Opponents of taking New York City’s Empire State Building public asked an appeals court to declare illegal a provision that could have seen some holders of ownership units paid $100 a unit if they refused to go along with a planned initial public offering.
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.
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.
Thor Equities LLC offered to buy the title to New York’s Empire State Building for $1.4 billion, according to a letter from an attorney representing investors who oppose plans to put the skyscraper into a 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.