Planned IPO for Empire State Building

Investors will soon have a chance to own the Empire State Building (at least a part of it). The controlling company of the Empire State Building, Empire State Realty Trust, Inc., plans to convert to a REIT and raise as much as $ 1 billion in an IPO. The company will form a REIT by consolidating a group of closely held companies and seeks to lists its shares on the New York Stock Exchange. Empire State Realty Trust currently holds 11 other properties in Manhattan, upstate New York and Connecticut. Other prominent properties that would be consolidated into the REIT are 1 Grand Central Place and 250 West 57th Street. The prospective REIT will trade under the “ESB” ticker, according to SEC filings.

Aninda Dhar is a Senior Tax Manager with extensive experience in federal and international tax matters. Aninda provides tax consulting services to entities in numerous industries and serves a diverse roster of clients.

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