EMPIRE STATE OWNER FILES FOR IPO
ORDINARY investors will soon have the chance to own a piece of an iconic US skyscraper, after Empire State Realty Trust, owners of the Empire State Building, yesterday filed to sell up to $1bn of its Class A common stock in an initial public offering. The proceeds will be used to pay existing stakeholders in the buildings who chose to receive cash in exchange for their interests, and to repay debt. The Malkin family bought the property in 2002 but only gained total control of the 102-story building in 2010 after much wrangling. Picture: GETTY