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Empire State Building lists on NY stock exchange

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Text by FRANCE 24

Latest update : 2013-10-02

New York City's landmark Empire State Building listed on the New York Stock Exchange for the first time on Wednesday after months of delays due to legal challenges from shareholders who opposed plans to go public.

The real estate trust that owns New York City's landmark Empire State Building listed on the New York Stock Exchange for the first time on Wednesday after months of delays due to legal wrangling.

The Empire State Realty Trust, which owns the iconic skyscraper as well as 17 other commercial buildings in New York and Connecticut, began trading under "ESRT" at an introductory price of $13 per share, which rose to $13.39 in heavy midday trading.

Malkin Holdings real estate investors, which administers the Empire State Building, filed the paperwork to take the venture public in February 2012, but it was delayed by several months due to legal challenges brought by a small group of stakeholders who opposed the IPO plan, saying the move would saddle them with an unfair tax burden.

A New York judge in May backed a $55 million settlement between the Malkins and disgruntled shareholders.

Malkin bought the Empire State Building from Donald Trump and another business partner for $57.5 million in 2002.

At 381 metres (1,250 feet) and with 102 floors, the Art Deco building became New York's second-tallest building after the May opening of One World Trade Center, which is 541 metres high.

It was the world's tallest building from 1931 until 1974, when it was overtaken by the 442-metre-tall Sears Tower in Chicago.

(FRANCE 24 with wires)

 

Date created : 2013-10-02

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