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Empire State Building sell-off continues

May 29 2013 20:00
New York - New York's iconic Empire State Building is a step closer to being sold through an initial public offering, the owners said Wednesday, after a lengthy legal tussle with opposing investors.

The 102-story skyscraper, which is the second tallest in New York and a key fixture on the Manhattan skyline, can go ahead with the sell-off after the Malkin family, which controls the building, finally got enough support.

"More than the required supermajority has approved the consolidation and IPO," a regulatory filing at the SEC said.

At least 80% of Empire State Building Associates LLC holders had to approve the Malkins' plan for what would be one of the highest profile real estate stories in New York for years.

"We are pleased to deliver to our investors a proposal which has received such support," a Malkin spokesperson told AFP.

"The vote remains open and we urge all investors who have not yet voted in favor of the proposed consolidation and IPO to do so immediately. We look forward to delivering to our investors what we believe to be the many benefits of this transaction."

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