March 15 The company that controls the Empire
State Building said a majority of investors who have voted so
far have approved its proposal to fold the iconic building into
a new real estate investment trust (REIT) that will eventually
be publicly traded.
Malkin Holdings LLC said 90 percent of the two-thirds of the
investors who have voted to date favor its plan to make the
building the centerpiece of more than 18 properties in the
proposed REIT, Empire State Realty Trust Inc.
Investors have until March 25 to vote on the move, according
to a filing with the U.S. Securities and Exchange Commission.
The Empire State Building, which was completed in 1931, was
the world's tallest building for four decades. In 1961,
individual investors had the chance to pay $10,000 for one of
the 3,300 "units" of Empire State Building Associates, the
company that owns the building. Those units amounted to private
partnership shares in the company.
The units, now held by 2,824 investors, could now be worth
more than $320,000 apiece.