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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 This material may not be published, broadcast, rewritten or redistributed.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.