Message #116309

[Jeannette Latoria]

Opening

The building's opening coincided with the Great Depression in the United States, and as a result much of its office space went unrented. In its first year of operation, the observation deck took in approximately 2 million dollars, as much money as its owners made in rent that year. The lack of renters led New Yorkers to deride the building as the "Empty State Building".[14][15] The building would not become profitable until 1950. The famous 1951 sale of The Empire State Building to Roger L. Stevens and his business partners was brokered by the prominent upper Manhattan real-estate firm Charles F. Noyes & Company for a record $51 million. At the time, that was the highest price ever paid for a single structure in real-estate history.[16]

Imelda Marcos, wife of Philippines ex-president Ferdinand Marcos, was offered the property in the 1980s when the couple decided to buy New York real estate. She rejected it at $750 million on account of its being "too ostentatious".