Posted by Paul on March 12, 2004 at 21:42:03:
“bupkis”, is that from the classic movie " A Christmas Story’? “Darn you Bupkises”. LOL Great movie.
Sears Tower Sold. __ Who “Owns” It Now ? - Posted by Hank FL
Posted by Hank FL on March 11, 2004 at 21:51:41:
I’m kinda tired at his point, so perhaps someone could explain this deal to me.
Simple. - Posted by Redline
Posted by Redline on March 11, 2004 at 22:29:20:
Metlife sold it to an anonymous buyer.
“MetLife spokesman John Calagna said the company entered into a confidentiality agreement with the buyer and won’t disclose the price or the name of the acquiring company.”
Glad to be of service.
RL
IL Land Trust - Posted by Hank FL
Posted by Hank FL on March 11, 2004 at 23:39:24:
I know this isn’t residential RE, but wouldn’t there be some sort of public record created here?
Oh wait, is this another case of the infamous IL Land Trust striking again?
Re: IL Land Trust - Posted by SuperCat
Posted by SuperCat on March 12, 2004 at 07:01:41:
It could be held in a trust, but usually when the property is so big they will create an LLC just to hold the property. So the new owner is most likely to be a company like Sears Tower Partners, LLC whose sole and only purpose is to hold the property. And the listed officer is not likely to say who the owner of the LLC if they want to keep it private forever.
Oh yeah, - Posted by Hank FL
Posted by Hank FL on March 12, 2004 at 07:41:16:
I’m aware one can sell the member’s “stock” in an LLC, whichh wouldn’t show up on the public records, but… . … it’s on the tip of my tounge.
I can’t remember what I thought up. Darn.
LLCs Anonymous ? - Posted by Hank FL
Posted by Hank FL on March 12, 2004 at 07:33:58:
In FL, I can look up the “owners” of LLCs.
I’m having a hard time wrapping my head around this story, as I can’t think of any major buildings in NY (I’m from NY) that is owned anonymously.
I could be wrong though.
Re: Oh yeah, - Posted by Brent_IL
Posted by Brent_IL on March 12, 2004 at 09:03:15:
Even when its being taxed as a corporation, to avoid potential complications, never publicly use the word “stock” and LLC in the same sentence. Anything can be alleged. “Membership interest” is always good.
Ever hear of Empire State Bldg or Rockefeller - Posted by David Krulac
Posted by David Krulac on March 12, 2004 at 09:46:55:
Center?
Donald Trump owned a piece of the Empire State and some other company owned the rest. At Rockefeller Center, the land was owned by the Rockefellers and the building was owned by some Japenese investors.
Re: Oh yeah, - Posted by Hank FL
Posted by Hank FL on March 12, 2004 at 18:06:32:
Hey, I put it in quotes so as to get my idea across to as many people as possible.
I use the same “stock” idea when explaining beneficial interests sometimes.
But getting back to the original story; how can one of Americas greatest buildings me (100%) anonymously owned?
Yes - Posted by Hank FL
Posted by Hank FL on March 12, 2004 at 18:03:33:
I read “Art of the Deal” some years ago and am trying to pick out some details.
No deal - can’t remember.
What puzzles me about the Sears Tower story is that nobody (in the press at least) knows who “owns” it.
With the Empire State and Rock Center, there was some info to be had.
It seems as though we’ve got bupkis on the ownership of one of Americas landmarks.
?