A lawsuit by the minority stakeholders of the Empire State Building charges the owners of neglecting the best interest of all their partners.
Operating owners Peter Malkin and his son, Anthony, have been spearheading an effort to combine the iconic skyscraper with 11 other office buildings and then sell shares to the conglomerate on the public market.
However, the lawsuit, filed this week, says that hundreds of minority stakeholders in the Empire State Building could have gotten more money had the Midtown landmark been sold individually, rather than as part of the 12-building conglomerate.
They say that the Malkins spurned more lucrative offers for the building because it served their interests to roll it into the whole.
The Malkins' Empire State Realty Trust released a statement responding to that claim, saying that the accusation is "wholly without merit."