Well, at least in a way it is… According to a new report in the New York Times, the Malkin family who own the Empire State Building are set to announce the creation of a publicly traded real estate firm in the next few days or weeks.
This means that one day soon, you could (indirectly) grab yourself a share in the Empire State Building, the most expensive, ostentatious lighting rod you’ll ever get to own! Now wouldn’t that be something to brag about?
Before all of this happens, the Malkin family will need to secure approval from their principal partner in the Empire State Building, the estate of Leona Helmsley, while also securing the permission of the company’s 3,400 limited partners.
According to sources close to the Malkins, the new real estate company would also own several other prominent buildings, such as 250 West 57th Street and 1 Grand Central.
Quite a few observers think that the new company shares will be an attractive proposition for many investors. Michael Knott, with the Green Street Advisors, explained that “Investors from across the world are desperate to get their money into office properties in Manhattan, both equity and debt.”
However, perhaps we shouldn’t get too excited, even if we do manage to land a piece of the Empire State Building. Although certain bragging rights will be obtained, as is the case with most publicly traded companies, those who hold minor stakes will have very little say in what actually happens with the building.