$1 billion Empire State Building IPO: why it won't be like Facebook IPO
The Empire State Building is set to make a $1 billion IPO, but investors probably won't be as excited as they were about Facebook or other tech IPOs.
Soon investors can take after King Kong and grab a piece of theEmpire State Building.
The company that runs the Depression-era skyscraper, the tallest buildingin New York, is planning to go public in a stock offering that could raise $1 billion, according to documents filed with regulators Monday.
That means that even if you can't afford to buy a home, you can buy a stake in perhaps the nation's most iconic office building. At least until the government sells shares in the Pentagon.
The planned IPO comes about 10 years after real estate investor Peter Malkin bought the 102-story Art Deco landmark from Donald Trump and a business partner for $57.5 million.
It's the latest chapter in a saga that dates to 1931, when the building was completed, establishing it as the city's tallest skyscraper. It regained that standing after the collapse of the World Trade Center twin towers in the Sept. 11 attacks.
Millions of tourists visiting New York ascend its heights to gape over the city from its observation deck, made famous in films such as "Sleepless in Seattle." It was 1933's "King Kong" that showed a giant ape clutching Fay Wray and fending off airplanes atop the tower.
The building's star turns in Hollywood blockbusters and TV shows and its dominant presence in the New York landscape have made it among the most beloved structures in the nation. And the opportunity to buy stock in a company that owns such a landmark doesn't come up often.