NEW YORK CITY-A plan by Malkin Holdings to file an initial public offering on a REIT that would include the Empire State Building and 20 other properties is very close to reaching the investor approval threshold needed to move forward.
In a regulatory filing on Thursday, Malkin Holdings stated that holders of 79.6% of the units of Empire State Building Associates LLC, which owns the Manhattan landmark, had voted in favor of the transaction, slightly less than the 80% level needed for the plan to proceed, according to Crain's New York Business. On April 3, the plan had the endorsement from 75% of Empire State Building Associates' unitholders.
Malkin Holdings is awaiting the official approval of a $55-million settlement of a class-action lawsuit by a set of unitholders against Malkin and the IPO plan. New York Supreme Court Justice O. Peter Sherwood announced on May 2 he intended to approve the settlement. See story in Crain's New York Business.
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