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      Click here to find out how much your ownership is worth.  

                                                            
                                                         Empire State Building and Sublessee 1961-2012
                                                                                     Changing views
                                                                          (click underlined for original sources)


                
                                            1961-2012 SEC filings              2/13/12 SEC filing  pg 154                   8/24/12 SEC filing
                                                         View                                                               View                                                                        View
Ownership 



Type of lease



Joint Venture





Sublease-Property owner relationship



Purchase of 
Master Lease,
Land and Building 
Empire State Building   $2,500,000,000


"sublessee" 



"shall not be deemed to create any partnership or joint venture between Sublessor and Subleasee " 



"relationship with 
the Sublessee is through the contractual obligations set forth in the lease."  


Empire State Building Associates L.L.C.  
$33,000,000 equity
$6,000,000 loan
$60,000,000 mortgage

Sublessee 
 $0 equity 
 $0 loan
 $0 mortgage
"50% to the property owner and 50% to the 
operating lessee"  

"lessee" 



"original intent to treat the two tier entities as equivalent to a joint venture" 




"equivalent to a joint venture and  historical treatment of the two tier entities in this manner"



"historically, agreements have been entered into to share capital expenditure and financing costs"   








"legally distinct from a joint venture"





"the structure has the economic attributes of a 50/50 joint venture (“JV”)"

Picture
           Next: Click here "The supervisor has represented that historically, agreements have 
                                                      been entered into to share capital expenditure and financing costs"









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