You Can Own a Share of Empire State Building

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After months of negotiations and turmoil, the family that owns the Empire State Building is preparing an initial public offering which could raise more than $1 billion, one of the largest-ever for a U.S.-based real estate trust.

The Malkin family is expected to begin marketing the offering for the Empire State Realty Trust in the next days. The REIT will include 18 properties, primarily Manhattan office buildings, according to the filing with the Securities and Exchange Commission.

But the Empire State Building is the biggest prize in the portfolio. The 102-story, 1,454-foot tower was completed in 1931 and held the title of world's tallest building for more than 40 years. IT remains one of the city's biggest tourist attractions.

The public offering has been discussed for almost two years, but was delayed by disputes with investors and unsolicited offers to buy the iconic tower. The tower has a convoluted ownership structure, with more than 2,800 investors owning shares in the building.

With occupancy high in New York office space, the REIT should be well-received by the investment community.

"It would offer public investors a unique way to play the New York market," Michael Knott, an analyst with research firm Green Street Advisors Inc., told Bloomberg.

The Empire State Realty Trust plans to offer 71.5 million shares on the New York Stock Exchange for $13 to $15 each, according to the filing.

The IPO is scheduled to price Oct 1, Bloomberg reports. The IPO is led by Bank of American and Goldman Sachs, according to news reports.