Empire State Bids Soar Over Approaching REIT Deal

Law360, New York (June 28, 2013, 9:39 PM EDT) -- The owners of the Empire State Building have fielded a slew of unsolicited bids topping $2 billion in the past two weeks, threatening their plan to put the building into a real estate investment trust as real estate moguls vie to take advantage of the trophy's untapped value, experts say.

In addition to the previously reported bids from high-level investor Rubin Schron two weeks ago and an unnamed bidder last week, Malkin Holdings LLC has received at least one additional bid from mogul Joseph Sitt's Thor Equities LLC, and a fourth was rumored in the press Friday.

The bids, which range...

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