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$2.25 Billion for Empire State Building?

Commissioned during the Great Depression and completed in 13 months at a cost of $26 million, Empire State Building was the tallest building in the world for 41 years. Now, if believe rumors, Reuven Kahane, who is described as the man who introduced the bagel to Jerusalem wants to buy this one of the most recognizable buildings in the New York City skyline and, indeed – the world offering $2.25 billion for it.

Empire State Building fetches a $2.25 billion bid

“I hope there are no holes in his bid,” said Jason Meister, a vice president at Avison Young who is representing both Joe Sitt and Rubin Schron in two of the previous bids to buy the building. “I heard that this bagel man came in at $2.25 billion, but I’m not too worried about it.”

His bid, the fourth topped three previous offers at auction which began when Mr. Schron started the bidding last month with a $2.1 billion offer, which included a $50 million non-refundable deposit.

In addition to the offers from Mr. Schron, Mr. Sitt and Mr. Kahane, a fourth offer, north of $2.1 billion, was reportedly made by a group of investors with ties to Princeton Holdings and Philips International.

Empire State Building fetches a $2.25 billion bid

We’ll see will Empire State Building’s majority owner, Malkin Holdings sell it? “They might not want to sell, but you put yourself in the hat and hang on,” Mr. Kahane said. “I think that they have to come out and really consider the offers,” Mr. Meister added. “Without knowing where the REIT will trade and having the all cash option, you have to consider it.”

But, he said, “I haven’t heard from them.”

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$2.25 Billion for Empire State Building? was last modified: July 5th, 2013 by Slamchica
About Slamchica

Aleksandra Arsenovic graduated with a degree in economics and has a master degree in tourism. Since she worked as a travel agent, she has traveled around the world and developed an interest in luxurious hotels and exotic destinations. As a big fashion fan, Aleksandra loves expensive and luxury fashion items. As an editor of Extravaganzi she shares her knowledge about travels, fashion and accessories.

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