The privately held company that owns the Empire State Building is a step closer to going public.

According to a Securities and Exchange Commission filing, enough shareholders approved a plan to turn the company into a publicly traded real estate investment trust.

Under the plan spearheaded by Malkin Holdings LLC, which runs the iconic New York building, three companies would be consolidated and up to $1 billion would be raised by selling stock in a new company to be called Empire State Realty Trust.

Malkin originally proposed the plan early last year, but met resistance from some stakeholders.