From the sky to the stock market, the Empire State Building is about to land on Wall Street. According to the documentation presented to the Securities and Exchange Commission (the American Consob), the initial public offer will be worth one billion dollars and will concern the shares of the Empire State Realty Trust, the real estate company that manages the symbolic building in Manhattan.
The Malkin family, which owns the skyscraper, has invested more than half a billion dollars to restore the building over the past five years, restoring the Art Deco-style atrium to its original splendor and replacing more than 6.514 windows.
The Empire State Realty Trust, in addition to the Empire State Building (between Fifth Avenue and 34th Street), also includes two other skyscrapers controlled by Anthony Malkin and his father Peter Malkin (one is a 55-story building at 1 of Grand Central Place, steps from historic Grand Central Station, and the other is a 26-story building at 250 West 57th Street).
