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|2012-02-14 - Entertainment News|
Diane Alter - AHN News Reporter
Empire State Building planning $1 billion IPO
NEW YORK CITY, NY (AHN) -- Here's your chance to own part of the iconic Empire State Building.
Owners Empire Reality Trust have filed to sell up to $1 billion of its Class A common stock, in a real estate investment trust offering (REIT), allowing ordinary investors a chance to own a piece of the most recognizable skyscraper in the world.
The Art Deco-style tower, among New York City's most famous landmarks, was once the world's tallest. Over the decades, it has seen several owners and had been at the center of a legal battle among the Malkin family, which owns the company, property tycoon Donald Trump, and real estate heiress Leona Helmsley.
The Malkin family bought the property in 2002, but only gained control of the 102-story building after much wrangling.
In November 2011, Malkin Holdings said it would likely file to become a publicly traded real estate trust within a few months.
Although the skyscraper accounts for the largest chunk of the REIT's revenue, the company also owns 12 office properties and six stand alone retail properties.
The Empire State Building is located at 350 Fifth Ave., between 3rd and 34th streets. Its total height from ground to tip is 1,250 feet.
The building was completed in 1931, ahead of schedule, taking just one year and 45 days to build.
The building itself cost $24.7 million, which was nearly half of the expected cost because of the Great Depression. Including the property on which the building stands, the total cost for the Empire State Building was nearly $41 million.
Besides being a heavily-visited tourist attraction, the Empire State Building is mostly filled with rentable space for businesses.
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