Who owns the Empire State Building? The Empire State Realty Trust owns the Empire State Building, managing it as part of its diverse real estate portfolio. This real estate investment trust (REIT) focuses on acquiring, operating, and repositioning office and retail properties in Manhattan and Greater New York City. Investors can buy shares in the publicly traded company, which distributes ownership among its shareholders. Anthony E. Malkin leads the Empire State Realty Trust as its Chairman, CEO, and President. By maintaining a shareholder-based structure, the Trust ensures a broad distribution of ownership across its investor base.
Company History
The Empire State Building is an iconic skyscraper located in Midtown Manhattan, New York City. Currently owned by the Empire State Realty Trust (ESRT), the building has passed through several hands over the years as its ownership changed.
1. Initial Construction and Ownership (1930-1961):
The Empire State Building was constructed by a consortium of companies, led by Starrett Brothers and Eken Inc, and commissioned by John Jakob Raskob, the former vice president of General Motors. After the construction was completed in 1931, the building was owned by a group of investors — the Empire State Building Company, a subsidiary of the Empire State Incorporated. These investors were John Jakob Raskob, Coleman du Pont, Louis G. Kaufman, and Ellis P. Earle.
2. Roger L. Stevens Ownership (1961–1969):
In 1961, the ownership of the Empire State Building changed when a syndicate led by Roger L. Stevens, a prominent businessman and real estate mogul, purchased the building for $65 million. Other investors in the syndicate included Harry B. Helmsley, Lawrence Wien, and Pierre du Pont III.
3. Prudential Insurance Company Ownership (1969–1991):
In 1969, Prudential Insurance Company became the owner of the Empire State Building, following a merger between the Helmsley-Spear Management and Wien’s interests. Harry B. Helmsley and Lawrence Wien served as managing partners of the building, even though it was owned by Prudential.
4. Empire State Building Associates (1991–2002):
In 1991, the Empire State Building Associates, a limited partnership led by Peter L. Malkin and Leona Helmsley, purchased the building from Prudential. This new ownership group was made up of interests held by the Malkin family, the Helmsley family, and Japanese investors. The building was still managed by Helmsley-Spear Management.
5. Trump Ownership Attempt and Legal Dispute (1994-2002):
In 1994, Donald Trump attempted to gain control of the Empire State Building by purchasing the master lease. A bitter legal battle ensued between Trump and the Malkin-Helmsley group, which ended in 2002 when Trump’s interests were bought out, returning control to the Empire State Building Associates.
6. Empire State Realty Trust Ownership (2013–present):
In 2013, the Empire State Building Associates merged their holdings with other properties to create the Empire State Realty Trust (ESRT). This real estate investment trust (REIT) went public on the New York Stock Exchange in October 2013, with the Empire State Building becoming one of its key assets. This means the building is now owned by the public shareholders of the Empire State Realty Trust.
Who was the original founder?
John Jacob Raskob developed the Empire State Building and founded the project. Born on March 19, 1879, in Lockport, New York, Raskob grew up as the son of German immigrants. He started his career as a clerk in a railroad car manufacturing company, where he worked for a decade. In 1900, he married Helena Springer Green and built a family with 13 children.
Raskob joined the Dupont Company in 1901 and quickly earned the mentorship of Pierre S. du Pont. With determination and skill, he rose through the ranks and became vice president and treasurer. By 1915, Raskob and Du Pont began investing in General Motors Corporation, and Raskob accepted the role of vice president and treasurer there. During his time at GM, he played a crucial role in creating finance programs that made cars more accessible to Americans.
In 1928, Raskob shifted his focus to personal ventures and investments. He founded the “Empire State Corporation” in 1929 with the goal of developing the Empire State Building. Partnering with architect William F. Lamb for the design and the Starrett Brothers and Eken for construction, he turned his vision into reality.
Construction of the Empire State Building began in 1930, during the Great Depression, and concluded in 1931. The skyscraper became the tallest building in the world at the time and remains an architectural icon.
Beyond his business accomplishments, Raskob actively supported philanthropic efforts and the Democratic Party. He passed away on October 15, 1950, in Centreville, Maryland, leaving behind a legacy of innovation and leadership.
A Symbol of Resilience
The Empire State Building represents more than architectural brilliance; it is a testament to human resilience during tough times. Construction began in 1930, amid the Great Depression when unemployment peaked. Despite economic struggles, thousands of workers joined forces to complete the project in just 13 months.
Their dedication created a record-breaking skyscraper and a beacon of hope for a struggling nation. The building’s rapid completion highlighted innovation, determination, and the spirit of collaboration. Today, it remains a symbol of perseverance and ambition for people worldwide.
FAQ: Who Owns The Empire State Building
Who currently owns the Empire State Building?
The Empire State Building is currently owned by the Empire State Realty Trust, a publicly-traded real estate investment trust.
When was the Empire State Building built?
The construction of the Empire State Building started in March 1930 and was completed in April 1931.
How many times has the ownership of the Empire State Building changed?
Over the years, the ownership of the Empire State Building has changed several times. Notable past owners include Prudential Insurance, Helmsley-Spear, and Malkin Properties.
What was the cost of constructing the Empire State Building?
The total cost of constructing the Empire State Building was approximately $40.9 million, which is equivalent to around $600 million today, adjusted for inflation.
How tall is the Empire State Building?
Standing at 1,454 feet (443.2 meters) including its antenna, the Empire State Building was the tallest building in the world upon its completion and held that title until 1970. The building has a total of 102 floors.
Can the public visit the Empire State Building?
Yes, the Empire State Building has observation decks on the 86th and 102nd floors that are open to the public. Visitors can enjoy panoramic views of New York City and beyond.
Sources for More Information
- Empire State Building Official Website
- Reuters Article on Empire State Building Ownership
- New York Times Article on Empire State Building Mortgage
- ThoughtCo Article on Empire State Building Ownership History
Featured image provided by Roberto Vivancos; Pexels; Thanks!
