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Clock Ticking for Empire State Building IPO

An $10,000 (original) investment would be worth around $323,803 today (according to filings). Heck, if I was lucky enough to own a piece of the legendary tower, I would sell the shares at redeploy the proceeds into my favorite blue-chip, Realty Income (O - Get Report).

I'm not sure why the opposition group is waging a fight. Manhattan property valuations are at record highs as property sales jumped over 85% from the third quarter of 2012 to the fourth quarter of 2012. In the fourth quarter (2012) sales volumes hit $10.8 billion eclipsing the most recent quarterly high mark of $10.6 billion (Q3-11).

The naysayers are hosting a conference call on February 7 to revisit complaints and argue the merits of the proposed public listing. If the deal goes forward, I won't be named on the "wall of fame" but I will frame a share it on my wall beside my share of Trump Tower Casino.

At the time of publication the author had no position in any of the stocks mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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