Real estate magnate Anthony Malkin is seeing a real demand for re-purposed properties.Mr.Malkin,President of Malkin Properties and Malkin Holdings,says that their Empire State Building,for instance,is the leader in energy efficiency.Being targeted for LEED-certification and to be an Energy Star showplace,it has been upgraded to serve the needs of the discerning and conscientious business while remaining a tourist mecca.
Our portfolio is leasing from the low 40s to the high 50s.They are all pre-war buildings with new hallways,lobbies and baths.Buyers are finding our offering very appealing.
You're probably 20-30% below peak rents today.By mid-2010,life insurance companies and banks were more willing to lend.Collateralized mortgage-backed securities are back now,the Harvard-educated Mr.Malkin noted.
The Malkin family has been active in real estate acquisition,management,construction and marketing for four generations.Mr.Malkin's father,Peter Malkin,is Chairman of the family businesses.
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