One of the worlds most iconic landmarks is going under the hammer as shareholders fail to see eye-to-eye on how the buildings ownership should be handled.

Shareholders have now approved the sale of New Yorks Empire State building to the public in an IPO valued at $4.2 Billion, according to a Security and Exchange Commission filing.

The decision ended a long running dispute between two groups of owners. One group wanted the ownership of the landmark unchanged whilst the other was trying to roll up the Empire State Building with 18 other New York area properties into a real estate investment trust (REIT).

It has been reported that an unknown source has placed a bid of $2.2 Billion on the landmark.

The Empire State Building was the largest skyscraper in the world until the World Trade Center surpassed it in 1973. After the 9/11 tragedy which saw both World Trade Centers destroyed, the Empire State Building once again reclaimed its title of largest building in the city. It has now again been surpassed by the new ground zero building, which reaches an incredible 1,776 feet.

 

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