concerning sale of Empire State Building to ESRT REIT.
s
05/06/18 Washington D.C. Federal Judge agrees with SEC.
Empire State Building Investors "fear that ESRT management would retaliate against them" is supported by the evidence.
Record includes SEC lawyers interview notes with investors who received threatening phone calls from ESRT managers and affidavit
from SEC lawyer in charge of ESRT IPO review.
"The SEC’s concerns about potential harassment, moreover, are not merely conjectural. The SEC notes, for example, that a number of the investors who voiced objections to the SEC regarding the ESRT transaction “expressed their fear that ESRT management would retaliate against them if ESRT discovered that they submitted complaints to the SEC regarding the transaction,” and “a number of investors . . . asked for confidentiality.”
Judge's ruling. click here
SEC has information that investors who received these threats, almost all elderly, have been testifying in multiple legal proceedings,
none of which have been publicly reported as of yet.
05/06/18 Washington D.C. Federal Judge agrees with SEC.
Empire State Building Investors "fear that ESRT management would retaliate against them" is supported by the evidence.
Record includes SEC lawyers interview notes with investors who received threatening phone calls from ESRT managers and affidavit
from SEC lawyer in charge of ESRT IPO review.
"The SEC’s concerns about potential harassment, moreover, are not merely conjectural. The SEC notes, for example, that a number of the investors who voiced objections to the SEC regarding the ESRT transaction “expressed their fear that ESRT management would retaliate against them if ESRT discovered that they submitted complaints to the SEC regarding the transaction,” and “a number of investors . . . asked for confidentiality.”
Judge's ruling. click here
SEC has information that investors who received these threats, almost all elderly, have been testifying in multiple legal proceedings,
none of which have been publicly reported as of yet.
12/18/17 U.S. Attorney tells San Diego Federal Judge it has turned over additional SEC Enforcement investigation records of ESRT/Malkin Holdings.
Documents concern sale of Empire State Building to Empire State Realty Trust REIT (ESRT) and were requested under Freedom of Information Act. click here
11/05/17 U.S. Department of Justice on Washington D.C. Federal Court ruling in Empire State Building case.
Edelman v. SEC, No. 14-1140, 2017 WL 908473 (D.D.C. Mar. 6, 2017) (Moss, J.)
Re: Request for records concerning converting ownership of Empire State Building into real estate investment trust
"The court finds that defendant's "conclusion ignores the 'public interest in knowing who may be exerting influence on [SEC] officials sufficient to convince them to' approve or disapprove a transaction[,]" "the public interest in knowing whether the SEC gives 'greater weight to the comments submitted by' some complainants than others[,]" and "the public interest in understanding whether particular complaints, which were credited or rejected by the SEC, were based on personal knowledge, financial interests, or other factors."
click here
9/27/17 San Diego Federal Judge orders SEC to release ESRT/Malkin Holdings Empire State Building SEC Enforcement Investigation records.
SEC is given three days to comply with Judge's order.
Ruling rejects both SEC Senior Attorney Cozza and ESRT/Malkin Holdings General Council Keltner affidavits filed in attempt to keep investigation records hidden from public view.
"The Court agrees that the Keltner declarations lack authentication."
"Moreover, the Court has reviewed the Keltner declarations and agrees that they assert unfounded factual and legal conclusions."
Judge's decision. click here.
07/21/17 SEC has recording of Malkin Holdings executive lying to ESBA investor about how much they will receive in sale of Empire State Building to ESRT REIT.
"...your existing $35,000 interest, uh, in Empire State Building Associates, uh, actually, technically $33,750, uh, would be converted into over $1 million of stock listed on, uh, the exchange, uh, and New York Stock Exchange..."
click here for transcript of voicemail recording
This investor, along with all ESBA investors, received 25% less
than this voicemail recording evidence. click here
07/06/17 During ESRT REIT IPO review SEC lawyers confronted Malkin Holdings with questions about ESB Master lease renewals done
without required approval from ESBA investors, the actual owners
of the Empire State Building.
This action by Malkin Holdings executives shifted hundreds of millions of dollars in ESB sale proceeds from ESBA investors to sublease
managers of iconic building. click here
06/12/17 National Archives And Records Administration obtains information from Empirestatebuildinginvestors.com
06/02/17 SEC Lawyer in charge of Malkin Holdings ESRT IPO review files affidavit in Washington D.C. Federal Court stating his job
wasn't to determine "accuracy of the disclosure" . click here
05/18/17 U.S. Department of Justice obtains information from Empirestatebuildinginvestors.com
05/16/17 Malkin Holdings Executive threatened Empire State Building investor during SEC REIT review process.
SEC Attorney handwritten note of interview with threatened investor made public under Washington D.C. Federal Court order.
"...Malkin said if this doesn't work I'm not going to reintroduce or
do anything. Said he might bring lawsuit to "silence him". There
is a list of people to sue if this REIT doesn't happen."
This SEC document is one of thousands released under this Freedom of
Information Act Federal Court order.
Click here for copy of original SEC Attorney handwritten note.
05/08/17 SEC Empire State Building Freedom of Information case seen
having "far-reaching effects".
Washington D.C. Federal Judge orders SEC to turn over SEC
lawyers notes taken during meetings and phone calls with Malkin
Holdings managers, their lawyers, and investors during sale of ESB building to ESRT REIT.
"In a decision that has far-reaching effects on what records qualify as agency records, Judge Randolph Moss has ruled that notes taken by SEC attorneys during meetings and phone conversations are not categorically exempt from FOIA because they are personal records rather than agency records." click here
Case TitleEDELMAN v. SECURITIES AND EXCHANGE COMMISSION
DistrictDistrict of Columbia
CityWashington, DC
Case Number1:2014cv01140
Date Filed2014-07-03
Date ClosedOpen
JudgeJudge Randolph D. Moss
PlaintiffRICHARD EDELMAN
Case DescriptionRichard Edelman, who operates a website providing information to investors in the Empire State Building, submitted six FOIA requests to the Securities and Exchange Commission concerning investments related to the Empire State Building. After the agency failed to respond to any of his requests within the statutory time limit, Edelman appealed the denial of his requests. In response to two of his appeals, the agency issued a Glomar response, neither confirming nor denying the existence of records, under Exemption 7(A) (ongoing investigation). Edelman finally filed suit.
Complaint issues: Failure to respond within statutory time limit, Exemption 7(A) - Categorical exemption
04/07/17 FBI obtains information from Empirestatebuildinginvestors.com
04/03/17 SEC offers to turn over only about 50% of Empire State Building investor consumer complaints, without redaction, in spite of Washington DC Federal Judge order to release all.
SEC to file in Federal Court a document called an Vaughn index listing investor consumer complaints withheld with explanation in each case why they are failing to follow judge's order to disclose.
03/20/17 Washington DC Federal Judge issues order in SEC Empire State Building Freedom of Information lawsuit.
SEC given March 27, 2017 deadline to comply with order.
"The SEC hinges its argument on the mistaken premise that publicly releasing the names of the complainants “would not shed light on how the government operates.” Dkt. 26 at 11.
That conclusion ignores the “public interest in knowing who may be exerting influence on [SEC] officials sufficient to convince them to” approve or disapprove a transaction. People for the Am.
Way Found., 503 F. Supp. 2d at 306; but see id. at 305–06 (collecting cases arriving at different conclusions).
It ignores the public interest in knowing whether the SEC gives “greater weight to the comments submitted by” some complainants than others. Alliance for Wild Rockies v. Dep’t of Interior, 53 F. Supp. 2d 32, 37 (D.D.C. 1999).
And it ignores the public interest in understanding whether particular complaints, which were credited or rejected by the SEC, were based on personal knowledge, financial interests, or other factors."
03/06/17 San Diego FOIA case Plaintiff Affidavit filed in advance of March 13, 2017 Federal Court hearing. click here
Attached to Affidavit is SEC Internal Memo concerning ESRT/Malkin Holdings obtained in DC FOIA winning case against SEC.
"Throughout the course of our nearly two-year review of these transactions, we received hundreds of complaints and phone calls from
many investors." click here
03/01/17 San Diego Federal Judge in ESRT/Malkin Holdings SEC FOIA Lawsuit receives client court filing from former SEC Enforcement attorney.
It raises question about SEC Empire State Building sale investigations;
"how could the SEC generate only a handful of records in an investigation of fraud claims by hundreds of elderly investors involving tens of thousands of records generated over 18 months?"
click here
Federal Judge asked to take extraordinary step;
"requests the Court set the depositions of FOIA Specialist Luetkenhaus and Branch Chief McInerney"
March 13, 2017 San Diego Federal Court hearing scheduled. U.S. Attorney representing SEC to appear.
2/21/17 SEC admits Malkin Holdings "scripts were erroneously withheld as confidential"
US Attorney, representing SEC, communicates error hours prior to submitting final brief to San Diego Federal Court.
SEC had relied on Malkin Holdings claims of confidentiality in withholding documents.
2/21/17 SEC's final brief due in San Diego Federal Court today.
Freedom of Information Lawsuit seeks SEC Enforcement
records concerning "multiple investigations" in the matter
of Empire State Realty Trust/Malkin Holdings.
"February 21,2017: Defendant shall file its opposition to Plaintiffs motion for summary judgment."
2/21/17 NY Arbitration Panel requests removal of information reporting on testimony in New York Arbitration Trial.
Companion NY Federal Lawsuit;
EMIL SHASHA, TRUSTEE FOR THE VIOLET SHUKER SHASHA LIVING TRUST; : JUDITH JACOBSON; LAURENCE ADLER AND SHIRLEY ADLER, TRUSTEES FOR THE ADLER : FAMILY TRUST; EMPIRE STATE LIQUIDITY FUND LLC; HOWARD EDELMAN, TRUSTEE : 14 Civ. 9989 FOR THE EDELMAN FAMILY DECEDENT’S TRUST; MYRNA JOY EDELMAN, TRUSTEE FOR THE 2006 : (Jury Trial Demanded) GILBERT M. EDELMAN INTER VIVOS TRUST; ROBERT A. MACHLEDER; MELVYN H. HALPER; : PHYLLIS J. HALPER; WENDY S. TAMIS; ALAN D. GORDON; AND MARY JANE FALES, :
Plaintiffs,
-against-
PETER L. MALKIN; ANTHONY E. MALKIN;
THOMAS N. KELTNER, JR; AND
MALKIN HOLDINGS LLC,
Defendants.
"3. The federal securities claims that Plaintiffs assert in this complaint are subject to arbitration. Plaintiffs are currently pursuing these claims against the Defendants in arbitration, which is pending before the American Arbitration Association. The Defendants have filed an answer and counterclaims in the pending arbitration proceeding"
Full Filing click here
Removed on 2/21/17 at request of NY Arbitration Panel
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02/18/17 March 13, 2017 Hearing set in San Diego Federal Court in SEC Freedom of Information Lawsuit
Withheld SEC Investigation and ESRT/Malkin Holdings documents sought for public disclosure.
In surprise, SEC decides not to file scheduled reply in support of its own motion for summary judgment.
02/14/17 San Diego Federal Court SEC FOIA lawsuit seeking ESRT/Malkin Holdings Empire State Building records. SEC is Defendant. click here
January 24,2017: Defendant shall file its motion for summary judgment as to (1) the 1,442 pages of records that Defendant previously processed under FOIA, and (2) the 97-page index which was provided to the SEC by Malkin Holdings.
February 7,2017: Plaintiff shall file his opposition to Defendant’s summary judgment motion, and, if desired, file his own motion for summary judgment.
February 14,2017: Defendant shall file its reply in support of its motion for summary judgment.
February 21,2017: Defendant shall file its opposition to Plaintiffs motion for summary judgment.
February 28,2017: Plaintiff shall file his reply brief in support of his motion for summary judgment. The hearing on both of the parties’ motions for summary judgment, if any is scheduled for March 13,2017 at 10:30 a.m.
IT IS SO ORDERED.
DATED: January/17,2017 HON/RODGER T. BENITEZ
United States District Judge
feb_7_2017_san_diego_federal_court_edelman_v_sec_declaration_of_richard_edelman_minus_exhibits.pdf
2/10/17 D.C. Federal Judge about to issue ruling concerning SEC withholding
ESB Investors complaints he ordered disclosed in SEC Freedom
of Information lawsuit.
Complaints contain evidence of alleged threats and wrongdoing by Malkin Holdings LLC. managers during ESB sale to Empire State Realty
Trust REIT (ESRT).
2/9/17 Declaration in SEC San Diego Freedom of Information ESB Federal Lawsuit reveals multiple SEC investigations of ESRT/Malkin Holdings.
Company executives made threats to testifying witnesses SEC lawyers interviewed. click here
2/10/17 D.C. Federal Judge about to issue ruling concerning SEC withholding
ESB Investors complaints he ordered disclosed in SEC Freedom
of Information lawsuit.
Complaints contain evidence of alleged threats and wrongdoing by Malkin Holdings LLC. managers during ESB sale to Empire State Realty
Trust REIT (ESRT).
2/9/17 Declaration in SEC San Diego Freedom of Information ESB Federal Lawsuit reveals multiple SEC investigations of ESRT/Malkin Holdings.
Company executives made threats to testifying witnesses SEC lawyers interviewed. click here
2/7/17 SEC asked to answer questions about ESRT/Malkin Holdings Enforcement investigations in San Diego Federal Court Freedom of Information case. click here
Answering court filing due from SEC in one week on 2/14/17
Removed on 2/21/17 at request of NY Arbitration Panel
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1/17/17 SEC discloses to San Diego Federal Court index of documents they don't want released concerning Empire State Building Malkin Holdings investigations. click here
#"48 Handwritten notes To do list for multiple Enforcement investigations reflecting attorney"
deliberations about how
to proceed on various matters
1/10/17 San Diego Federal Court issues ruling speeding release of SEC Malkin Holdings Empire State Building sale documents. click here
SEC agrees to start releasing additional Malkin Holdings SEC Enforcement records on 1/17/17
11/15/16 SEC withholds ESBA investors complaints from D.C. Federal Court.
Eight ESBA investors file affidavits with Federal Judge Moss saying their
interviews with SEC lawyers were not disclosed as ordered by court.
Dozens more ESBA investors ready to testify in Federal Court.
Apparent use of Department of Justice Meese FOIA exclusion to withhold investor complaints while under a Federal Judge's order to produce them is extremely rare. Guidelines on use, click here.
This follows the SEC's earlier unexplained dropping of FOIA Glomar exemption "agency neither confirms nor denies existence of records."
ESBA investor affidavits submitted to D.C. Federal Court:
One
Two
Three
Four
Five
Six
Seven
Eight
11/03/16 SEC agrees to San Diego Federal Judge assuming control of Malkin Holdings Empire State Building FOIA case.
List of documents in Malkin Holdings Enforcement records to be publicly filed with San Diego Federal Court.
Malkin Holdings lawyers threatened SEC with reverse-FOIA lawsuit in attempt to stop release of records.
10/28/16 SEC faces San Diego Federal Court takeover of Malkin Holdings FOIA case.
SEC given Nov 3 2016 deadline to produce Enforcement records surrounding sale of Empire State Building to ESRT REIT. click here
10/1/16 Malkin Holdings lose San Diego Federal Court SEC FOIA case ruling.
SEC set to release Enforcement Investigation files concerning sale of Empire State Building to ESRT REIT. Malkin Holdings attorneys
file appeal with SEC General Council in attempt to delay release.
9/6/16 D.C. Federal Court given evidence SEC is ignoring Federal Judge's order to release all ESB Investors complaints alleging threats and wrongdoing by Malkin Holdings LLC. managers during ESB sale to ESRT REIT. click here
8/24/16 SEC files affidavit with D.C. Federal Court about ESRT managers
threats to ESB investors.
Legal Branch Chief
Division of Corporate Finance
Securities and Exchange Commission
"...investors expressed their fear that ESRT management would retaliate against them if ESRT discovered that they submitted complaints to the SEC regarding the transaction." click here
7/25/16 Eight ESBA Investors tell D.C. Federal Judge Moss their interviews with SEC lawyers are missing from documents his court ordered SEC to make public under Freedom of Information Act (FOIA).
Interviews were conducted during ESB sale to ESRT REIT and concern
allegations of fraud and breaches of fiduciary duty by ESBA management.
SEC explanation concerning missing documents due in Federal Court by August 24 2016
4/25/16 Released: SEC notes from Interviews with ESBA investors complaining
about management misconduct during REIT process.
Federal Judge ordered SEC to provide records after government
lost Freedom of Information Lawsuit.
Judge's order also required all ESBA Consumer Complaints to be
included.
Over 1500 pages of interviews and hundreds of complaints reveal;
Malkin Holdings managers called ESBA investors who gave newspaper
interviews or spoke to other investors and threatened lawsuits unless
they stopped.
Lawyers for Malkin Holdings repeatedly attempted to get the SEC to
silence ESBA investors. The SEC refused.
Malkin Holdings solicitation firm MacKenzie Partners, Inc told ESBA
investors who voted no "need to know share will be worth only $100"
Investor says Peter Malkin called; "he might bring lawsuit to "silence him", there is a list of people to be sued if this REIT doesn't
happen."
SEC meeting notes show Malkin Holdings wanted ESB sale to take
place before 12/31/12. This was prior to ESBA Master Lease expiration
on 1/3/13. Master Lease beginning 1/4/13 was renewed without required
vote of Participant Investors.
More to be released..................
4/6/16 SEC Freedom of Information Act Release
SEC letter to Malkin Holdings concerning ESBA vote.
Full letter. click here
"I write to confirm our conversation of February 13, 2013, in which we advised you that we are conducting an inquiry into the matter identified above and requested that your client, Malkin Holdings LLC (“Malkin”), together with any related entities and agents, voluntarily produce documents relevant to our inquiry."
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"This inquiry is non-public and should not be construed as an indication by the Commission or its staff that any violation of law has occurred, or as an adverse reflection upon any person, entity, or security."
3/31/16 ESRT SEC Filing: Empire State Realty Trust Income Tax Treatment according to Malkin Holdings LLC. click here
3/24/16 U.S. Federal Judge orders SEC to release withheld
ESB investors consumer complaint records.
Huge win for former Empire State Building owners.
SEC also loses attempt to shield notes of interviews with investors
who alleged and documented wrongdoing by ESB managers.
Washington D.C. Federal Judge Moss's Ruling click here
and Order click here
3/18/16 New SEC FOIA request for correspondence concerning 350 pages of
ESRT/Malkin Holdings documents withheld by SEC.
"COMP_NAME: Empire State Realty Trust. Inc
DOC_DATE: 1/1/12-3/14/16
TYPE: Other (fully describe)
COMMENTS: The U.S. Attorney in San Diego has written that pursuant to an SEC FOIA request for any investigation documents, files, or material concerning Empire State Realty Trust, Inc "approximately 350 pages will be withheld as confidential pursuant to 5 U.S.C. § 552(b)(4)"
I seek all emails, letters, documents, or material of any kind that were submitted to the SEC to substantiate the confidential treatment of those 350 pages. I also seek all SEC emails, letters, documents, or material of any kind, concerning confidential treatment of those 350 pages."
5 U.S.C. § 552(b)(4) click here
3/17/16 U.S. Senate passes FOIA reform bill. President to sign. click here
New FOIA law will expand public disclosure of SEC documents in ESRT/Malkin Holdings Investigation files.
3/9/16 U.S. Attorney and SEC reveal second investigation of ESRT/Malkin
Holdings makes up majority of 44,545 documents found in SEC
New York office Enforcement files.
Federal Judge sets March 21, 2016 deadline for SEC to offer plan
to provide these documents under Freedom of Information Act.
3/4/16 Massive 44,000 page investigation of ESRT/Malkin Holdings
according to U.S. Attorney representing SEC in FOIA Lawsuit.
"...FOIA request to the SEC, requesting all documents “concerning investigation in the matter of Empire State Realty Trust MNY08894.”
"During the administrative appeal, the SEC identified 44,545 pages of responsive documents from its New York office that are potentially responsive to this FOIA request. The SEC’s FOIA office is now in the process of reviewing and processing all of those pages. The company from which the SEC obtained the documents has requested confidential treatment, and it appears that approximately 350 pages will be withheld as confidential pursuant to 5 U.S.C. § 552(b)(4). The SEC has proposed to produce these additional documents to Mr. Edelman on a rolling basis, with the first production at the end of March or beginning of April 2016. "
2/10/16 Washington D.C. Federal Judge hearing ESRT/Malkin Holdings
SEC FOIA case orders SEC to immediately produce missing document
"page two"
Missing page was key document in Federal Lawsuit. click here
Judge to rule on public release of SEC communications and interviews
with ESBA investors concerning Empire State Building sale to Empire
State Realty Trust, Inc.
Case Name:EDELMAN v. SECURITIES AND EXCHANGE COMMISSION
Case Number:1:14-cv-01140-RDM
MINUTE ORDER: The Declaration of Patti Dennis attached as an exhibit to the SEC's motion for summary judgment [15-2] omits page two. The SEC is hereby directed to file a complete copy of this declaration on or before February 15, 2016. Signed by Judge Randolph D. Moss on 2/10/2016.
2/6/16 Malkin Holdings, Peter Malkin and Tony Malkin lose counterclaim ruling in Empire State Building Arbitration case.
They had asked for damages of "not less than $10 million" from critic
and others. click here
1/16/16 SEC ESRT/Malkin Holdings investigation records would be published on SEC.gov website under FOIA Act revision.
" (iii)by striking subparagraph (E) and inserting the following new subparagraphs:
(E) copies of all releasable records, regardless of form or format, that have been requested three or more times under paragraph..." click here
Malkin Holdings lawyers requested copies of all SEC documents provided others under FOIA. The next request, the third, would
trigger new FOIA provision.
1/13/16 FOIA expert, attorney Scott Hodes, joins Washington D.C. SEC FOIA Federal Court case concerning ESRT/Malkin Holdings
records.
Judge asked to order SEC to publicly release ESBA Investor complaints along with SEC Enforcement interviews. click here
1/05/16 SEC facing deadline to respond to new Federal Court lawsuit to release ESRT/Malkin Holdings Empire State Building investigation file admits to 'inadvertent' mistakes. click here
1/01/16 SEC denies Malkin Holdings lawyers access to;
ESRT/Malkin Holdings Empire State Building investigation files. click here
ESBA investor Consumer Complaints in the matter of Empire State Realty Trust. click here
12/08/15 Federal Court to rule on release of SEC ESRT/Malkin Holdings
Empire State Building investigation files. click here
"Plaintiff seeks the following records under FOIA from
the SEC:
A. All documents, records, material of any nature concerning investigation in the
matter of Empire State Realty Trust MNY08894. This would include Wells
Notices and Wells Submissions in response. This FOIA also requests similar
documents of any other SEC investigation concerning Empire State Realty
Trust; and
B. SEC Division of Enforcement Case Closing Report in the matter of Empire
State Realty Trust Inc."
.
12/02/15 SEC on ESRT/Malkin Holdings Empire State Building Enforcement investigation files release. click here
"there was not an adequate review of the responsive documents identified, there are other potentially responsive documents not reviewed by the FOIA Office, and that some responsive documents are subject to confidential treatment requests which must be considered by the FOIA Office before it can determine whether those documents may properly be released."
12/02/15 -SEC Office of The General Council
11/30/15 Malkin Holdings lawyers disclose critic's Social Security
Number for a second time. click here
Arbitration Panel orders all copies deleted or destroyed. click here
12/02/15 SEC on ESRT/Malkin Holdings Empire State Building Enforcement investigation files release. click here
"there was not an adequate review of the responsive documents identified, there are other potentially responsive documents not reviewed by the FOIA Office, and that some responsive documents are subject to confidential treatment requests which must be considered by the FOIA Office before it can determine whether those documents may properly be released."
12/02/15 -SEC Office of The General Council
11/30/15 Malkin Holdings lawyers disclose critic's Social Security
Number for a second time. click here
Arbitration Panel orders all copies deleted or destroyed. click here
11/24/15 The Real Deal- Court upholds $55M settlement between Malkins, ESB investors. click here
11/18/15 Malkin Holdings lawyers request SEC and Justice Department records
concerning Empire State Building sale investigation. click here
FOIA Pegno, David Dewey Pegno & Kramarsky LLP
Documents produced in response to any request made on or about February 9 2015 seeking all information concerning investigation in the matter of Empire State Realty Trust Fiie No MNY-08894 and any other SEC investigation concerning Empire State Realty Trust or any substantially similar request
documents produced in response to any request made on or about February 24 2015 seeking US Department of Justice communication with SEC concerning Glomar Response FOIA Appeals and SEC employees Personal Notes exemption or any substantialy similar request
documents produced in response to any request made on or about March 14 2015 seeking SEC Enforcement Letters sent in the matter of Empire State Realty Trust Inc or any substantially similar request
documents produced in response to any request made on or about April 17 2015 seeking ESBA investor Consumer Complaints in the matter of Empire State Realty Trust or any substantially similar request
11/6/15 ESRT issues warning concerning ESB investors lawsuit against
Malkin Holdings.
9. Commitments and Contingencies
Legal Proceedings
"At this time, due to the spectrum of remedies which may result from the outcome of the matter and the difficulty in calculating and allocating damages (if any) among the defendants, we cannot reasonably assess the timing or outcome of this litigation and any related indemnification obligations, estimate the amount of loss, or assess their effect, if any, on our financial statements." click here
10/28/15 Law360-Investors Want $600M Empire State Building Suit Revived
click here
10/28/15 $600 Million ESBA investor lawsuit against Malkin Holdings LLC
2 pm Hearing
Supreme Court-Appellate Division
County Court
Address: 27 Madison Ave, New York, NY 10010
Phone:(212) 340-0400
2015 - 787 15 15 POSTELNEK V MALKIN
2pm click here
10/26/15 Former SEC enforcement lawyer Gary J. Aguirre joins case to
require release of withheld and redacted SEC Enforcement records concerning Investigation in the matter of Empire State Realty Trust, Inc.
Letter to Securities Exchange Commission. click here
Aguirre Washington Post news story. click here
9/28/15 Released: SEC Enforcement records concerning Investigation in the matter Empire State Realty Trust, Inc.
Publication pending ruling on documents withheld and redacted by SEC.
9/11/15 Malkin Holdings publicly disclose critic's Social Security
Number in violation of Federal Court rules. click here
Letter to Federal Judge from Malkin Holdings Lawyers fails to explain how they obtained Social Security Number. click here
8/25/15 SEC FOIA office responds to Malkin Holdings lawyers request
for SEC Empire State Building documents.
"Please note, although you are receiving the material provided to Mr. Edelman,
we are withholding information pertaining to Mr. Edelman. This is the basis
for the extensive review required to identify such material." click here
7/13/15 ESB SEC FOIA Requests by Empirestatebuildinginvestors.com:
7/13/15, 6/24/15, 6/15/15, 6/2/15, 5/22/15 updates click here
5/02/15 Malkin attorneys FOIA requests for ESB investigation files rebuffed by SEC click here
4/17/15 U.S. District Court, Washington DC, to rule on release
of ESB records withheld by SEC. click here
3/19/15 March 2015: ESB SEC FOIA Requests Updated List. click here
New updates 3/23/15, 3/24/15
3/11/15 Confirmed by SEC: Enforcement investigation concerning Empire State Building and Empire State Realty Trust, Inc.
"These records were prepared in anticipation of litigation, form an
integral part of the pre-decisional process, and/or contain advice
given to the Commission or senior staff by the Commission’s
attorneys."
click here
3/9/15 SEC response to FOIA lawsuit due 3/17/15 in U.S. District Court, Washington DC Federal Judge to rule after April 17 plaintiff reply.
3/2/15 Malkin Holdings lawyers ask SEC for ESB records provided to others under the Freedom of Information Act (FOIA).
15-00972-FOIA
Pegno, David
Dewey Pegno & Kramarsky LLP
Commercial Organization
records provided to Richard Edelman relating to Empire State Building.
Requested: 12/5/2014
Received : 12/30/2014
Perfected
2/23/15 ESB SEC FOIA Requests Updated List. click here
require release of withheld and redacted SEC Enforcement records concerning Investigation in the matter of Empire State Realty Trust, Inc.
Letter to Securities Exchange Commission. click here
Aguirre Washington Post news story. click here
9/28/15 Released: SEC Enforcement records concerning Investigation in the matter Empire State Realty Trust, Inc.
Publication pending ruling on documents withheld and redacted by SEC.
9/11/15 Malkin Holdings publicly disclose critic's Social Security
Number in violation of Federal Court rules. click here
Letter to Federal Judge from Malkin Holdings Lawyers fails to explain how they obtained Social Security Number. click here
8/25/15 SEC FOIA office responds to Malkin Holdings lawyers request
for SEC Empire State Building documents.
"Please note, although you are receiving the material provided to Mr. Edelman,
we are withholding information pertaining to Mr. Edelman. This is the basis
for the extensive review required to identify such material." click here
7/13/15 ESB SEC FOIA Requests by Empirestatebuildinginvestors.com:
7/13/15, 6/24/15, 6/15/15, 6/2/15, 5/22/15 updates click here
5/02/15 Malkin attorneys FOIA requests for ESB investigation files rebuffed by SEC click here
4/17/15 U.S. District Court, Washington DC, to rule on release
of ESB records withheld by SEC. click here
3/19/15 March 2015: ESB SEC FOIA Requests Updated List. click here
New updates 3/23/15, 3/24/15
3/11/15 Confirmed by SEC: Enforcement investigation concerning Empire State Building and Empire State Realty Trust, Inc.
"These records were prepared in anticipation of litigation, form an
integral part of the pre-decisional process, and/or contain advice
given to the Commission or senior staff by the Commission’s
attorneys."
click here
3/9/15 SEC response to FOIA lawsuit due 3/17/15 in U.S. District Court, Washington DC Federal Judge to rule after April 17 plaintiff reply.
3/2/15 Malkin Holdings lawyers ask SEC for ESB records provided to others under the Freedom of Information Act (FOIA).
15-00972-FOIA
Pegno, David
Dewey Pegno & Kramarsky LLP
Commercial Organization
records provided to Richard Edelman relating to Empire State Building.
Requested: 12/5/2014
Received : 12/30/2014
Perfected
2/23/15 ESB SEC FOIA Requests Updated List. click here
2/17/15 U.S. District Court, Washington DC: SEC Freedom of Information
Lawsuit filing seeking documents that shed light on the SEC investigation in the matter of Empire State Realty Trust, File No MNY-08894.
".... identified two complaints from investors, which complaints included recordings of false proxy solicitation statements by
Peter Malkin and Anthony Malkin. " click here
2/02/15 Emil Shasha et al. v. Peter L. Malkin et al., case number 14-cv-09989
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK click here
1/15/15 U.S. District Court, Washington DC: Date of Court ordered Freedom of Information release describing SEC Documents withheld and redacted in the matter of Empire State Realty Trust, Inc and Empire State Building Associates, LLC. click here
12/19/14 Law360: Empire State Building Investors Launch Another Suit Over IPO click here
12/19/14 The Real Deal: Investors slap Malkins with new suit over Empire State IPO. click here
12/18/14 Bloomberg: Empire State Building’s Managers Face New Investor Fraud Suit. click here
12/02/14 SEC FOIA Requests from November response/updates. click here
11/17/14: SEC FOIA Requests November 11-13, 2014. click here
11/10/14: ESRT update on Lawsuits. click here
10/20/14: Washington D.C. Federal Judge orders SEC to provide remaining withheld ESRT/ESBA documents list for court review prior to release. click here
9/30/14: SEC releases 2,034 pages of ESRT/ESBA records sought in FOIA Federal Lawsuit
SEC internal Memo: "Throughout the course of our nearly two-year review of these transactions, we received hundreds of complaints and phone calls from many investors."
7/22/14: Bloomberg-Empire State Building Investor Suits Tossed by Judge. click here
7/7/14: Businessweek-Empire State Building Owner Claims Immunity From Lawsuit. click here
7/7/14: NY Supreme Court oral arguments in $600 million lawsuit against ESB managers Malkin Holdings.
click here
7/3/14: SEC FOIA Lawsuit for Empire State Building REIT records filed. click here
6/18/14: SEC Glomar Response for Empire State Realty Trust-first since 2010.
click here
6/5/14: Conference Call Playback 1-267-507-0255 code 53580847
4/30/14: SEC Glomar response to Freedom of Information request for ESB info. Click here
4/25/14: Reply Brief Filed on behalf of ESBA investors in Original Class Action Suit. click here
4/7/14: Law 360: Empire State Building Investors Rip Owners Over Discovery. click here
4/4/14: ESBA $600 Million Class Action Suit Court Filings
Plaintiff's letter to Judge. click here
Memorandum of Law. click here
3/19/14: Law 360: Empire State Building Investor Appeals $55M Settlement. click here
3/14/14: Appeal Filed on behalf of ESBA investors in Original Class Action Suit
click here
3/10/14: Law 360: Report Details Malkin's Rebuff Of Empire State Bldg. click here
3/07/14: Lazard Report comparing ESB private sale to REIT. click here
2/13/14: The Real Deal: Suits from Empire State investors still plaguing Malkins. click here
2/10/14: Law 360: Investors Launch $600M Suit Over Empire State Building Deal. click here
2/7/14: New Consolidated Class Action Lawsuit Filed. click here
1/22/14: "Plaintiffs shall file and serve a Consolidated Complaint in the Consolidated
Action on or before February 7, 2014. Defendants shall have 21 days from service of the 3
Consolidated Complaint to answer or otherwise respond. Should Defendants move to dismiss
the Consolidated Complaint, Plaintiffs shall have 21 days from service of Defendants’ motion
to file their opposition brief. Defendants shall have 14 days from service of Plaintiffs’
opposition brief to file any reply. "
Lawsuit: click here
1/17/14: Fourth New Lawsuit against Empire State Building managers Malkin Holdings
for breach of fiduciary duties to ESB owners. click here
1/16/14: Third New Lawsuit filed against Malkin Holdings, managers of the Empire State Building. Asking over $500 Millon for breach of fiduciary duty.
click here for court filing
1/6/14: Second New Lawsuit for $500 Million filed against Malkin Holdings
click here for court filing
12/24/13: $410 million lawsuit against Malkin Holdings filed on behalf
of ESBA owners of Empire State Building
click here for court filing
________________________________________
SEC-Malkin Holdings Comment Letter and Malkin response
(released November '13)
Malkin Attorneys "... we are of the opinion that you could not successfully deny that
you had a fiduciary duty to the Participants"
click here
___________________________
Empire State Building News
01/16/14 Law 360: Empire State Building Roll-Up Draws $500M Investor Suit. click here
01/13/14 Empire State Building files $1.1 million suit against ‘Boobs’ photographer for topless shoot click here
01/06/14 Businessweek: Empire State Building Managers Sued Again by IPO Foes. click here
The Real Deal: Malkins cheated Empire State investors out of $500M: suit. click here Law 360: Empire State Building Investors Again Sue Owners Over IPO. click here
12/30/13 DailyFinance: The 5 Most Painful IPO Flops of 2013. ESRT #5 click here
12/26/13 NY Daily News: Empire State Building investors sue Malkin family. click here
Bloomberg: Empire State Building Investors Claim IPO Cost Them $410M. click here
Reuters: Empire State Building IPO hurt investors, lawsuit claims. click here
Reported on CNBC, Fox Business and over 2,000 news outlets worldwide.
11/21/13 Appellate Reply Brief click here
11/4/13 TRD: Empire State Building stakes worth 25% less than projections. click here
Empire State Building Owner Blog click here
9/09/13 Businessweek: Thor Offers $1.4 Billion for Empire State Building’s Title. click here
The Real Deal: Thor ups bid for Empire State Building. click here
U.K. Telegraph: Thor Equities bids $1.4bn for the Empire State Building. click here
Reuters: Thor Equities raises offer for Empire State Building. click here
The Real Deal: For some bidders, Empire State Building buy is a retail play. click here
Sample letter to Malkin Holdings to pursue private sale. click here
8/09/13 Financial Times: Thor makes second offer for Empire State Building. click here
Stamford Advocate: Latest twist in Empire State Building sale. click here
8/08/13 NY Post: Sitt Makes Two ESB Bids. click here
ESBA Investors Conference Call Playback 1-267-507-0255 code 69831071
Reuters: Thor makes second bid for control of Empire State Building. click here
8/02/13 The Malkins Can’t Take All This Love – A $700 Million Bid From Andrew Penson Pops up For Another Building They Control. click here
7/31/13 Co-Star: Private market value exceeds or well exceeds public market value. click here
The Real Deal: Private market will value ESB higher than public market. click here
7/30/13 Real Estate Weekly: Bidders sticking fingers in Malkins’ REIT pie. click here
Revman headed for Empire State Building. click here
7/29/13 The Empire State Building REIT Saga Continues; Bids Could Delay IPO. click here
7/25/13 Commercial Observer:New Bid Could Complicate Empire State Building REIT.click here NY Post: The REIT stuff. click here
7/24/13 WSJ: Bid Throws Wrench Into Plans for Empire State Building Offering. click here
Crains New York: Another bidder moves to upset Empire St. Bldg. plan. click here The Real Deal: Malkin gets $710M offer for property in Empire State portfolio. click here
7/12/13 The Real Deal: $2.3 Billion Bid For ESB made by Sao Paulo-based investor. click here
7/08/13 Crains New York: Bidders up ante at Empire State Bldg. click here
7/03/13 Real Estate Weekly: Billion dollar bidders jump at last chance to buy ESB. click here
Commercial Observer: 'Bagel Man’ Tops Bids for Empire State Building. click here
7/02/13 NY Post: Yes, 1 more ESB suitor. click here
Radio World: Clear Channel, owner of six NYC radio stations, to stay at ESB, rejecting
move to new WTC antenna. click here
7/01/13 REFinblog: Empire State Bidding War? click here
6/30/13 Battle For Empire State Building Heats Up: Third Unsolicited Offer Now Received.
click here
6/28/13 Crains New York: Pressure mounts for public auction of Empire State. click here
NY Daily News: Empire State Building bidding war on as developer offers over $2.1
billion cash. click here
GlobeSt.com: ESB Bids Pour In. click here
The Real Deal: Retail, hotel opportunities stoke Empire State Building bids. click here
Law360: Empire State Bids Soar Over Approaching REIT Deal. click here
Financial Times: Latest bid for Empire State Building tops $2.1bn. click here
Connecticut Post: Empire State Building bids complicate IPO plan. click here
Manager Magazin (Germany): Investors jockeying around the Empire State Building
click here
6/27/13 ESBA Investor Conference Call playback: 1-267-507-0255 Code 63380645
Reuters: Empire State Building owners get third offer to buy landmark. click here
Crains: "third would be buyer may be close to stepping forward." click here
6/26/13 Businessweek: Empire State Building Second Bid Led by Mideast Investors. click here
NY Post:Unnamed Mideast buyer offers $2.1B for Empire State Building. click here
Bloomberg: Empire State Building Receives Second Bid Ahead of IPO. click here
Financial Times: Empire State Building receives second bid. click here
Daily Mail (UK): Bidding war begins for New York's most iconic building as unnamed
Middle Eastern buyer offers $2.1 billion for Empire State Building. click here
6/25/13 Rubin Schron Makes Unsolicited Offer To Buy Empire State Building For $2 billion.
click here
6/19/13 Businessweek: Empire State Building gets $2 Billion Offer As Alternative to IPO.
click here
6/18/13 Wall Street Journal: $2 Billion cash offer for Empire State Building. click here
REIT.com: Analysts Say REIT IPO Activity Likely to Lag in Second Half. click here
6/05/13 New York Times: click here
".....there are some pretty big risks, including the possibility that the whole public offering could be undone."
6/04/13 Financial Times: click here
"But a backlog of IPOs, including the anticipated listing of the Empire State Building Reit and the New World deal, are facing weaker market conditions."
5/30/13 Bloomberg: click here
5/29/13 CNN: click here
NY Times: click here
6/11/13 Clifford Chance also advised Malkin Holdings, controller of the Empire State Building, on the skyscraper’s IPO, fielding New York partners Larry Medvinsky and Jason Myers. Proskauer Rose Manhattan partner Arnold Jacobs also advised the company, while underwriters Bank of America Merrill Lynch and Goldman Sachs were guided by Hogan Lovells Washington DC partner Stuart Barr. click here
5/21/13 Letter from ESBA investor Kovacs. click here
5/18/13 New ESBA court filing Pending Appeal click here
5/15/13 SEC filing by Malkin Holdings:
"Any decision on their appeal itself could take many months. The supervisor cannot predict the timing or outcome of an appeal process or any related relief, if such appeal were successful. If the court’s decision were reversed by the appellate court, there is a risk that it could have a material adverse effect on the company."
Empire State Building IPO
How to Vote No to REIT click here
3/14/13 Ex-Wien Partner second letter to ESBA Investors urging No Vote to REIT.
Click here:
3/03/13 Ex-Wien Partner writes to owners 'Vote No to REIT'.
Click here: for letter to ESBA Investors and SEC
12/12/88 Lawrence A. Wien, 83, Is Dead; Lawyer Gave Millions to Charity
Picture of Box with 2,000 pages of SEC REIT Voting Information sent to ESBA Investors
Click here:
3/03/13 Ex-Wien Partner writes to owners 'Vote No to REIT'.
Click here: for letter to ESBA Investors and SEC
12/12/88 Lawrence A. Wien, 83, Is Dead; Lawyer Gave Millions to Charity
Picture of Box with 2,000 pages of SEC REIT Voting Information sent to ESBA Investors
Empire State Building Discounted Cash Flow Exhibit 99.59 click here
News Stories
April 30, 2013
New York Times: A Nasty, Epic Real Estate Battle With Stakes 102 Stories High
April 26, 2013
Bloomberg: Empire State Building IPO Plan Nears Pivotal Test
April 15, 2013
WSJ: A Yen for Yield Could Rock U.S. REIT
April 9, 2013
ABCnews.go.com: Empire State Building IPO Would Sell Landmark to Public
March 22, 2013
Wall Street Journal: Empire State Building Owners Spar Over IPO Plan
Businessweek: Empire State Building IPO Deadline Pushed Past Next Week
February 28, 2013
The Real Deal: Perils of Going Public. In a controversial move, Tony Malkin is gearing up
to issue an IPO for the city's most iconic building. Can he pull it off?
February 20, 2013
Businessweek: Grand Central Owner Opposes IPO of Empire State Building
February 19, 2013
Reuters: Empire State Building investors cool to MacKenzie Capital offer
January 30, 2013
Times of London: Investors block Empire State Building float
January 29, 2013
Anthony Malkin ESRT CEO only TV interview during REIT Vote. click here
Wall Street Journal: Empire State Building IPO Faces Another Potential Setback
Reuters: Empire State Building investors go to court to stop deal
Businessweek: Empire State Building Investors Seek to Block Settlement
Bloomberg: Empire State Building REIT
The Real Deal: Empire State Bldg investors decry IPO settlement
January 22, 2013
Reuters: Empire State Building investors to vote on REIT proposal
December 28, 2012
Bloomberg: Empire State Building IPO Vote Can Proceed, SEC Says
September 7, 2012
Sun Sentinel: South Florida small investors hold key to Empire State Building's future
September 5, 2012
Bloomberg TV: ESB Investors against IPO "small investors ain't so dumb after-all"
click here for tv news story
August 30, 2012
Business Week: The Tangled Tale Behind the Empire State Building's IPO
August 24, 2012
Dow Jones Financial News: Empire State Building faces float fight
August 21, 2012
August 13, 2012
Wall Street Journal: Income to Soar for Empire State Building
Reuters: Empire State Building expects income to double in three years
(including news websites for CNBC, MSN and Chicago Tribune)
July 17, 2012
Reuters: Empire State Building investors dig in against REIT plan
Wall Street Journal: Unlikely Gadfly Buzzes Tower's IPO
May 31, 2012
Bloomberg Professional - Helmsley Estate Driving Empire State Building IPO, Malkins Say
May 8, 2012
Wall Street Journal: Tax Terms Amended in Empire State Building IPO (1,740 news websites)
Reuters: Empire State Building IPO change may help pay tax (16,900 news websites)
April 11, 2012
Reuters: Empire State Building paid $10 million for REIT fees (14,600 news websites)
April 9, 2012
Wall Street Journal: Empire State Owners Go Ape Over IPO Tax Issue (20,000 news websites)
Reuters: Empire State Building IPO could bring big tax bill (18,800 news websites)
Associated Press (AP): Empire State IPO Setup Rankles Investors (15,800 news websites
including Washington Post, Bloomberg, CBS, ABC, NBC, Miami Herald)
This website is not affiliated with Malkin Holdings LLC , Empire State Building Associates LLC
or Empirestaterealtytrust.com
1961: EMPIRE STATE BUILDING ASSOCIATES
Empire State Building Associates, New York, today filed a registration statement seeking registration of $39,000,000 Participations in General Partnership Interests in Associates, a partnership consisting of Lawrence A. Wien, Henry W. Klein and Peter L. Malkin.
The Participations will be offered for public sale in $10,000 units.
Associates has contracted to purchase the Empire State Building in New York and the ground lease of the land underlying the building. The contract price is $65,000,000, and a $4,000,000 deposit has been made thereunder. The contract is scheduled for closing on December 27, 1961. Various other expenses and Read More Here:
____________________________________________________________________
Empire State Building Associates, New York, today filed a registration statement seeking registration of $39,000,000 Participations in General Partnership Interests in Associates, a partnership consisting of Lawrence A. Wien, Henry W. Klein and Peter L. Malkin.
The Participations will be offered for public sale in $10,000 units.
Associates has contracted to purchase the Empire State Building in New York and the ground lease of the land underlying the building. The contract price is $65,000,000, and a $4,000,000 deposit has been made thereunder. The contract is scheduled for closing on December 27, 1961. Various other expenses and Read More Here:
____________________________________________________________________
