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When You Can’t Become an Icon, Buy One: Own a Piece of the Empire State Building

by Marquette Turner Luxury Homes

in Money & Business, News & Views, Real Estate Radar, Rich & Famous, Variety

For some, the quest to become iconic is a zealous journey of infinite highs and lows, requiring breathtaking, heart-pounding and sometimes ruthless guile. Think Trump, Madonna or Lady Gaga.

For others, it’s as if nature intended from Day One. The Empire State Building, the gracious lady of Manhattan, needs no further introduction or rapture.

So as the adage goes, if you can’t beat them, join them. Or in this particular case, when you can’t achieve perpetual icon-status, buy into it!

News from the United States reveals that The Empire State Building is at the center of a plan to create a publicly traded company.

The Malkin family, which controls the 102-story Art Deco tower at Fifth Avenue and 34th Street, is planning to create a publicly traded real estate company featuring the building.  The skyscraper draws tens of thousands of tourists from across the globe every year to its 86th-floor observatory, 1050 feet above the city streets.

If the Malkin plan is successful, New Yorkers, and anyone else for that matter, will be able to buy stock in the company that owns the Empire State Building and other buildings within the holding that could possibly include 1 Grand Central, 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, as well as six buildings in Westchester County and Connecticut.

The Empire State Building may have sometimes been the pawn in grubby financial games, and cyclically its gloss has look a little tarnished, but its allure has always been mystical. Whether this makes for an attractive investment is an entirely different subject.

Source

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