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.
You May Also Be Interested In These Stories
- Fire Breaks Out On Top Floor Of Building In Flatiron District
- Police: Man Tries To Abduct 10-Year-Old Girl Walking To School In Westbury
- 6/22 CBS2 Thursday Morning Weather Headlines
- State Lawmakers Adjourn Without Deal To Extend De Blasio’s Control Over City Schools
(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)