Trump and Japanese magnate Hideki Yokoi's survivors technically own the property, but Leona Helmsley, widow of real-estate giant Harry Helmsley, and Manhattan attorney Peter Malkin hold lucrative long-term leases of the property. Trump and the Helmsley-Malkin group have battled for years over their claims to the reins of the building.
Trump had even attempted to gain control of the building by taking Helmsley and Malkin to court in 1994, claiming that they had allowed the building to deteriorate. The state court and the court of appeals both determined that Trump's group failed to prove their case, finding for the defendants.
Trump, having discussed the sale with the Yokoi group, is now looking to end the years of squabbling over the building, offering to sell the Helmsley-Malkin group his interest, seeking a minimum of $65 million.
Published reports speculate that the acquisition of Trump's piece of the building ownership will raise the value of the Helmsley-Malkin leases and bring a higher price when they decide to sell the entire building, something the Malkin group's investors are rumored to be pushing.
Globest.com attempted to contact a spokesperson from each of the groups involved in the prospective deal, but no one would comment at this time.
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