Empire State Realty Trust Announces Disposition of 250 West 57th Street and Strengthens Ownership of Broadway Campus Assets

Key Terms

ground lease financial

A ground lease is a long-term agreement where someone rents land from the owner, often for many decades. The person renting can build on or develop the land, but they don’t own it outright; the land remains owned by someone else. This matters because it affects how property is used and who benefits from its future value.

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NEW YORK--(BUSINESS WIRE)-- Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”) today announced the completion of the disposition of 250 West 57^th Street for $275 million, which included the buyer’s assumption of $180 million of mortgage debt. The transaction represents a recycling of capital into the Company's December 2025 acquisition of 130 Mercer Street, without recognition of a taxable gain. The sale is consistent with ESRT’s strategy to recycle capital into high-quality assets with long-term cash flow growth prospects.

The Company also completed the purchase of the land underlying its 111 West 33^rd Street and 1400 Broadway properties, which carried remaining ground lease terms of approximately 51 and 38 years, respectively, for an aggregate purchase price of $110 million. The transaction enhances the long-term value of ESRT's high-quality portfolio and was funded with balance sheet liquidity.

Adam Spies, Josh King, Avery Silverstein and Ben Lushing of Newmark (NASDAQ: NMRK) represented the Company in the sale of 250 West 57^th Street.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observation Deck, ranked the #1 Top Attraction in the United States in Tripadvisor’s 2026 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of March 31, 2026, ESRT’s portfolio is comprised of approximately 8.0 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn.

Source: Empire State Realty Trust, Inc.
Category: Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20260601889466/en/

Investors
Empire State Realty Trust Investor Relations
(212) 850-2678
IR@esrtreit.com

Source: Empire State Realty Trust, Inc.