Interested investors may soon be able to own part of the Empire State Building.
Three anonymous executives involved in the plans but unauthorized to discuss them told the New York Times that a publicly traded real-estate company may be in the works. The Malkin family, a father-son duo, controls the building and several other buildings that the new company may include in their stock offerings.
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The 102-story Art Deco skyscraper at West 34th street and Fifth Avenue has risen to international fame as a popular tourist landmark. Over the years the Malkins have endured long legal battles in trying to gain control of the building from competing investors like Donald Trump. But the New York Times reports that after gaining full control half a decade ago, the Malkins have spearheaded a $560 million push to renovate and improve the landmark. In doing so, they’ve more than doubled the rent.
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The plans are still in the early stages as the Malkins still need to clear them with their partners, but hopeful investors should stay tuned for further developments. But for those of us who can’t quite afford a chunk of the Empire State Building, watch it get struck by lightning three times during a storm Tuesday night. (via New York Times)