In 2002, Empire State Building Associates L.L.C. purchased the Empire State Building land and building.
They financed the purchase with an interest only $60 million bank loan.
The interest payments were roughly equal the lease payments due under the master lease paid to the previous fee title holder.
The subleasee declined to enter a joint venture to purchase the fee title.
The sublease was not modified to increase payments to Empire State Building Associates LLC. to help pay for
the purchase.
The interest payments were roughly equal the lease payments due under the master lease paid to the previous fee title holder.
The subleasee declined to enter a joint venture to purchase the fee title.
The sublease was not modified to increase payments to Empire State Building Associates LLC. to help pay for
the purchase.
