The Empire State Building Is Going Public

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Photo: TIMOTHY A. CLARY/2011 AFP

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.