Empire State Building appears headed for IPO
It’s one of the most iconic buildings in the world, and before long, its many visitors and admirers could own a piece of it.
Despite some still-unresolved legal roadblocks, it appears that the Empire State Building is headed for a public offering.
In a vote last week, the building’s stakeholders voted in favor of selling it as part of an initial public offering that could raise as much as $1 billion. But the plan hit a snag almost immediately as a minority of stakeholders filed a motion to stop it after their earlier lawsuit—struck down by a judge—alleged the deal violated state law.
Still, lawyer Eric Jensen told the New York Times that the sale and IPO would likely go forward soon. “They just have to disclose all of the risks so investors know what they’re getting into,” he said.
Follow Emily Johnson on Twitter @emilyjreports