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.
Empire State Realty Trust Inc., whose properties include Manhattan’s Empire State Building, filed to raise as much as $1.07 billion as it proceeds with one of the largest initial public offerings of a U.S. real estate investment trust.
Rubin Schron, a New York real estate investor, offered to buy the Empire State Building for $2 billion in cash as the skyscraper’s supervisor prepares to make it the centerpiece of an initial public offering.
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 proposal to include the Empire State Building in a public real estate investment trust has been approved by 90 percent of the tower’s unitholders who have voted so far, according to the skyscraper’s supervisors.
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.