Do You Want to Buy the Empire State Building?

Okay, so buying the whole building may be out of the question.  But you can certainly own a piece of it!  The Malkin family, which owns a number of New York properties, plans to sell shares to the Empire State Building.  Selling shares of real estate is a rarity in the US– more than 90 percent of real estate investments are private.  But that’s about to change for New York City’s most iconic landmark: investors willing to buy in will also own shares of eleven other Malkin-owned properties across the city.  In recent months, New York’s market has rebounded, with real estate growing: in Manhattan, office building values have risen 87 percent in two years.  The Malkins hope to raise more than 1 billion dollars via investment in the Empire State Building.  There has been no word yet on what stock prices will be, though the idea is sure to be popular with New Yorkers, investors, historians, and giant gorillas alike.

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