Search
 

Malkin Fights Arbitration Ruling on Empire State

NEW YORK CITY--An arbitration panel may have ruled against Peter Malkin, deciding that Helmsley-Spear would retain control of the Empire State Building, but Helmsley-Spear has not heard the last of them.

By Betsy Kraat and Amy Vaughn | Updated on April 10, 2001

NEW YORK CITY-Wien & Malkin has started the process required to vacate an arbitration ruling handed down March 30, claiming serious oversights of several key issues. Irving Schneider, once partner of the late Harry Helmsley, fought Peter Malkin, a partner of Wien & Malkin, for the right to continue as the managing agent of the Empire State Building, the Fisk Building and a few other buildings in lower Midtown. The judge ruled against Malkin, saying that Malkin could not remove Schneider.

The dispute originated from the sale of a building in 1997. It has seen countless man-hours by attorneys and dozens of witnesses. The panel said despite the case put forth by Wien & Malkin, which is the supervisor of the partnerships that own the Empire State Building. “The arbitration panel disregarded a mountain of evidence in this decision,” says Jonathan Siegfried, attorney for Malkin.

Siegfried asserts that the panel did not consider the testimony of property management firm Jones Lang LaSalle, who claimed properties managed by Helmsley-Spear consistently under performed the market when compared to equivalent buildings. Siegfried also notes that Helmsley-Spear, which once managed 50 million sf of property in New York, now manages less than 10 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.