NYC-lovers, rejoice. You can now own a little slice of one of the city's most iconic skyscrapers.
The Empire State Realty Trust, the company that runs Manhattan's 102-story Empire State Building—you know, the one King Kong scaled?—announced plans to go public Monday, which could raise as much as $1 billion, according to the Associated Press. The company owns and operates a dozen properties in the greater New York metropolitan area.
The decision to list the company on the stock market comes after the firm disclosed in November its intention to file for an initial public offering in the coming months to "simplify control of its sprawling real estate holdings," according to the New York Times.
[See a collection of political cartoons on the economy.]
Current tenants of the landmark property—completed in 1931 and once the tallest building in the world—include social networking company LinkedIn, the Federal Deposit Insurance Corporation, and the beauty products maker Coty.
The building last made headlines when it became the epicenter of a legal battle between the Malkin family—which controls Empire State Realty—real estate mogul Donald Trump, and heiress Leona Helmsley, according to multiple sources. The Malkin family prevailed and gained total control of the building in 2010, after being part owners since 2002.
Empire State Realty plans to use the cash from investors to repay loans and for future acquisitions, the AP reported.
Want to see what an I.P.O. filing looks like? Click here, but grab a snack and get comfortable—it's a doozy.
mhandley@usnews.com
Twitter: @mmhandley
Reader Comments Read all comments (2)
aang 9:16PM February 13, 2012
love of AL 8:49PM February 13, 2012