Sep 18, 2013
By AM740 Staff
Here’s your chance to have the Empire State building in your retirement portfolio.
Shares in the Empire State Building in mid-town Manhattan are expected to be available as early as the first week of October in what would be one of the largest real estate initial public offerings.
However, some prospective buyers may be concerned that two-thirds of the Empire State Building’s income is generated by the observatory deck which will face competition from One World Trade Center when it opens in 2015.
The IPO aims to raise up to 1-billion dollars , which would make it the second-largest ever by a U.S.-based REIT.