Would-be buyers of Empire State Building unlikely to derail IPO

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Hoping that the shaky market for real estate investment trusts (REITs) has opened the door for them to move in with a competing offer for the Empire State Building, prospective buyers “continue to come out of the woodwork,” The New York Times reports.

Michael Knott, a managing director with real estate research firm Green Street Advisors, tells the Times that New York office REITs are holding up better than those in other parts of the country, and that the family that controls the iconic 102-story tower is likely to move forward with plans to sell shares in it and 18 other office properties they operate in New York City and in Stamford., Conn. Source: nytimes.com