Empire State Building Stakeholders OK IPO Plan

NEW YORK (AP) -

The company that owns the Empire State Building is a step closer to going public.

According to a Securities and Exchange Commission filing, more than 80 percent of shareholders approved a plan to turn the privately held company into a publicly traded real estate investment trust.

The plan, spearheaded by father-and-son real estate magnates Peter and Anthony Malkin, could raise up to $1 billion by selling stock in a new company. It will be called Empire State Realty Trust and include the Malkins’ holdings in Manhattan and Connecticut.