How 2 Buy a House

This is not something that will only be asked by native New Yorkers to?the rubes visiting from out of town.

Instead, Empire State Realty Trust, owners of the Empire State Building have announced it will take the company public. Yes, you too can own the most iconic building in Manhattan.

Empire State Realty Trust, owners of the iconic Empire State Building, filed to sell up to $1 billion of its Class A common stock, giving ordinary investors a chance to own a piece of the building that has been fought over by billionaires.

The tower, once the tallest in the world, has seen several owners over the decades and had been at the centre of a legal battle among the Malkin family, property tycoon Donald Trump and real estate heiress Leona Helmsley.

The Malkin family bought the property in 2002 and, after much wrangling, gained total control of the 102-story building in 2010.

In November, Malkin Holdings had said it would likely file to become a publicly traded real estate investment trust within three months.

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Want To Buy The Empire State Building?

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The sudden demise of Borders is another hit the commercial real estate market. The market has been buffeted by a huge influx of inventory from 2006 to 2008 followed by the recession that has put many companies out of business.

The addition of the 6.3 million square feet of space that Borders will now put on the market is going to exasperate an already tough situation. The vacancy rate at community shopping centers is already at 11 percent, just off the all time high, or nearly 860 million square feet of space nationally.

That is a great deal of investment not earning any income.

The Borders bankruptcy is just going to exasperate an already bad situation.

Borders Group Inc.’s proposed liquidation will increase available U.S. retail space by about 6.3 million square feet (585,000 square meters) as the industry struggles with near-record vacancy rates and stagnant rents.

DJM Realty LLC plans to auction 259 Borders leases in two separate sales, likely in August and September, said Andy Graiser, co-president of the Melville, New York-based property- consulting firm. That’s on top of about 225 stores the book retailer began closing after its February bankruptcy.

About 859 million square feet of U.S. store space is empty, according to CoStar Group Inc. Retailers have cut back amid online competition and a national unemployment rate of more than 9 percent. Borders’ liquidation is the latest to add vacancies after more than a dozen national retailers sought bankruptcy protection since the recession in 2008 and 2009. via Bloomberg

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Borders Bookstore Liquidation Puts More Pressure on Commercial Real Estate Market

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