Empire State Building Owners Duck Suit Over REIT Roll-Up

Law360, New York (February 25, 2014, 5:44 PM EST) -- A New York appeals court sided with Malkin Holdings LLC in a suit over its roll-up of the Empire State Building into a real estate investment trust and the subsequent initial public offering, affirming Tuesday that the appellants are not members in the limited liability company that owns the building.

The plaintiffs, members of investor group Empire State Building Associates, challenged the plan, arguing that the price would not properly compensate investors.

In April, Judge O. Peter Sherwood had sided with Malkin, finding that the investors' participation interests in the LLC that owns the building didn't make them members who have...

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