Empire State Building Stakeholders OK IPO Plan
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.
This article appeared in print on page 9 of edition of Hamodia.
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