8/24/12 SEC Filing "To Participants in Empire State Building Associates L.L.C. (“ESBA”)"
"Once ESB’s value was determined, how was value allocated between ESBA and the operating lessee Empire State Building Company, and why?"
"...While legally distinct from a joint venture, the structure has the economic attributes of a 50/50 joint venture (“JV”). The entities always functioned economically like a 50/50 JV..."
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8/27/12 www.EmpireStateBuildingInvestors.com "The entities always functioned
economically like a 50/50 JV" ?
ESBA Sublessee
(operating lessee)
1961 Investment to purchase master lease $33,000,000 $0
1961 Loan to purchase master lease $6,000,000 $0
8/24/61 Securities and Exchange Commission News Digest
2002 Mortgage to purchase fee title $60,000,000 $0
for land and building
4/26/02 NYC Department of Finance
2002 Mortgage risk Yes No
"Acquisition financing could expose Associates and each Participant
to certain risks of leverage, such as loss of collateral, which do not
presently exist while the Leasehold is free of debt."
9/14/01 SEC filing Empire State Building Associates L.L.C. page 13
Liability to restore property Yes No
"7....If the Empire State Building were to be destroyed in an attack
similar to the recent terrorist attack on the World Trade Center, or
in some other disaster, Associates could presently be obligated to
reconstruct the Building even if funds from insurance were not available or adequate."
9/14/01 SEC filing Empire State Building Associates L.L.C.