Empire State

[Jordan Hayes]

> From: jf noonan <jfn1 at msc.com>
>
> He must have bought in the last 10 years or so -- it used to be
> owned by Harry Helmsley

Helmsley has the lease (and thus the [enormous] cash flow), but
Trump actually owns the building.  It's an interesting story; the
lease is long-term and cheap (like $40M/year?) compared to the sum
of the rents to the leaseholder (over $400M/year?).

/jordan