Ten years ago, the Malkin family bought the Empire State Building for more than fifty-seven million dollars. Now, the family is considering selling shares in a publicly traded company that would operate buildings in New York and the state of Connecticut.
Teresa Martin set up the Real Estate Investment Association in New York. She wonders why the Malkin family is considering selling shares in the buildings.
TERESA MARTIN: “It may be that they may be in trouble and need to raise some funds. But it may just mean that they want to expand and need investor dollars to actually, you know, do what they foresee in their vision to do.”
Some people with offices in the Empire State Building say they are not happy with its restrooms and elevator equipment. The Malkin family has spent at least five hundred fifty million dollars making changes to the building, including replacing more than six thousand five hundred windows.
The cost of office space has more than doubled. The New York Times newspaper says the number of occupants has been dropped from nine hundred fifty in two thousand two to about two hundred now. But those leasing space in the building now have much larger offices.
Teresa Martin plans to buy shares in the Empire State Building. But she does not plan to put all of her money into the investment.
TERESA MARTIN: “If you’re telling me that I can get it for ten dollars a share, let’s say, would I get a hundred shares? Yeah. Would I get like two hundred thousand? Probably not. But I would get a piece.”
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25