Empire State of Mind

It has recently been announced that a major hurdle to having an Empire State IPO has been cleared. According to CNNmoney.com ” the Malkin Group, the controlling shareholders in the iconic building, announced Wednesday that they have the votes to move ahead with plans to take the building public.The group has been pushing for an IPO for months and said in a filing Wednesday that they now have the support of 80% of shareholders, which is required by law.But the proposal, to roll the skyscraper and 17 other Manhattan buildings into a common ownership group known as a real estate investment trust, or REIT, has sparked a bitter fight led by some of the building’s minority shareholders. They argue that the Malkin Group and the heirs of late former owner Harry Helmsley stand to unfairly benefit more than the other shareholders”. Should it go cleared I will be the first one to invest. It’s an iconic building in one of the biggest cities in the world. There is still demand for room in the building and so long as demand is their money will come. I would initially get one and depending how it acts after the first day I would consider more.  Investing in the Empire State building IPO has a lot of risk but I feel like the reward is a lot greater. No matter who you decide to assign as a broker look for how much the fee is for every stock purchase because it will add to the cost of final purchase.

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