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real estate

The Empire State Building Is Going Public

Rain and dark clouds PASS over the Empire State Buidling in New York ON August 25 ,2011. New York City is bracing for the arrival of Hurricane Irene. Forecasters are expect it to move up the east coast, where it could hit New York City by late Saturday or Sunday. AFP PHOTO / TIMOTHY A. CLARY (Photo credit should read TIMOTHY A. CLARY/AFP/Getty Images)

Empire State Realty Trust, the company that controls all 102 stories of the Empire State Building, filed for its initial public offering today, hoping to raise up to $1 billion, or way less than Facebook. The company, run by the Malkin family, owns twelve office properties overall, but disclosed $156.7 million in revenue for the first nine months of 2011 from New York City's most famous skyscraper. The company will make Class A shares available publicly, while Class B shares will hold 50 votes each; no word yet on how many must be purchased to personalize the tower light colors.  

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Photo: TIMOTHY A. CLARY/2011 AFP