[4] His father-in-law had pioneered the concept of real estate syndicates in 1930s making the direct ownership of income property accessible to groups of individual investors for the first time.
[7] Malkin also helped to expand the firm's activities to Newark, Palm Beach, Philadelphia, Los Angeles, Minneapolis, and Las Vegas.
The new publicly traded entity is named the Empire State Realty Trust (ticker ESRT).
Malkin is co-chair of the Real Estate and Construction Council of Lincoln Center for the Performing Arts, Trustee Emeritus and co-chair of Trustee Emeritus Council of Lincoln Center for the Performing Arts, co-chairman emeritus of the Real Estate Council of the Metropolitan Museum of Art, founder and chairman emeritus of the Dean's Council of the John F. Kennedy School of Government at Harvard University, co-founder and honorary co-chair of the Committee Encouraging Corporate Philanthropy, a director emeritus of U.S. Trust Corporation, a member of the board of advisors for Bank of America Global Wealth Investment Management, a vice president and director of the Realty Foundation of New York and a partner in the New York City Partnership, a governor emeritus of the Real Estate Board of New York, a former member of the Mayor's Business Advisory Committee during the administration of Mayor Rudolph Giuliani, and former member of the Board of Overseers of Harvard College; the recipient of 3 National Honor Awards, trustee emeritus and chairman of the Council of the National Trust for Historic Preservation.
They have three children: their daughter, Cynthia Allison Malkin, is married to Richard Blumenthal, who was elected as United States senator from Connecticut in 2010;[12] son Anthony Edward Malkin is married to Rachelle Lisa "Shelly" Belfer, daughter of Robert A. Belfer and granddaughter of Arthur Belfer, and their wedding took place at Temple Emanu-El in Manhattan;[13][14] and son Scott David Malkin is married to Laura Rice Russell[15] and became a co-owner of the New York Islanders in 2014.