Jewish investor Bruce Schanzer’s firm, Erez Asset Management, has invested approximately $43 million in Empire State Realty Trust, the company that owns New York’s Empire State Building, and is already pushing for changes.
A filing disclosed this week shows that funds managed by Erez hold 10 million shares, representing 5.8% of the company’s Class A shares. The firm believes the shares are worth more than their current price and has contacted management about how the company spends its money, runs its business and handles its properties.
Those discussions include a possible review of some or all of its properties, while the Malkin family remains in control. Schanzer previously ran Cedar Realty Trust for 11 years before founding Erez in 2022.