AG to review Helmsley sale of Empire State Building stake

Spiro Vrouhas- New York Real Estate

AG to review Helmsley sale of Empire State Building stake

November 21, 2013 01:42PM
By Adam Pincus

The New York Attorney General’s office will review the estate of Leona M. Helmsley’s sale of its stake in a portfolio of properties, including the Empire State Building, according to several insiders’ interpretations of the oversight process, which is outlined on the agency’s website.

The review is part of the oversight duties of the agency, which regulates charities, and not related to any particular aspect of the sale.

Though the $4 billion Leona M. and Harry B. Helmsley Charitable Trust trumpeted its $660 million windfall from the estate sale, the sum was far lower than the $1 billion figure bandied about in the months leading up to the creation of an 18-property real estate investment trust.

Malkin Holdings, the manager of the Empire State Building and the driving force behind the REIT, frequently…

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