Empire State Building Ipo Clears Ny Legal Hurdle

Empire State Building IPO clears NY legal hurdle Associated Press Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 1:53 pm, Tuesday, April 30, 2013 NEW YORK (AP) — A legal challenge to an ambitious plan to let the public buy shares in one of New York City's most famous landmarks — the Empire State Building — was cast aside on Tuesday in a ruling by a Manhattan judge. The ruling stems from a long-running dispute over plans by real estate magnates Peter Malkin and his son Anthony to offer the public shares in their holdings in Manhattan and Connecticut, including the 102-story Empire State Building. The Empire State Building's controlling investors have said they are close to getting approval of 80 percent of the smaller shareholders for the public offering — the percentage needed to go forward.