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Q: Land Lease New York ( No Answer,   1 Comment )
Question  
Subject: Land Lease New York
Category: Miscellaneous
Asked by: croy-ga
List Price: $5.00
Posted: 06 Oct 2002 15:10 PDT
Expires: 05 Nov 2002 14:10 PST
Question ID: 73341
Did a family, surname Partin, lease the city of New York property for
99 years?  THe block where the empire state building stands. I believe
the lease was up 10 - 25 years ago, what is the status?  I understand
New York owes the Partin family money.
Answer  
There is no answer at this time.

Comments  
Subject: Re: Land Lease New York
From: beckyp-ga on 06 Oct 2002 20:41 PDT
 
Hi Croy,

I was curious about the ownership of the ESB so I did a quick search. 
Here's what I found.

Also, nothing turned up on "Partin" AND "land lease" AND "New York
City".  There is a lot on just "Partin" AND "New York City" which I
didn't look at.

Here’s a bit from a recent NY State Supreme court case, which gives
some history on the ownership of the Empire State Building and land.

http://www.courts.state.ny.us/nycdlr/issue2-2/Studley9.HTM


Prior to 1961, The Prudential Insurance Company of America
("Prudential") owned the land on which the Empire State Building is
situated and the Crown family of Chicago leased the land and owned the
building. Then in 1961, Lawrence A. Wien, of the predecessor firm to
Wien Malkin & Bettex ("WMB"), along with his law partners, Henry W.
Klein and defendant Malkin formed Associates. Associates acquired the
fee title to the building and the land lease from the Crown family for
$65 million. It immediately conveyed the building title to Prudential
for $29 million and Prudential leased back to Associates the entire
property comprised of both the land and building. The lease with
renewals will extend to the year 2076. Associates then subleased the
entire property through 2076 to Empire State Realty Company
("Company") another partnership formed by Wien and Harry Helmsley,
which partnership was to manage and operate the building.

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