Empire State Building sold.Donald Trump  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. and a Japanese investor agreed last week to sell the Empire State Building for $57.5 million to long-term Long-termThree or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. leaseholder lease·hold n. 1. The fact or condition of holding property by lease. 2. Property held by lease. lease Peter Malkin's investment group, which holds the lease on the building through 2076. Under this deal', the same group of investors will now own the building and control the long-term lease, which will reportedly add value to the building. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a report from the Wall Street Journal "last week, the' sale price of $57.5 million--which may seem paltry--is actually a sizeable amount, given the' 'terms of the lease. The article reported that under the 1961 lease, the owner only receives $1.97 million a year in rent, which represents only 3.4% of the sale price. The resolution of several legal battles prompted the deal that was reached last Monday, reported the Journal. Neither Trump nor Malkin returned calls for comment on the deal. |
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