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For Sale: Stock in the Empire State Building?

Family controlling the building wants to open new real estate company
By Kevin Spak,  Newser Staff
Posted Apr 13, 2011 11:42 AM CDT

(Newser) – Looking to invest in a piece of the New York real estate market? Well, soon you may be able to invest in the biggest piece of all: the Empire State Building. The Malkin family, which controls the building, is trying to create a publicly-traded real estate company that would feature the landmark as its headline property, the New York Times reports.

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The plan is hardly a done deal. The Malkins will still need to get approval, for example, from the Leona Helmsley estate, their principle partner in running the building. If they do manage to come to market, they’ll be cashing in on the significant work they’ve done to renovate the building—like restoring its Art Deco lobby murals and improving its energy efficiency. “They’ve moved the building, in my mind to a Class A property,” said one real estate exec. (Read more Empire State Building stories.)

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