Court tosses suit against Malkins in Empire State Building row

From left: Anthony Malkin and Empire State Building

From left: Anthony Malkin and the Empire State Building

A Manhattan judge dismissed a suit brought against the Empire State Building’s managers by investors, who claim they lost out on hundreds of millions in potential profits when the skyscraper went public last year.

Judge O. Peter Sherwood sided with the Malkin family, who earlier this month claimed they had immunity from future suits as part of a $55 million settlement reached in November of last year.

Thousands of investors claimed that they were shortchanged when the initial public offering of a real estate investment trust that included the Empire State Building fetched less money than other offers on the table. The plaintiff’s lawyer said they planned to appeal, the Associated Press reported. APTom DiChristopher

SOURCE: The Real Deal New York – Read entire story here.