Empire State Building Could Be Publicly Traded
- 11 years ago
The Empire State may soon be publicly traded.
The plan to publicly trade the Empire State Building got a tentative green light when a judge said he’d likely allow the undertaking to progress despite the objections of several existing investors.
The company that controls the building, Malkin Holdings, wants to combine the landmark with 18 other properties and offer shares on the New York Stock Exchange. The IPO could generate 1 billion dollars.
The ownership of the building has always been a tricky situation. Over 50 years ago, attorney Lawrence Wien, a real estate syndications pioneer, divvied up 3300 units among a plethora of investors.
For the building to be publicly traded, 80 percent of those holding claims to the properties need to give a thumbs up to the action and the terms.
According to Malkin’s reports, they are 95 percent of the way to the required threshold.
Builders broke ground for the iconic skyscraper in 1930 and the grand opening was in 1931.
What do you think? Should the Empire State Building be publicly traded?
The plan to publicly trade the Empire State Building got a tentative green light when a judge said he’d likely allow the undertaking to progress despite the objections of several existing investors.
The company that controls the building, Malkin Holdings, wants to combine the landmark with 18 other properties and offer shares on the New York Stock Exchange. The IPO could generate 1 billion dollars.
The ownership of the building has always been a tricky situation. Over 50 years ago, attorney Lawrence Wien, a real estate syndications pioneer, divvied up 3300 units among a plethora of investors.
For the building to be publicly traded, 80 percent of those holding claims to the properties need to give a thumbs up to the action and the terms.
According to Malkin’s reports, they are 95 percent of the way to the required threshold.
Builders broke ground for the iconic skyscraper in 1930 and the grand opening was in 1931.
What do you think? Should the Empire State Building be publicly traded?