Empire State Realty Trust (NYSE: ESRT) is a New York City-focused real estate investment trust that owns and operates a portfolio of office, retail, and multifamily properties in Manhattan and Brooklyn. Revenue comes from two segments: a Real Estate segment generating rental income from office and retail tenants, and an Observatory segment selling tickets to the Empire State Building observation deck. As of December 31, 2025, the portfolio totaled approximately 8.3 million rentable square feet across 7.9 million square feet of office space, 0.8 million square feet of retail space, and 743 residential units, with a portfolio occupancy rate of 90.3% and annualized rent of $552.0 million. ESRT was organized as a Maryland corporation on July 29, 2011 and competes with numerous owners, developers, and operators of commercial real estate in New York City. Total revenues were $768.3 million in FY2025, split between $639.9 million from the Real Estate segment and $128.3 million from the Observatory segment.
- Revenue model
- Rental revenue from office and retail leases ($626.2 million in FY2025) is the primary income source. The Observatory segment at the Empire State Building generates ticket-based revenue ($128.3 million in FY2025, down from $136.4 million in FY2024), with approximately 2.3 million visitors in 2025. Ancillary streams include third-party management fees ($1.5 million in FY2025) and other revenues and fees ($11.8 million in FY2025).
- Products and services
- Office leasing across 10 Manhattan properties including the Empire State Building, One Grand Central Place, 1400 Broadway, and 250 West 57th Street. Retail leasing at the base of office and multifamily buildings, four standalone Manhattan retail properties, and the North Sixth Street Collection in Williamsburg, Brooklyn. Paid-admission Empire State Building Observatory, ranked the number one attraction in New York City on Tripadvisor's 2025 Travelers' Choice Awards. Multifamily residential units (743 units as of December 31, 2025).
- Customers and end markets
- Office tenant base is diversified across retail (20.1%), technology, media and advertising (16.0%), finance, insurance, and real estate (12.6%), professional services (8.8%), and legal services (5.5%), among others, as of December 31, 2025. Top office tenants include LinkedIn at the Empire State Building (6.0% of occupied office square feet, 6.9% of office annualized rent) and Flagstar Bank at 1400 Broadway (4.5%, 4.2%). Top retail tenants include Sephora USA (14.7% of retail annualized rent), Target Corporation (8.3%), and Foot Locker (7.5%). Observatory customers are domestic and international tourists; 2.3 million visitors in 2025 versus 2.6 million in 2024.
- Value-chain role
- Direct property owner and operator. ESRT acquires, repositions, manages, and leases its own office, retail, and multifamily assets. It also provides third-party property management services. Since its IPO, ESRT has completed 317 expansions with existing tenants totaling 3.2 million square feet within its portfolio.
- Geographic exposure
- Substantially all properties are located in Manhattan, New York City. Retail assets also include the North Sixth Street Collection in Williamsburg, Brooklyn. ESRT holds entitled land in Stamford, Connecticut that can support office or residential development. No material international real estate exposure is disclosed in the filing.
- Competitors
- Numerous owners, developers, and operators of commercial real estate in New York City (unnamed in filing)
