Empire

July 23, 2001
If you thought King Kong was the only monster who has laid claim to the Empire State Building, guess again. This highly entertaining, well-researched volume about the all-out, high-stakes battle in the 1980s and '90s over ownership and control of one of Manhattan's premier edifices is a cross between great business writing and even greater gossip. Built in 1929, the Empire State Building was bought in 1961 by Henry Helmsley and Lawrence Wein, who quickly resold it but retained a 114-year lease. When the Helmsley empire began to crack in the late 1980s (wife Leona went to jail for tax fraud), the building was nearly bought by jailed Japanese investor Hideki Yokoi, who used his illegitimate daughter, Kiiko Nakahara, and her husband, Jean-Paul Renoir, as fronts. When that deal fell through, Nakahara and Renoir secretly bought the building themselves, entering a deal with Donald Trump to try to shake the Helmsley lease. After Nakahara and Renoir were jailed in France in 1996 for the alleged theft of real estate, Trump and Leona Helmsley entered into a gigantic legal and public relations battle for control of the building. Pacelle, who writes for the Wall Street Journal, is scrupulous in detailing the legal angles and how shifts in world economy and U.S. business both affected and were affected by all this skullduggery. He also has great fun with the bizarre cast of characters, who plot and connive against one another in what reads like a cross between film noir and a Harold Robbins novel. In the end, though, the Empire State Building remains a beauty, not destroyed by these beasts. (Nov.)Forecast:Expect solid sales in the Empire State and among real estate mavens, boosted by an excerpt in the
Wall St. Journal.