A letter filed with the Securities and Exchange Commission shows that the Malkin family has revised the structure of the initial public offering planned for the Empire State building, which the family controls, the Wall Street Journal reported.
The new proposed structure would give investors in the building, of whom there are approximately 2,800, the same favorable tax treatment as the Malkin family.
The letter also highlights the fact that if the IPO does not go through, the complex ownership at the structure could spell trouble for the building. The estate of Leona Helmsley, the iconic tower’s other majority owner, will have to sell its interest according to the terms of her will, which would create a “stalemate,” the Malkins said. [WSJ]