Interested investors are one step closer. According to the NY Times' Dealbook the Malkin family disclosed plans to create a publicly traded real estate company that would include the 102-story skyscraper at Fifth Avenue and 34th Street, according to papers filed Tuesday with the Securities and Exchange Commission. The plans were first reported in April.
Two other buildings controlled by Anthony E. Malkin and his father, Peter L. Malkin — 1 Grand Central Place, a 55-story, 1.3-million-square-foot building across 42nd Street from Grand Central Terminal, and a 26-story building at 250 West 57th Street — would be part of the publicly traded real estate company.
The unusual S.E.C. filings were devoid of specific financial information but said that more detailed information was expected in about three months, setting the stage for an initial public offering of stock. Goldman Sachs is expected to be the lead underwriter on the deal, according to a person with direct knowledge of the potential offering who requested anonymity because he was not authorized to discuss it publicly.
A prominent I.P.O. of a company built with bricks and mortar would stand in stark contrast to the spate of Internet company stock offerings that have dominated headlines. After several tech I.P.O.’s this year, including those of Groupon and LinkedIn, the market is looking to an offering by Facebook sometime in 2012.
The I.P.O. would clean up the complex ownership structure of the Empire State Building and the other Malkin family assets…..
Read more at http://dealbook.nytimes.com/2011/11/29/empire-state-building-on-track-for-i-p-o/?
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