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Empire State Building For Sale

The company that controls the Empire State Building plans to raise as much
as $1 billion in an initial public offering, giving investors the opportunity
to own a piece of the landmark 102-story Manhattan skyscraper.



Empire State Realty Trust Inc. plans to become a real estate investment trust
and list shares on the New York Stock Exchange under the ticker symbol “ESB,”
the company said in a U. S. Securities and Exchange Commission filing today.



The offering would give investors ownership of one of the world’s most famous
buildings and other Midtown properties as New York’s real estate values rebound
after the recession. Midtown Manhattan office values have gained 87 percent
since a mid-2009 trough, according to Green Street Advisors Inc.



“Because it’s got an iconic building as a centerpiece, I expect it will be
successful anyway, but you’re going to have more or less a higher percentage”
of individual investors, said Lawrence Longua, director of the REIT Center at
New York University’s Schack Institute of Real Estate. For institutional
investors, the owners “are very recognized names in the industry, so I suspect
all in all, it’ll do well,” he said.






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