Malkin family plans to sell stock on the Empire State Building

Tony Malkin and the Empire State Building

Father and son owners of the Empire State Building, Peter and Tony Malkin, are planning to create a publicly traded company comprised of numerous New York City buildings in their real estate portfolio, according to the New York Times. At the forefront of the collection of buildings, is the city’s most famous tower. As previously reported by The Real Deal, since buying out their partners in the Empire State Building, the Malkins have ratcheted up their efforts, and have opened their wallets, to transform the building from an aging monument with hundreds of small tenants, to a leading destination for major New York City businesses. Under this plan, anyone will be able to buy stock in the company that owns the Empire State Building, as well as One Grand Central and 250 West 57th Street, in the Malkin’s effort to raise cash. While the building’s international recognition will surely draw investors, so too will the opportunity to invest in a leading Manhattan office property. [NYT]