For £200,000 you could own a part of the Empire State Building But Judge Peter Sherwood dismissed their challenge and cleared the way for the Malkin family, which owns the famed Art Deco skyscraper, to sell $1bn in shares for a new company they are calling Empire State Trust Inc, which will also include 18 other properties. The shares are being offered at $323,000 each. Completed in 1931, the Empire State Building draws about 4m tourists every year to its observation decks on the 86th and 102nd floors. It has featured in countless films, including King Kong, Sleepless in Seattle and An Affair to Remember. When the iconic landmark changed hands in 1961, the buyers sold 1,100 shares at $10,000 per share to help finance the deal. Some of the 3,300 investors were ordinary New Yorkers who pulled together just enough cash to buy partial shares. Real estate magnate Peter Malkin and his son Anthony bought the building in 2002 and, after a series of court battles, wrested control of it eight years later. The Malkins say they are close to getting approval of 80pc of the smaller shareholders for the public offering - the percentage needed for the flotation to progress. Critics have argued that the scheme short-changes other investors. There was no immediate comment from the plan's opponents but their lawyers have said they would appeal if the ruling went against them.