Empire State Building IPO Will Let You Own a Piece of Famed Skyscraper
MANHATTAN — The Empire State Building is not just for King Kong anymore.
The skyscraper's owners filed for an initial public offering on Monday — following a $500 million years-long renovation at the iconic Art Deco landmark.
The building's controlling owners, the Malkin Family, formed the Empire State Reality Trust for the filing, and aim to raise roughly $1 billion in funds, the filing said.
The company's portfolio includes 12 office buildings in the New York area, but owning a piece of the the tower at 350 Fifth Ave., which was completed in 1931, will certainly be appealing to investors.
According to the filing for the IPO, the idea for which was first floated last November, the building itself generated $156.7 million in revenue for the nine months leading up to Sept. 30.
Real estate magnate Anthony Malkin will be the company's chairman, CEO, and president. HIs family bought the Art Deco building in 2002 and have spent millions renovating it in recent years.
But be aware that even if you do buy stock, you won't have as much say as the building's current shareholders.
If approved by the Securities and Exchange Commission, the company will create two kinds of stock — Class A, which the public can buy, and Class B, which will have 50 votes a share.