The company that controls the Empire State Building has revealed plans to raise as much as $1bn in an initial public offering
NEW YORK -- The owners of the Empire State Building, which until the 1970s was the World's tallest tower, is set to go public on the New York Stock Exchange (NYSE).
Empire State Realty Trust, which owns not only the landmark 102-story skyscraper in midtown Manhattan but also 11 other buildings in New York City, has files for an IPO which is intended to raise $1 billion in cash for the company.
According to reports by Reuters, the Empire State Building has seen several owners over the decades and had been at the centre of a legal battle among the Malkin family, property tycoon Donald Trump and real estate heiress Leona Helmsley.
Since taking control of the Empire State Building in 2002, the Malkin family has invested tens of millions of dollars to improve the office spaces as part of a $500-million project to bring the skyscraper, completed in 1931, to modern environmental standards.
Some of the money raised through the planned IPO is earmarked for further refurbishment work.
The Empire State Building was the first tower ever built to have more than 100 floors. It has 6,500 windows and 73 elevators, and there are 1,860 steps from street level to the 102nd floor. It has a total floor area of nearly 2.8 million sq ft.
Source: Newsy.com Owning a piece of the Empire State Building might be easier than you thought, thanks to an initial public offering.
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