The much-talked about and controversial IPO of New York's Empire State Building has been delayed beyond next week as a number of investors are still against the plan.

Apparently, Malkin Holdings agreed to move the final voting date to April 8 from the initially scheduled March 25. The extension was made in order to allow the Supreme Court to consider whether the opposing investors can be bought out for $100.

The provision means that the investors will only receive $100 for every $10,000 initially invested.

"There's no pressure on anyone anymore. I would urge everyone to wait to hear what Justice Sherwood has to say, because I can't imagine making this decision and not knowing whether the $100 buyout is legal or illegal," Stephen Meister, representing attorney of the investors against the bid, said in a conference call to Bloomberg.

Malkin Holdings LLC had announced plans to turn the building into a public Real Estate Investment Fund (REIT) called the Empire State Realty Trust Inc., which will give the REIT participants half the value of the building's appraised $2.53 billion. The other half of the value will go to the investors in Empire State Building Company LLC.

The proposition had received large support from the building's shareholders. The support is even higher from unit holders of two other buildings, who are chipping in to contribute to the $1 billion REIT.

However, for the IPO to proceed, the plan needs 80 percent favorable votes from the 3300 unit-holders of the Empire State Building Associates LLC. A small group of investors has voted against the plan, which is holding back the venture.

While some investors think that the REIT will not benefit unit owners of the building, others are voting "no" due to the uncertainty revolving around the proposal. The opposing investors also feel that the IPO deal is not clear enough, reports Wall Street Journal.

Currently, the fate of the IPO is hanging by the thread. If Malkin Holdings does not secure the necessary votes by its extended deadline, the voting can further be pushed back till the end of 2014.