The iconic Empire State Building, once the tallest in the world, is going on sale, and everyone can get a piece. Owners of the New York City landmark have agreed to join the building’s units in a $4.2 billion real estate investment trust (REIT) called Empire State Realty Trust Inc., which includes more than 18 properties and will likely hold an initial public offering once the new REIT is finalized.
Holders of over 80% of the units approved the plan headed by Malking Holdings Plc, a large enough margin to legally require the holdouts to sell their units back for $100 per unit or vote in favor of the plan. As you can imagine, each unit of the 102-story building is worth a bit more than $100. In fact, many units were sold in the early 1960s at $10,000 and are estimated at more than $320,000 today, although the IPO will determine their true market value. In addition to the building’s history, the price will likely be helped by the Empire State Building being the tallest Leadership in Energy and Environmental Design-certified building in the US.
Although no plans are set for the IPO, once the REIT goes public anyone will be able to invest in this symbolic building.
Most recently the skyscrapers underwent an impressive transformation, replacing the 456 traditional light fixtures on its with more than 1,200 LEDs, making the building famous exterior lighting 73% more energy efficient. Check out the fantastic new look and LED light show here.