MARY ALTAFFER/ASSOCIATED PRESS
Joe Sitt ups the ante Thursday, topping two other cash offers of $2 billion by Woolworth Building part-owner Rubin Schron and a $2.1 billion by an unidentified Middle Eastern group
Bids for the iconic building come as majority owner Malkin Holdings prepares an IPO.
The Empire State Building bidding war has begun.
Big-time real estate developer Joe Sitt upped the ante Thursday, offering more than $2.1 billion in cash for the world-famous midtown skyscraper, his broker said.
The precise amount of the Sitt bid was not disclosed, but it tops two other cash offers: a $2 billion proposal by Woolworth Building part-owner Rubin Schron and a $2.1 billion offer by an unidentified Middle Eastern group working with two local developers.
“Joe Sitt is a major player in the New York market,” said his broker, Jason Meister, who also represents Schron. “He owns a massive amount of property here, especially on Madison Avenue and Fifth Avenue.”
The bids for the iconic 102-story building come as majority owner Malkin Holdings prepares an initial public offering.
“I would consider this to be a bidding war,” Meister said Thursday.