Empire State Realty Trust, the owners of the Empire State Building, plans to sell investors $1 billion of its Class A shares giving investors the opportunity to own a part of the Manhattan skyscraper.
According to Reuters, the tower, once the tallest in the world, has seen several owners over the decades and had been at the centre of a legal battle among the Malkin family, property tycoon Donald Trump and real estate heiress Leona Helmsley.
The Malkin family has earned a position of leadership in real estate through the years. They bought the Empire State Building in 2002 but obtained the powerful control over building only in 2010.
This sale will give significant control to the Malkins to change the equity held by other investors into stock in the new company, Empire State Realty Trust. The money also will help to cover the renovation costs. The company needs more money to complete the work, according to the filing.Tags: money