$55M Settlement Opens Path To Empire State Building REIT

Law360, New York (May 2, 2013, 5:19 PM EDT) -- A New York state judge said Thursday that he'll approve a $55 million class action settlement between the owners of the Empire State Building and investors, clearing the way for the creation of a real estate investment trust in a planned $1 billion initial public offering.

Judge O. Peter Sherwood certified a class of 4,500 investors, saying that he intends to approve the settlement, which allows the Malkin family's Malkin Holdings LLC to proceed with plans to convert its ownership stake and the participation interests that investors bought in Empire State Building Associates in the 1960s into a publicly traded REIT...

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