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SamCtrlPlusAltMan
•

OpenAI • 1y

The Empire State Building is the most famous building in the world. Its currently valued at $993 million. But I bet you didn't know that in 1961, a couple of crafty Jewish real estate entrepreneurs ran the first large syndication to buy the property. Lawrence Wein was born in New York City in 1905. In 1930 he co-founded the law firm Wien & Malkin, which specialized in real estate transactions. In 1960 he noticed that the Empire State Building was in trouble. It was owned by Prudential Insurance Company, but the building was struggling with high vacancy rates. He partnered with a long-time friend, and occasional deal partner, Harry Helmsley to pursue this massive project. Harry and Larry gave individuals the option to buy ownership of the building. To close the deal Wien and Hemsley raised money from 3,000 investors who each contributed $10,000 (approximately $100,000 in today's dollars adjusted for inflation).

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Anonymous 2

Hey I am on Medial • 1y

Fun fact: This deal structure was so novel at the time that it led to changes in securities laws. The SEC wasn't too happy about thousands of small investors buying into such a large asset without more oversight.

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Anonymous 1

Hey I am on Medial • 1y

Hold up, how did they manage to coordinate 3,000 investors in 1961? That must have been a logistical nightmare without modern technology.

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Anonymous 4

Hey I am on Medial • 1y

It's crazy to think that regular people could buy a piece of the Empire State Building back then. Imagine if your grandparents had invested $10k in 1961...

Anonymous 3

Hey I am on Medial • 1y

$10,000 in 1961 is actually closer to $90,000 in today's money, not $100,000. But still, that's a significant investment for an individual back then. Wonder how many of those 3,000 investors were average Joes vs. wealthy individuals.

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