Read as much as you want on, anywhere and anytime, for just 99¢.

NY judge to OK Empire State Building settlement

NEW YORK — A judge on Thursday backed a $55 million settlement in a battle over the Empire State Building, clearing the way for a plan to let the public buy shares in the New York City landmark.

Judge O. Peter Sherwood said he would formally approve the settlement in coming days with a written ruling.

Continue reading below

It stems from a long 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 skyscraper. The offering is expected to raise $1 billion for the new Empire State Trust Inc. A lawsuit alleged the building’s owners misled noncontrolling investors about the proposal — an accusation the defendants denied.

The plaintiffs also claimed the initial public offering would place an unfair tax burden on them. The deal will allow the investors to defer taxes on capital gains.

The Empire State Building IPO is viewed as a rare chance for investors to own a piece of history — an Art Deco icon visited by millions yearly and featured in films like ‘‘King Kong.’’

Loading comments...
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of
Marketing image of