UPDATE A New York judge today cleared the way for a public offering of shares in the Empire State Building and properties on Westport’s Main Street, including Westport Pizzeria.

Westport Pizzeria, two adjacent retail stores, and three others on Westport’s Main Street would be rolled into the Empire State Building offering. (CLICK TO ENLARGE) Contributed photo

New York Supreme Court Justice O. Peter Sherwood denied a motion by opposing shareholders to declare illegal a plan that would allow Malkin Holdings, controlled by the Malkin family of Greenwich, to roll the properties into a real estate investment trust.

The Westport properties include 66-99 Main St., current home to Nike Running, Allen Edmonds, and Theory, and 103 (former home of Kate Spade, now empty), 105 (Francois du Pont Jewelers), and 107 (Westport Pizzeria) Main St.

Under the plan, the Empire State Building—owned by Empire State Building Associates LLC, an entity controlled by Malkin—would join at least 20 other properties in the REIT called Empire State Realty Trust Inc. and launch an initial public stock offering. The IPO could bring $1 billion, according to financial advisers.

The shopping strip at 1529 Post Road East at Maple Avenue North has changed hands for $3.45 million, according to broker Jon Angel of Fairfield-based Angel Commercial LLC. The transaction was recorded in the Town Clerk’s office on April 22. He represented the buyer—Post Maple LLC— and the seller, Joseph Rothman Westport LLC. The property on 2.1 acres contains 7,680-square feet of retail space and current tenants include Maple Cleaners, Boat Locker, Dunkin Donuts, Sun Reflexology and Top Drawer. There are no plans to change anything at the premises, other than a general clean up of the property, Angel said. “The seller owned the property for over 45 years,” he said. “It attracted a long list of qualified buyers on an unsolicited basis due to its prime corner location, with traffic lights…and a high traffic count.“ (CLICK TO ENLARGE) Dave Matlow for WestportNow.com