IPO Plan Was Floated More Than A Year Ago, But Met Resistance

NEW YORK (CBSNewYork/AP) – The privately held company that owns the Empire State Building is a step closer to going public.

According to a Securities and Exchange Commission filing, enough shareholders approved a plan to turn the company into a publicly traded real estate investment trust.

Holders of more than 80 percent of the units that own the skyscraper voted in favor of the plan, according to the filing.

Under the plan spearheaded by Malkin Holdings LLC, which runs the iconic New York building, three companies would be consolidated and up to $1 billion would be raised by selling stock in a new company to be called Empire State Realty Trust.

The new trust would be called Empire State Realty Trust Inc.

Malkin originally proposed the plan early last year, but met resistance from some stakeholders.

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