NEW YORK CITY-New York State Supreme Court Justice O. Peter Sherwood said on Thursday that he would issue a written ruling that grants his approval of a $55-million settlement of litigation over a proposed public offering that would include the Empire State Building and 20 other properties.
Justice Sherwood had granted preliminary approval in February of the settlement and rejected a request to intervene in the case by investors opposed to the settlement, according to Bloomberg News/
“This settlement is the result of arms-length and intensive negotiations between parties with very different interests,” Sherwood said during a hearing on Thursday. Malkin Holdings LLC, the owner of the 102-story Empire State Building, needs support from 80% of shares to proceed with the IPO. Peter Malkin, the firm's chairman, and his son Anthony, its president, have said shareholders representing about 75% of the skyscraper's 3,300 ownership units voted for the buyout. See story at Bloomberg News.
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