Malkin family, the controller of the Empire State Building, plans to create a publicly traded real estate company featuring the world renowned skyscraper.
The company may also include a number of other buildings owned by the Malkin family. However, the deal is contingent on the Malkins gaining approval from their principal partner, the estate of Leona Helmsley, as well as their 3,400 other limited partners, reports the New York Times.
The Malkins gained full control of the 102-story landmark about five years ago after years of feuds among the owners as well as with Donald J. Trump. They have reportedly spent $560 million in renovation costs such as for restoring the original Art Deco murals and replacing the 6,514 windows.
Once the tallest building in the world, the tower is located at Fifth Avenue and West 34th Street and visited by thousands of tourists every year.
They've moved the building, in my mind, to a Class A property, said Peter Riguardi, president of Jones Lang LaSallein New York. It needed those upgrades. It's now one of the top buildings in that area.