NEW YORK ( TheStreet) -- In what might be the most heralded IPO's since Facebook (FB) went public last May, the push by Malkin Properties to take the Empire State Building public continues.Malkin acquired what might be one of the most famous buildings in America in 1961 for $57.5 million, and now has a 15.4% stake in what is part of an ownership group of 2889 (as of Dec. 31) known as Empire State Building Associates L.L.C.
According to Empire State Building Association SEC filings, the building was 69% occupied by 256 tenants as of year-end 2012. (Empire State Building Associates does not operate the property, but subleases it to Empire State Building Company L.L.C. owned by the estate of Leona Helmsley.) Total 2012 revenue was $34.4 million, with net income of $10.6 million. The building, land and improvements are carried on the books at $149.6 million net of depreciation.