Tony Malkin, whose Empire State Realty Trust owns the iconic skyscraper, is taking over as president of the real estate investment trust. Malkin’s grandfather, Lawrence Wien, started the family’s real estate company in the 1930s and bought the Empire State Building in 1961 with partner Harry Helmsley. Malkin spearheaded the consolidation of the family’s properties into a publicly-traded REIT in 2013, raising $929.5 million in an IPO. Malkin said ESRT is planning to hire someone from the private equity world to serve as the company’s investment chief. It signaled a significant change for Malkin’s company, which rarely — if ever — buys or sells properties. “We view this as really a 12-month to 36-month opportunity set,” he said. “And I’ve always said — we’ve always said — we’d come to a fork and then we’ll take it. We think this is a fork in the road. And therefore it’s time for us to move to this different footing.”
This I find very interesting along with Carl Icahn's strategy. ESRT is preparing to identify and buy strategic assets because they believe there will be desperate sellers while Icahn similarity stakes his claim on acquiring large assets at a discount as retailers default and leave landlords scrambling. It seems like every week you're hearing of bankruptcies. The latest I've come across is an article about landlords suing big retailers for not paying rent.
FUN FACT --> Did you know the observation deck accounts for about 20% of the Empire State Building's income?
ANOTHER FUN FACT --> Did you know the Empire State Building is my favorite in all of New York? ^_^