Malkin Holdings, which owns the landmark, will release details over next three months
Investors may soon be able to take a bet on the Empire State Building. Malkin Holdings, which owns the New York landmark, is considering becoming a publicly traded real estate company.
Property developer Anthony Malkin has spent over $500m reducing the building’s energy costs in a bid to increase rents and attract high-profile tenants to its 102 floors.
The overall value of the 1931-built Empire State Building has risen to more than $1.5bn since Malkin Holdings took control of it in April 2002.
Malkin said it would release more detail of its plans over the next three months. The firm has not yet officially filed the documents needed for flotation.
The New York Times reported that the proposed real estate company could include two more office buildings controlled by the Malkin family. These are 1 Grand Central, a 55-story office building across from Grand Central Terminal, and 250 West 57th St, which is 26 stories high.
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