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ESRT-News
ESRT-Events
Q2 Revenue Reaches $387.2M, Same-Store Cash NOI Up 3.3%
Reports Q2 revenue $387.2M vs. $371.3M last year. Same-Store Property Cash Net Operating Income ("NOI"), excluding lease termination fees, increased 3.3% year-over-year. The increase was primarily attributed to the receipt of approximately $4.0 million of non-recurring real estate tax abatements, related to prior periods. Adjusted for the non-recurring items, Same-Store Property Cash NOI decreased by 3.2%. This change was primarily attributed to increases in free rent and operating expenses, partially offset by an increase in tenant reimbursement income. The total commercial portfolio was 94.9% leased and 89.4% occupied as of June 30, 2026.
Empire State Realty Sells 250 West 57th Street for $275M
Empire State Realty completed the disposition of 250 West 57th Street for $275M, which included the buyer's assumption of $180M 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 company also completed the purchase of the land underlying its 111 West 33rd Street and 1400 Broadway properties, which carried remaining ground lease terms of approximately 51 and 38 years, respectively, for an aggregate purchase price of $110M. The transaction was funded with balance sheet liquidity.
Empire State Realty Confirms 2026 Core FFO Outlook of 85-89 Cents
Empire State Realty affirms 2026 core FFO outlook 85c-89c
Reports Q1 Revenue of $190.3 Million
Reports Q1 revenue $190.3M.
Empire State Realty Trust Acquires Brooklyn Retail Asset for $46 Million
The company states: "Empire State Realty Trust acquired a newly constructed, prime retail asset located at 41-55 North 6th Street in Williamsburg, Brooklyn for $46 million at the end of the first quarter. The approximately 22,000 square foot property, currently vacant, is located between Kent and Wythe Avenues and in close proximity to the Company's existing 102,000 square foot portfolio of prime retail assets along North 6th Street. This acquisition, together with the Company's purchase of 86-90 North 6th Street in mid-2025, completed the redeployment of investment capacity from the December 2025 disposition of Metro Center without a recognition of a taxable gain. These transactions were the final execution of ESRT's strategy to recycle capital from non-core suburban assets into high-quality NYC assets with stronger long-term cash flow growth prospects. The Company also closed on a $53.5 million mortgage on 10 Union Square East, a 58,000 square foot prime retail asset anchored by a long-term lease with Target. The 10-year interest-only loan carries a fixed interest rate of 5.3% and replaces a $50.0 million loan that matured on April 1, 2026."
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