Empire State Building Realty Trust Inc. has received the votes needed from investors in the tower for an initial public offering, indicating the approval process is close to an end after dissension from some holders.
A 15-month effort to take New York’s Empire State Building public is approaching a crucial ruling in a legal challenge by investors who oppose the deal put together by the family that controls the iconic skyscraper.
A hearing on a $55 million settlement of lawsuits over a plan to take New York’s Empire State Building public will take place tomorrow after a judge declined a request by opponents of the transaction to postpone the proceedings.
A judge in New York said he intends to approve a $55 million settlement of lawsuits over a plan to take the Empire State Building public in potentially the second- biggest offering for a U.S. real estate investment trust.
Investors opposed to a buyout proposal to take the Empire State Building public in what may be the second-biggest initial public offering of a U.S. real estate investment trust asked a state appeals court to block the deal.
Malkin Holdings LLC, the supervisor of the Empire State Building, said it has received about 94 percent of votes needed from the property’s investors to include the tower in a real estate investment trust and take it public.