Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 28, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-36105
Entity Registrant Name	EMPIRE STATE REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	37-1645259
Entity Address, Address Line One	111 West 33rd Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10120
City Area Code	212
Local Phone Number	850-2600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001541401
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	ESRT
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		160,111,408
Class B Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock, par value $0.01 per share
Entity Common Stock, Shares Outstanding		986,884
No Trading Symbol Flag	true

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commercial real estate properties, at cost:
Land	$ 361,497	$ 365,540
Development costs	8,204	8,166
Building and improvements	3,196,181	3,177,743
Commercial real estate properties, at cost	3,565,882	3,551,449
Less: accumulated depreciation	(1,180,558)	(1,137,267)
Commercial real estate properties, net	2,385,324	2,414,182
Assets held for sale	0	35,538
Cash and cash equivalents	315,357	264,434
Restricted cash	80,451	50,244
Tenant and other receivables	32,901	24,102
Deferred rent receivables	249,881	240,188
Prepaid expenses and other assets	98,986	98,114
Deferred costs, net	176,678	187,570
Acquired below-market ground leases, net	325,157	329,073
Right of use assets	28,554	28,670
Goodwill	491,479	491,479
Total assets	4,184,768	4,163,594
Liabilities:
Mortgage notes payable, net	880,592	883,705
Senior unsecured notes, net	973,768	973,659
Unsecured term loan facilities, net	389,028	388,773
Unsecured revolving credit facility	0	0
Accounts payable and accrued expenses	71,709	80,729
Acquired below-market leases, net	15,280	17,849
Ground lease liabilities	28,554	28,670
Deferred revenue and other liabilities	73,972	76,091
Tenants’ security deposits	40,253	25,084
Liabilities related to assets held for sale	0	5,943
Total liabilities	2,473,156	2,480,503
Commitments and contingencies
Empire State Realty Trust, Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000 shares authorized, none issued or outstanding	0	0
Additional paid-in capital	1,047,459	1,055,184
Accumulated other comprehensive income	9,275	7,048
Retained deficit	(92,392)	(109,468)
Total Empire State Realty Trust, Inc. stockholders' equity	965,950	954,375
Non-controlling interests in the Operating Partnership	700,282	683,310
Non-controlling interests in other partnerships	15,440	15,466
Private perpetual preferred units:
Total equity	1,711,612	1,683,091
Total liabilities and equity	4,184,768	4,163,594
Class A Common Stock
Empire State Realty Trust, Inc. stockholders' equity:
Common stock	1,598	1,601
Class B Common Stock
Empire State Realty Trust, Inc. stockholders' equity:
Common stock	10	10
Private Perpetual Preferred Units, Series 2019
Private perpetual preferred units:
Private perpetual preferred units	21,936	21,936
Private Perpetual Preferred Units, Series 2014
Private perpetual preferred units:
Private perpetual preferred units	$ 8,004	$ 8,004

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Equity:
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	50,000,000	50,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Class A Common Stock
Equity:
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	400,000,000	400,000,000
Common stock issued (in shares)	159,843,000	160,139,000
Common stock outstanding (in shares)	159,843,000	160,139,000
Class B Common Stock
Equity:
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	50,000,000	50,000,000
Common stock issued (in shares)	988,000	990,000
Common stock outstanding (in shares)	988,180	990,000
Private Perpetual Preferred Units, Series 2019
Equity:
Private perpetual preferred units, per unit liquidation preference (in USD per share)	$ 13.52	$ 13.52
Private perpetual preferred units issued (in shares)	4,664,038	4,664,000
Private perpetual preferred units outstanding (in shares)	4,664,000	4,664,000
Private Perpetual Preferred Units, Series 2014
Equity:
Private perpetual preferred units, per unit liquidation preference (in USD per share)	$ 16.62	$ 16.62
Private perpetual preferred units issued (in shares)	1,560,000	1,560,000
Private perpetual preferred units outstanding (in shares)	1,560,000	1,560,000

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental revenue	$ 154,603	$ 149,339	$ 294,694	$ 296,853
Observatory revenue	33,433	27,368	55,587	40,609
Lease termination fees	0	18,859	0	20,032
Third-party management and other fees	381	326	808	636
Other revenue and fees	2,125	2,130	4,075	3,926
Total revenues	190,542	198,022	355,164	362,056
Operating expenses:
Property operating expenses	39,519	37,433	81,563	76,077
Ground rent expenses	2,332	2,332	4,663	4,663
General and administrative expenses	16,075	15,876	31,783	29,562
Observatory expenses	8,657	7,776	16,512	13,991
Real estate taxes	31,490	29,802	63,278	59,806
Depreciation and amortization	46,280	58,304	93,688	125,410
Total operating expenses	144,353	151,523	291,487	309,509
Total operating income (loss)	46,189	46,499	63,677	52,547
Other income (expense):
Interest income	3,339	431	5,934	580
Interest expense	(25,405)	(25,042)	(50,709)	(50,056)
Gain on disposition of property	13,565	27,170	29,261	27,170
Income (loss) before income taxes	37,688	49,058	48,163	30,241
Income tax benefit (expense)	(733)	(363)	486	1,233
Net income	36,955	48,695	48,649	31,474
Net (income) loss attributable to non-controlling interests:
Non-controlling interests in the Operating Partnership	(14,049)	(18,224)	(18,217)	(11,305)
Non-controlling interests in other partnerships	(1)	159	42	222
Private perpetual preferred unit distributions	(1,051)	(1,051)	(2,101)	(2,101)
Net income attributable to common stockholders	$ 21,854	$ 29,579	$ 28,373	$ 18,290
Total weighted average shares:
Basic (in shares)	160,028	167,118	160,669	168,099
Diluted (in shares)	264,196	270,085	264,736	271,837
Earnings per share attributable to common stockholders:
Basic (in USD per share)	$ 0.14	$ 0.18	$ 0.18	$ 0.11
Diluted (in USD per share)	0.14	0.18	0.18	0.11
Dividends per share (in USD per share)	$ 0.035	$ 0.035	$ 0.070	$ 0.070

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 36,955	$ 48,695	$ 48,649	$ 31,474
Other comprehensive income:
Unrealized gain on valuation of interest rate swap agreements	11,935	10,057	6,533	19,819
Less: amount reclassified into interest expense	(1,882)	2,741	(3,154)	6,036
Other comprehensive income	10,053	12,798	3,379	25,855
Comprehensive income	47,008	61,493	52,028	57,329
Net income attributable to non-controlling interests and private perpetual preferred unitholders	(15,101)	(19,116)	(20,276)	(13,184)
Other comprehensive income attributable to non-controlling interests	(4,098)	(5,920)	(1,263)	(10,882)
Comprehensive income attributable to common stockholders	$ 27,809	$ 36,457	$ 30,489	$ 33,263

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Total Stockholders' Equity	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Retained Earnings (Deficit)	Non-controlling Interests	Private Perpetual Preferred Units
Beginning balance (in shares) at Dec. 31, 2021					169,221,000	996,000
Beginning balance at Dec. 31, 2021	$ 1,684,332			$ 998,128	$ 1,692	$ 10	$ 1,150,884	$ (20,848)	$ (133,610)	$ 656,264	$ 29,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of operating partnership units and Class B shares to Class A shares (in shares)					1,140,000	(2,000)
Conversion of operating partnership units and Class B shares to Class A shares	0			2,345	$ 11		2,286	48		(2,345)
Repurchases of common shares (in shares)					(7,866,000)
Repurchases of common shares	(64,440)			(64,440)	$ (79)		(76,571)		12,210
Contributions from consolidated joint ventures	224									224
Equity compensation:
LTIP units	9,968									9,968
Restricted stock, net of forfeitures (in shares)					195,000
Restricted stock, net of forfeitures	257			257	$ 2		255
Dividends and distributions	(21,577)			(11,750)					(11,750)	(7,726)	(2,101)
Net income	31,474			18,290					18,290	11,083	2,101
Other comprehensive income	25,855			14,973				14,973		10,882
Ending balance (in shares) at Jun. 30, 2022					162,690,000	994,000
Ending balance at Jun. 30, 2022	1,666,093			957,803	$ 1,626	$ 10	1,076,854	(5,827)	(114,860)	678,350	29,940
Beginning balance (in shares) at Mar. 31, 2022					168,731,000	995,000
Beginning balance at Mar. 31, 2022	1,662,032			978,421	$ 1,687	$ 10	1,119,201	(12,730)	(129,747)	653,671	29,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A shares	0
Conversion of operating partnership units and Class B shares to Class A shares (in shares)					566,000	(1,000)
Conversion of operating partnership units and Class B shares to Class A shares	0			848	$ 5		818	25		(848)
Repurchases of common shares (in shares)					(6,611,000)
Repurchases of common shares	(52,439)			(52,439)	$ (67)		(43,482)		(8,890)
Equity compensation:
LTIP units	5,447									5,447
Restricted stock, net of forfeitures (in shares)					4,000
Restricted stock, net of forfeitures	318			318	$ 1		317
Dividends and distributions	(10,758)			(5,802)					(5,802)	(3,905)	(1,051)
Net income	48,695			29,579					29,579	18,065	1,051
Other comprehensive income	12,798			6,878				6,878		5,920
Ending balance (in shares) at Jun. 30, 2022					162,690,000	994,000
Ending balance at Jun. 30, 2022	1,666,093			957,803	$ 1,626	$ 10	1,076,854	(5,827)	(114,860)	678,350	29,940
Beginning balance (in shares) at Dec. 31, 2022		160,139,000	990,000		160,139,000	990,000
Beginning balance at Dec. 31, 2022	1,683,091			954,375	$ 1,601	$ 10	1,055,184	7,048	(109,468)	698,776	29,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of operating partnership units and Class B shares to Class A shares (in shares)					1,535,000	(2,000)
Conversion of operating partnership units and Class B shares to Class A shares	0			5,019	$ 15		4,893	111		(5,019)
Repurchases of common shares (in shares)					(2,151,000)
Repurchases of common shares	(13,105)			(13,105)	$ (21)		(13,084)		0
Contributions from consolidated joint ventures	112									112
Equity compensation:
LTIP units	9,274									9,274
Restricted stock, net of forfeitures (in shares)					320,000
Restricted stock, net of forfeitures	469			469	$ 3		466
Dividends and distributions	(20,257)			(11,297)					(11,297)	(6,859)	(2,101)
Net income	48,649			28,373					28,373	18,175	2,101
Other comprehensive income	3,379			2,116				2,116		1,263
Ending balance (in shares) at Jun. 30, 2023		159,843,000	988,180		159,843,000	988,000
Ending balance at Jun. 30, 2023	1,711,612			965,950	$ 1,598	$ 10	1,047,459	9,275	(92,392)	715,722	29,940
Beginning balance (in shares) at Mar. 31, 2023					160,340,000	989,000
Beginning balance at Mar. 31, 2023	1,677,066			948,251	$ 1,603	$ 10	1,051,926	3,336	(108,624)	698,875	29,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of operating partnership units and Class B shares to Class A shares (in shares)					728,000	(1,000)
Conversion of operating partnership units and Class B shares to Class A shares	0			2,475	$ 7		2,484	(16)		(2,475)
Repurchases of common shares (in shares)					(1,218,000)
Repurchases of common shares	(7,411)			(7,411)	$ (12)		(7,399)		0
Contributions from consolidated joint ventures	94									94
Equity compensation:
LTIP units	4,921									4,921
Restricted stock, net of forfeitures (in shares)					(7,000)
Restricted stock, net of forfeitures	448			448	$ 0		448
Dividends and distributions	(10,514)			(5,622)					(5,622)	(3,841)	(1,051)
Net income	36,955			21,854					21,854	14,050	1,051
Other comprehensive income	10,053			5,955				5,955		4,098
Ending balance (in shares) at Jun. 30, 2023		159,843,000	988,180		159,843,000	988,000
Ending balance at Jun. 30, 2023	$ 1,711,612			$ 965,950	$ 1,598	$ 10	$ 1,047,459	$ 9,275	$ (92,392)	$ 715,722	$ 29,940

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows From Operating Activities
Net income	$ 48,649	$ 31,474
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	93,688	125,410
Gain on disposition of property	(29,261)	(27,170)
Amortization of non-cash items within interest expense	4,521	5,169
Amortization of acquired above- and below-market leases, net	(1,378)	(3,459)
Amortization of acquired below-market ground leases	3,916	3,916
Straight-lining of rental revenue	(12,415)	(11,192)
Equity based compensation	9,743	10,225
Increase (decrease) in cash flows due to changes in operating assets and liabilities:
Security deposits	15,326	866
Tenant and other receivables	(8,708)	(24,831)
Deferred leasing costs	(9,316)	(21,826)
Prepaid expenses and other assets	957	(1,242)
Accounts payable and accrued expenses	(9,324)	(2,235)
Deferred revenue and other liabilities	(492)	(1,427)
Net cash provided by operating activities	105,906	83,678
Cash Flows From Investing Activities
Net proceeds from disposition of property	88,910	0
Development costs	0	(31)
Additions to building and improvements	(76,166)	(56,614)
Net cash provided by (used in) investing activities	12,744	(56,645)
Cash Flows From Financing Activities
Repayment of mortgage notes payable	(4,270)	(3,119)
Contributions from consolidated joint ventures	112	224
Repurchases of common shares	(13,105)	(64,440)
Private perpetual preferred unit distributions	(2,101)	(2,101)
Dividends paid to common stockholders	(11,297)	(11,750)
Distributions paid to non-controlling interests in the operating partnership	(6,859)	(7,726)
Net cash used in financing activities	(37,520)	(88,912)
Net increase (decrease) in cash and cash equivalents and restricted cash	81,130	(61,879)
Cash and cash equivalents and restricted cash—beginning of period	314,678	474,638
Cash and cash equivalents and restricted cash—end of period	395,808	412,759
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	264,434	423,695
Restricted cash at beginning of period	50,244	50,943
Cash and cash equivalents at end of period	315,357	359,424
Restricted cash at end of period	80,451	53,335
Cash and cash equivalents and restricted cash	395,808	412,759
Supplemental disclosures of cash flow information:
Cash paid for interest	46,116	40,199
Cash paid for income taxes	405	268
Non-cash investing and financing activities:
Building and improvements included in accounts payable and accrued expenses	38,677	67,815
Write-off of fully depreciated assets	21,182	38,518
Derivative instruments at fair values included in prepaid expenses and other assets	19,329	4,082
Derivative instruments at fair values included in accounts payable and accrued expenses	0	19,695
Conversion of operating partnership units and Class B shares to Class A shares	5,019	2,345
Disposal of land in connection with foreclosure	0	1,680
Extinguishment of debt in connection with property disposition	$ 0	$ 30,000

Description of Business and Organization	6 Months Ended
Description of Business and Organization	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Organization	Description of Business and Organization As used in these condensed consolidated financial statements, unless the context otherwise requires, “we,” “us,” “our,” the “Company,” and "ESRT" mean Empire State Realty Trust, Inc. and its consolidated subsidiaries. We are a self-administered and self-managed real estate investment trust ("REIT"), that owns, manages, operates, acquires and repositions office, retail and multifamily properties in Manhattan and the greater New York metropolitan area. As the owner of the Empire State Building, the World’s Most Famous Building, we also own and operate our iconic, newly reimagined Observatory Experience. As of June 30, 2023, our office and retail portfolio contained 9.4 million rentable square feet of office and retail space. We owned 11 office properties (including three long-term ground leasehold interests) encompassing approximately 8.6 million rentable square feet of office space. Nine of these properties are located in the midtown Manhattan market and encompass approximately 7.6 million rentable square feet of office space, including the Empire State Building. Our Manhattan office and multifamily properties also contain an aggregate of approximately 0.5 million rentable square feet of retail space on their ground floor and/or contiguous levels. Our remaining two office properties are located in Fairfield County, Connecticut, encompassing approximately 1.1 million rentable square feet. These two properties are located in densely populated metropolitan communities with immediate access to mass transportation. Additionally, we have entitled land at the Stamford Transportation Center in Stamford, Connecticut, adjacent to one of our office properties, that will support the development of an approximately 0.4 million rentable square foot office building and garage. As of June 30, 2023, our portfolio included four standalone retail properties located in Manhattan encompassing approximately 0.2 million rentable square feet. Additionally, as of June 30, 2023, our portfolio included three multifamily properties located in Manhattan totaling 721 units. We were organized as a Maryland corporation on July 29, 2011 and commenced operations upon completion of our initial public offering and related formation transactions on October 7, 2013 (the "IPO"). Our operating partnership, Empire State Realty OP, L.P. (the "Operating Partnership"), holds substantially all of our assets and conducts substantially all of our business. As of June 30, 2023, we owned approximately 59.4% of the aggregate operating partnership units in the Operating Partnership. We, as the sole general partner in the Operating Partnership, have responsibility and discretion in the management and control of the Operating Partnership, and the limited partners in the Operating Partnership, in such capacity, have no authority to transact business for, or participate in the management activities of, the Operating Partnership. Accordingly, the Operating Partnership has been consolidated by us. We elected to be subject to tax as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2013.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no material changes to the summary of significant accounting policies included in the "Summary of Significant Accounting Policies" section in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report”). Basis of Quarterly Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments and eliminations (including intercompany balances and transactions), consisting of normal recurring adjustments, considered necessary for the fair presentation of the financial statements have been included. The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the corresponding full years. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the financial statements for the year ended December 31, 2022 contained in our Annual Report. Our observatory business is subject to seasonality based on tourism trends and the weather. Pre-pandemic, approximately 16.0% to 18.0% of our annual observatory revenue was realized in the first quarter, 26.0% to 28.0% was realized in the second quarter, 31.0% to 33.0% was realized in the third quarter, and 23.0% to 25.0% was realized in the fourth quarter. Our multifamily business experiences some seasonality based on general market trends in New York City – the winter months (November through January) are slower in terms of leasing activity. We seek to mitigate this by staggering lease terms such that lease expirations are matched with seasonal demand. We do not consider the balance of our business to be subject to material seasonal fluctuations. We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members. For variable interest entities ("VIE"), we consolidate the entity if we are deemed to have a variable interest in the entity and through that interest we are deemed the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The primary beneficiary is required to consolidate the VIE. The Operating Partnership is a VIE of ESRT. As the Operating Partnership is already consolidated in the financial statements of ESRT, the identification of this entity as a VIE has no impact on our consolidated financial statements. At December 31, 2022, the Operating Partnership was the primary beneficiary of a variable interest in the intermediary entity which held title to 298 Mulberry, the multifamily asset acquired in December 2022. The intermediary entity was utilized to execute a like-kind exchange and subsequent to March 31, 2023, the like-kind exchange was completed and the Operating Partnership took title to 298 Mulberry. Therefore, the Operating Partnership had no VIEs at June 30, 2023. We will assess the accounting treatment for each investment we may have in the future. This assessment will include a review of each entity’s organizational agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we will review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance and benefit. In situations where we or our partner could approve, among other things, the annual budget, or leases that cover more than a nominal amount of space relative to the total rentable space at each property, we would not consolidate the investment as we consider these to be substantive participation rights that result in shared power of the activities that would most significantly impact the performance and benefit of such joint venture investment. A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests are required to be presented as a separate component of equity in the condensed consolidated balance sheets and in the condensed consolidated statements of operations by requiring earnings and other comprehensive income to be attributed to controlling and non-controlling interests. Accounting Estimates The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to use estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Significant items subject to such estimates and assumptions include allocation of the purchase price of acquired real estate properties among tangible and intangible assets, determination of the useful life of real estate properties and other long-lived assets, valuation and impairment analysis of commercial real estate properties, right of use assets and other long-lived and indefinite-lived assets, estimate of tenant expense reimbursements, valuation of the allowance for doubtful accounts, and valuation of derivative instruments, ground lease liabilities, senior unsecured notes, mortgage notes payable, unsecured term loan and revolving credit facilities, and equity-based compensation. These estimates are prepared using management’s best judgment, after considering past, current, and expected events and economic conditions. Actual results could differ from those estimates.

Acquisitions and Dispositions	6 Months Ended
Acquisitions and Dispositions	Jun. 30, 2023
Business Combination and Dispositions [Abstract]
Acquisitions and Dispositions	Acquisitions and DispositionsIn December 2022, we entered into a purchase and sale agreement for 500 Mamaroneck Avenue in Harrison, NY at a gross asset valuation of $53.0 million. The assets and related liabilities of the 500 Mamaroneck property were classified as held for sale in our condensed consolidated balance sheets as of December 31, 2022 having met the held-for-sale criteria set forth in ASC 360 Property, Plant, and Equipment. We closed on the sale of this property on April 5, 2023 and no longer classify its assets and related liabilities as held for sale as of June 30, 2023. In connection with the sale, we recorded a gain of $13.6 million which is included in Gain on disposition of property in our condensed consolidated statements of operations. In accordance with ASC 450, included in this gain is approximately $2.0 million of estimated post-closing obligations related to contaminated soil remediation costs and our commitment to reimburse the buyer for a delay in rent commencement from a tenant impacted by the soil remediation efforts.On February 1, 2023, we closed on the sale of 69-97 and 103-107 Main Street in Westport, Connecticut at a gross asset valuation of $40.0 million, and recorded a gain of $15.7 million, which is included in Gain on disposition of property in our condensed consolidated statements of operations. The Westport sale was a related party transaction approved in accordance with the Company's related party transactions policy. See our Annual Report for more information.

Deferred Costs, Acquired Lease Intangibles and Goodwill

6 Months Ended

Jun. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Costs, Acquired Lease Intangibles and Goodwill

Deferred costs, net, consisted of the following as of June 30, 2023 and December 31, 2022 (amounts in thousands):


	June 30, 2023		December 31, 2022
Leasing costs	$	219,404	$	218,707
Acquired in-place lease value and deferred leasing costs	159,356		160,683
Acquired above-market leases	25,880		27,833
	404,640		407,223
Less: accumulated amortization	(231,886)		(223,246)
Total deferred costs, net, excluding net deferred financing costs	$	172,754	$	183,977

At June 30, 2023 and December 31, 2022, $3.9 million and $5.0 million, respectively, of net deferred financing costs associated with the unsecured revolving credit facility was included in deferred costs, net on the condensed consolidated balance sheets.

Amortization expense related to deferred leasing costs and acquired deferred leasing costs was $6.1 million and $11.9 million for the three and six months ended June 30, 2023, respectively, and $7.3 million and $14.3 million for the three and six months ended June 30, 2022, respectively. Amortization expense related to acquired lease intangibles was $2.3 million and $4.6 million for the three and six months ended June 30, 2023, respectively, and $4.1 million and $8.3 million for the three and six months ended June 30, 2022, respectively.

Amortizing acquired intangible assets and liabilities consisted of the following as of June 30, 2023 and December 31, 2022 (amounts in thousands):


	June 30, 2023		December 31, 2022
Acquired below-market ground leases	$	396,916	$	396,916
Less: accumulated amortization	(71,759)		(67,843)
Acquired below-market ground leases, net	$	325,157	$	329,073


	June 30, 2023		December 31, 2022
Acquired below-market leases	$	(63,831)	$	(64,656)
Less: accumulated amortization	48,551		46,807
Acquired below-market leases, net	$	(15,280)	$	(17,849)

Rental revenue related to the amortization of below-market leases, net of above-market leases, was $0.7 million and $1.4 million for the three and six months ended June 30, 2023, respectively, and $1.7 million and $3.5 million for the three and six months ended June 30, 2022, respectively.

As of June 30, 2023 and December 31, 2022, we had goodwill of $491.5 million. Goodwill was allocated $227.5 million to the observatory reportable segment and $264.0 million to the real estate reportable segment.

From the quarter ended June 30, 2020 through our annual goodwill testing in October 2022, we bypassed the optional qualitative goodwill impairment assessment and proceeded directly to a quantitative assessment of the observatory reportable segment and engaged a third-party valuation consulting firm to perform the valuation process. This was done in response to the temporary closure of our observatory due to the COVID-19 pandemic and subsequent slow increase in visitors due to continued pandemic-related restrictions impacting tourism and international travel. The quantitative analysis used a combination of the discounted cash flow method (a form of the income approach) utilizing Level 3 unobservable inputs and the guideline company method (a form of the market approach). Significant assumptions under the former included revenue and cost projections, weighted average cost of capital, long-term growth rate and income tax considerations while the latter included guideline company enterprise values, revenue multiples and control premium rates. Our methodology to review goodwill impairment, which included a significant amount of judgment and estimates, provided a reasonable basis to determine whether impairment had occurred. Each quantitative analysis performed concluded the fair value of the reporting unit exceeds its carrying value. For the quarter ended June 30, 2023, we performed an optional qualitative assessment and did not identify any events which

occurred between our last quantitative assessment and the current reporting date which would indicate, on a more likely than not basis, that the goodwill allocated to the reporting unit was impaired. Many of the factors employed in determining whether or not goodwill is impaired are outside of our control, and it is reasonably likely that assumptions and estimates will change in future periods. We will continue to assess the impairment of the observatory reporting unit goodwill going forward.

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Debt consisted of the following as of June 30, 2023 and December 31, 2022 (amounts in thousands):


	Principal Balance				As of June 30, 2023
	June 30, 2023		December 31, 2022		Stated Rate		Effective Rate(1)		Maturity Date(2)
Mortgage debt collateralized by:
Fixed rate mortgage debt
Metro Center	$	81,344	$	82,596	3.59	%	3.67	%	11/5/2024
10 Union Square	50,000		50,000		3.70	%	3.97	%	4/1/2026
1542 Third Avenue	30,000		30,000		4.29	%	4.53	%	5/1/2027
First Stamford Place(3)	177,347		178,823		4.28	%	4.73	%	7/1/2027
1010 Third Avenue and 77 West 55th Street	35,399		35,831		4.01	%	4.21	%	1/5/2028
250 West 57th Street	180,000		180,000		2.83	%	3.21	%	12/1/2030


1333 Broadway	160,000		160,000		4.21	%	4.29	%	2/5/2033
345 East 94th Street - Series A(5)	43,600		43,600		70.0% of SOFR plus 0.95%		3.56	%	11/1/2030
345 East 94th Street - Series B(5)	7,544		7,865		SOFR plus 2.24%		3.56	%	11/1/2030



561 10th Avenue - Series A(5)	114,500		114,500		70.0% of SOFR plus 1.07%		3.85	%	11/1/2033
561 10th Avenue - Series B(5)	16,627		17,415		SOFR plus 2.45%		3.85	%	11/1/2033
Total mortgage debt	896,361		900,630

Senior unsecured notes:(4)
Series A	100,000		100,000		3.93	%	3.96	%	3/27/2025
Series B	125,000		125,000		4.09	%	4.12	%	3/27/2027
Series C	125,000		125,000		4.18	%	4.21	%	3/27/2030
Series D	115,000		115,000		4.08	%	4.11	%	1/22/2028
Series E	160,000		160,000		4.26	%	4.27	%	3/22/2030
Series F	175,000		175,000		4.44	%	4.45	%	3/22/2033
Series G	100,000		100,000		3.61	%	4.89	%	3/17/2032
Series H	75,000		75,000		3.73	%	5.00	%	3/17/2035
Unsecured term loan facility (4)	215,000		215,000		SOFR plus 1.20%		4.22	%	3/19/2025
Unsecured revolving credit facility (4)	—		—		SOFR plus 1.30%		—		3/31/2025
Unsecured term loan facility (4)	175,000		175,000		SOFR plus 1.50%		4.51	%	12/31/2026
Total principal	2,261,361		2,265,630
Deferred financing costs, net	(10,619)		(11,748)
Unamortized debt discount	(7,354)		(7,745)
Total	$	2,243,388	$	2,246,137

______________

(1)The effective rate is the yield as of June 30, 2023 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements.

(2)Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty.

(3)Represents a $164 million mortgage loan bearing interest at 4.09% and a $13.3 million loan bearing interest at 6.25%.

(4)At June 30, 2023, we were in compliance with all debt covenants.

(5)As of May 18, 2023, the benchmark index rate was converted from LIBOR to SOFR, plus a benchmark adjustment of 11.4 basis points .

Principal Payments

Aggregate required principal payments at June 30, 2023 are as follows (amounts in thousands):


Year	Amortization		Maturities		Total
2023	$	4,363	$	—	$	4,363
2024	8,861		77,675		86,536
2025	6,893		315,000		321,893
2026	7,330		225,000		232,330
2027	6,461		319,000		325,461
Thereafter	22,079		1,268,699		1,290,778
Total	$	55,987	$	2,205,374	$	2,261,361

Deferred Financing Costs

Deferred financing costs, net, consisted of the following at June 30, 2023 and December 31, 2022 (amounts in thousands):


	June 30, 2023		December 31, 2022
Financing costs	$	43,473	$	43,473
Less: accumulated amortization	(28,931)		(26,753)
Total deferred financing costs, net	$	14,542	$	16,720

Amortization expense related to deferred financing costs was $1.1 million and $2.2 million for the three and six months ended June 30, 2023, respectively, and $1.3 million and $2.7 million for the three and six months ended June 30, 2022, respectively.

Unsecured Revolving Credit and Term Loan Facilities

On August 29, 2022, through our Operating Partnership, we entered into a third amendment to our amended and restated credit agreement dated August 29, 2017 with Bank of America, N.A., as administrative agent and the other lenders party thereto, which governs our senior unsecured revolving credit facility and term loan facility (collectively, the “BofA Credit Facility”). The BofA Credit Facility is in the initial maximum principal amount of up to $1.065 billion, which consists of an $850.0 million revolving credit facility that matures on March 31, 2025, and a $215.0 million term loan facility that matures on March 19, 2025. The third amendment revised the terms of the BofA Credit Facility to (i) replace LIBOR with SOFR given the phase-out of LIBOR and (ii) permit the addition of multifamily assets as Unencumbered Eligible Property (as defined therein) and add a capitalization rate for such assets. As of June 30, 2023, we had no borrowings under the revolving credit facility and $215.0 million under the term loan facility.

On August 29, 2022, through our Operating Partnership, we entered into a second amendment to our credit agreement dated March 19, 2020 with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto, which governs a senior unsecured term loan facility (the “Wells Term Loan Facility”). The Wells Term Loan Facility is in the original principal amount of $175.0 million and matures on December 31, 2026. The second amendment revised the terms of the Wells Term Loan Facility to (i) replace LIBOR with SOFR given the phase-out of LIBOR and (ii) permit the addition of multifamily assets as Unencumbered Eligible Property (as defined therein) and add a capitalization rate for such assets. We may request the Wells Term Loan Facility be increased through one or more increases or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount not to exceed $225 million. As of June 30, 2023, our borrowings amounted to $175.0 million under the Wells Term Loan Facility.

The terms of both the BofA Credit Facility and the Wells Term Loan Facility include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. Both facilities also require compliance with financial ratios including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unsecured leverage ratio. The agreements governing both facilities also contain customary events of default (subject in certain cases to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, invalidity of

loan documents, loss of real estate investment trust qualification, and occurrence of a change of control. As of June 30, 2023, we were in compliance with these covenants.

Senior Unsecured Notes

The terms of the senior unsecured notes include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. It also requires compliance with financial ratios including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unsecured leverage ratio. The agreements also contain customary events of default (subject in certain cases to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, the occurrence of certain change of control transactions and loss of real estate investment trust qualification. As of June 30, 2023, we were in compliance with these covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following as of June 30, 2023 and December 31, 2022 (amounts in thousands):


	June 30, 2023		December 31, 2022
Accrued capital expenditures	$	38,677	$	44,293
Accounts payable and accrued expenses	29,468		32,927


Accrued interest payable	3,564		3,509

Total accounts payable and accrued expenses	$	71,709	$	80,729

Financial Instruments and Fair Values

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Values

Derivative Financial Instruments

We use derivative financial instruments primarily to manage interest rate risk and such derivatives are not considered speculative. These derivative instruments are typically in the form of interest rate swap and forward agreements, and the primary objective is to minimize interest rate risks associated with investing and financing activities. The counterparties of these arrangements are major financial institutions with which we may also have other financial relationships. We are exposed to credit risk in the event of non-performance by these counterparties; however, we currently do not anticipate that any of the counterparties will fail to meet their obligations.

We have agreements with our derivative counterparties that contain a provision where if we either default or are capable of being declared in default on any of our indebtedness, then we could also be declared in default on our derivative obligations. As of June 30, 2023, we did not have derivatives in a net liability position.

As of June 30, 2023 and December 31, 2022, we had interest rate swaps and caps with an aggregate notional value of $574.0 million and $574.8 million, respectively. The notional value does not represent exposure to credit, interest rate or market risks. As of June 30, 2023 and December 31, 2022, the fair value of our derivative instruments in an asset position amounted to $19.4 million and $17.9 million, respectively, which is included in prepaid expenses and other assets on the condensed consolidated balance sheets. These interest rate swaps have been designated as cash flow hedges and hedge the variability in future cash flows associated with our existing variable-rate term loan facilities. Interest rate caps not designated as hedges are not speculative and are used to manage our exposure to interest rate movements, but do not meet the strict hedge accounting requirements.

As of June 30, 2023 and 2022, our cash flow hedges are deemed highly effective and a net unrealized gain of $10.1 million and $3.4 million for the three and six months ended June 30, 2023, respectively, and a net unrealized gain of $12.8 million and $25.9 million for the three and six months ended June 30, 2022, respectively, relating to both active and terminated hedges of interest rate risk, are reflected in the condensed consolidated statements of comprehensive income (loss). Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the debt. We estimate that $8.5 million net gain of the current balance held in accumulated other comprehensive income (loss) will be reclassified into interest expense within the next 12 months.

The table below summarizes the terms of agreements and the fair values of our derivative financial instruments as of June 30, 2023 and December 31, 2022 (amounts in thousands):


							June 30, 2023				December 31, 2022
Derivative	Notional Amount		Receive Rate	Pay Rate	Effective Date	Expiration Date	Asset		Liability		Asset		Liability

Interest rate swap	$	36,820	70% of 1 Month SOFR	2.5000%	December 1, 2021	November 1, 2030	$	364	$	—	$	256	$	—
Interest rate swap	103,790		70% of 1 Month SOFR	2.5000%	December 1, 2021	November 1, 2033	375		—		365		—
Interest rate swap	10,710		70% of 1 Month SOFR	1.7570%	December 1, 2021	November 1, 2033	626		—		643		—
Interest rate swap	16,761		1 Month SOFR	2.2540%	December 1, 2021	November 1, 2030	1,067		—		1,070		—
Interest rate cap	6,780		70% of 1 Month SOFR	4.5000%	December 1, 2021	October 1, 2024	4		—		8		—
Interest rate cap	9,188		1 Month SOFR	5.5000%	December 1, 2021	October 1, 2024	28		—		26		—
Interest rate swap	175,000		SOFR Compound	2.5620%	August 31, 2022	December 31, 2026	8,961		—		8,040		—
Interest rate swap	107,500		SOFR Compound	2.6260%	August 19, 2022	March 19, 2025	3,967		—		3,766		—
Interest rate swap	107,500		SOFR OIS Compound	2.6280%	August 19, 2022	March 19, 2025	3,969		—		3,762		—
							$	19,361	$	—	$	17,936	$	—

The table below shows the effect of our derivative financial instruments designated as cash flow hedges on accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (amounts in thousands):


	Three Months Ended				Six Months Ended
Effects of Cash Flow Hedges	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Amount of gain (loss) recognized in other comprehensive income (loss)	$	11,935	$	10,057	$	6,533	$	19,819
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense	1,882		(2,741)		3,154		(6,036)

The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 (amounts in thousands):


	Three Months Ended				Six Months Ended
Effects of Cash Flow Hedges	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$	(25,405)	$	(25,042)	$	(50,709)	$	(50,056)
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense	1,882		(2,741)		3,154		(6,036)

Fair Valuation

The estimated fair values at June 30, 2023 and December 31, 2022 were determined by management, using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

The fair value of derivative instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Although the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. The impact of such credit valuation adjustments, determined based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all our derivatives were classified as Level 2 of the fair value hierarchy.

The fair values of our mortgage notes payable, senior unsecured notes (Series A, B, C, D, E, F, G and H), unsecured term loan facilities and unsecured revolving credit facility which are determined using Level 3 inputs are estimated by discounting the future cash flows using current interest rates at which similar borrowings could be made by us.

The following tables summarize the carrying and estimated fair values of our financial instruments as of June 30, 2023 and December 31, 2022 (amounts in thousands):


	June 30, 2023
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in prepaid expenses and other assets	$	19,329	$	19,329	$	—	$	19,329	$	—
Interest rate swaps included in accounts payable and accrued expenses	—		—		—		—		—
Mortgage notes payable	880,592		765,621		—		—		765,621

Senior unsecured notes - Series A, B, C, D, E, F, G and H	973,768		870,173		—		—		870,173
Unsecured term loan facilities	389,028		390,000		—		—		390,000


	December 31, 2022
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in prepaid expenses and other assets	$	17,936	$	17,936	$	—	$	17,936	$	—

Mortgage notes payable	883,705		783,648		—		—		783,648

Senior unsecured notes - Series A, B, C, D, E, F, G and H	973,659		865,292		—		—		865,292
Unsecured term loan facilities	388,773		390,000		—		—		390,000

Disclosure about the fair value of financial instruments is based on pertinent information available to us as of June 30, 2023 and December 31, 2022. Although we are not aware of any factors that would significantly affect the reasonable fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

Lessor

We lease various spaces to tenants over terms ranging from one to 22 years. Certain leases have renewal options for additional terms. The leases provide for base monthly rentals and reimbursements for real estate taxes, escalations linked to the consumer price index or common area maintenance known as operating expense escalation. Operating expense reimbursements are reflected in our June 30, 2023 and 2022 condensed consolidated statements of operations as rental revenue.

Rental revenue includes fixed and variable payments. Fixed payments primarily relate to base rent and variable payments primarily relate to tenant expense reimbursements for certain property operating costs. The components of rental revenue for the three and six months ended June 30, 2023 and 2022 are as follows (amounts in thousands):


	Three Months Ended				Six Months Ended
Rental revenue	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Fixed payments	$	138,318	$	134,794	$	262,882	$	268,195
Variable payments	16,285		14,545		31,812		28,658
Total rental revenue	$	154,603	$	149,339	$	294,694	$	296,853

As of June 30, 2023, we were entitled to the following future contractual minimum lease payments (excluding operating expense reimbursements) on non-cancellable operating leases to be received which expire on various dates through 2040 (amounts in thousands):


Remainder of 2023	$	246,802
2024	504,657
2025	484,668
2026	438,662
2027	419,474
Thereafter	1,963,143
	$	4,057,406

The above future minimum lease payments exclude tenant recoveries and the net accretion of above and below-market lease intangibles. Some leases are subject to termination options generally upon payment of a termination fee. The preceding table is prepared assuming such options are not exercised.

On March 12, 2023, Signature Bank, a tenant at 1400 Broadway and 1333 Broadway, was closed by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver. On March 20, 2023, Flagstar Bank, N.A. (“Flagstar”), a wholly owned subsidiary of New York Community Bancorp, Inc., assumed substantially all of the deposits and certain loan portfolios of Signature Bank.

As of March 31, 2023, Flagstar had not yet assumed or rejected our leases, and our assessment of collectability of the remaining lease payments due to us in accordance with ASC 842-30-25-13 caused us to record a $6.4 million reserve on Signature Bank’s straight-line rent receivable balance. On May 18, 2023, Flagstar assumed the entire 313,109 square foot lease at 1400 Broadway under the same terms through 2039, with the exception of an approximate $3 per square foot reduction for the first five years of the lease amendment. As such, we reversed $5.8 million of the $6.4 million reserve taken in the first quarter of 2023 and resumed accounting for this tenant on a straight-line basis.

On May 1, 2023, First Republic Bank, a tenant of 14,430 square feet of retail space in the base of One Grand Central Place was closed by the California Department of Financial Protection and Innovation and the FDIC was appointed as the receiver. JPMorgan Chase Bank, National Association agreed to assume all of the deposits and to purchase substantially all of the assets of First Republic Bank. The FDIC has until September 28, 2023 to assume or reject our lease at One Grand Central Place. Although this tenant is current on its rental obligations to us, as of June 30, 2023, we maintain a $0.2 million reserve on First Republic Bank’s straight-line rent receivable balance.

Lessee

We determine if an arrangement is a lease at inception. Our operating lease agreements relate to three ground lease assets and are reflected in right-of-use assets of $28.6 million and lease liabilities of $28.6 million in our condensed consolidated balance sheets as of June 30, 2023. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the right-of-use assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred.

The ground leases are due to expire between the years 2050 and 2077, inclusive of extension options, and have no variable payments or residual value guarantees. As our leases do not provide an implicit rate, we determined our incremental borrowing rate based on information available at the date of adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842), in determining the present value of lease payments. The weighted average incremental borrowing rate used to calculate the right-of-use assets and lease liabilities as of June 30, 2023 was 4.5%. Rent expense for lease payments related to our operating leases is recognized on a straight-line basis over the non-cancellable term of the leases. The weighted average remaining lease term as of June 30, 2023 was 46.9 years.

As of June 30, 2023, the following table summarizes our future minimum lease payments discounted by our incremental borrowing rates to calculate the lease liabilities of our leases (amounts in thousands):


Remainder of 2023	$	759
2024	1,518
2025	1,518
2026	1,503
2027	1,482
Thereafter	62,277
Total undiscounted cash flows	69,057
Present value discount	(40,503)
Ground lease liabilities	$	28,554

Leases

Lessor

We lease various spaces to tenants over terms ranging from one to 22 years. Certain leases have renewal options for additional terms. The leases provide for base monthly rentals and reimbursements for real estate taxes, escalations linked to the consumer price index or common area maintenance known as operating expense escalation. Operating expense reimbursements are reflected in our June 30, 2023 and 2022 condensed consolidated statements of operations as rental revenue.

Rental revenue includes fixed and variable payments. Fixed payments primarily relate to base rent and variable payments primarily relate to tenant expense reimbursements for certain property operating costs. The components of rental revenue for the three and six months ended June 30, 2023 and 2022 are as follows (amounts in thousands):


	Three Months Ended				Six Months Ended
Rental revenue	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Fixed payments	$	138,318	$	134,794	$	262,882	$	268,195
Variable payments	16,285		14,545		31,812		28,658
Total rental revenue	$	154,603	$	149,339	$	294,694	$	296,853

As of June 30, 2023, we were entitled to the following future contractual minimum lease payments (excluding operating expense reimbursements) on non-cancellable operating leases to be received which expire on various dates through 2040 (amounts in thousands):


Remainder of 2023	$	246,802
2024	504,657
2025	484,668
2026	438,662
2027	419,474
Thereafter	1,963,143
	$	4,057,406

The above future minimum lease payments exclude tenant recoveries and the net accretion of above and below-market lease intangibles. Some leases are subject to termination options generally upon payment of a termination fee. The preceding table is prepared assuming such options are not exercised.

On March 12, 2023, Signature Bank, a tenant at 1400 Broadway and 1333 Broadway, was closed by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver. On March 20, 2023, Flagstar Bank, N.A. (“Flagstar”), a wholly owned subsidiary of New York Community Bancorp, Inc., assumed substantially all of the deposits and certain loan portfolios of Signature Bank.

As of March 31, 2023, Flagstar had not yet assumed or rejected our leases, and our assessment of collectability of the remaining lease payments due to us in accordance with ASC 842-30-25-13 caused us to record a $6.4 million reserve on Signature Bank’s straight-line rent receivable balance. On May 18, 2023, Flagstar assumed the entire 313,109 square foot lease at 1400 Broadway under the same terms through 2039, with the exception of an approximate $3 per square foot reduction for the first five years of the lease amendment. As such, we reversed $5.8 million of the $6.4 million reserve taken in the first quarter of 2023 and resumed accounting for this tenant on a straight-line basis.

On May 1, 2023, First Republic Bank, a tenant of 14,430 square feet of retail space in the base of One Grand Central Place was closed by the California Department of Financial Protection and Innovation and the FDIC was appointed as the receiver. JPMorgan Chase Bank, National Association agreed to assume all of the deposits and to purchase substantially all of the assets of First Republic Bank. The FDIC has until September 28, 2023 to assume or reject our lease at One Grand Central Place. Although this tenant is current on its rental obligations to us, as of June 30, 2023, we maintain a $0.2 million reserve on First Republic Bank’s straight-line rent receivable balance.

Lessee

We determine if an arrangement is a lease at inception. Our operating lease agreements relate to three ground lease assets and are reflected in right-of-use assets of $28.6 million and lease liabilities of $28.6 million in our condensed consolidated balance sheets as of June 30, 2023. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the right-of-use assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred.

The ground leases are due to expire between the years 2050 and 2077, inclusive of extension options, and have no variable payments or residual value guarantees. As our leases do not provide an implicit rate, we determined our incremental borrowing rate based on information available at the date of adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842), in determining the present value of lease payments. The weighted average incremental borrowing rate used to calculate the right-of-use assets and lease liabilities as of June 30, 2023 was 4.5%. Rent expense for lease payments related to our operating leases is recognized on a straight-line basis over the non-cancellable term of the leases. The weighted average remaining lease term as of June 30, 2023 was 46.9 years.

As of June 30, 2023, the following table summarizes our future minimum lease payments discounted by our incremental borrowing rates to calculate the lease liabilities of our leases (amounts in thousands):


Remainder of 2023	$	759
2024	1,518
2025	1,518
2026	1,503
2027	1,482
Thereafter	62,277
Total undiscounted cash flows	69,057
Present value discount	(40,503)
Ground lease liabilities	$	28,554

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings Except as described below, as of June 30, 2023, we were not involved in any material litigation, nor, to our knowledge, was any material litigation threatened against us or our properties, other than routine litigation arising in the ordinary course of business such as disputes with tenants. We believe that the costs and related liabilities, if any, which may result from such actions will not materially affect our condensed consolidated financial position, operating results or liquidity. As previously disclosed, in October 2014, 12 former investors (the "Claimants") in Empire State Building Associates L.L.C. (“ESBA”), which, prior to the IPO, owned the fee title to the Empire State Building, filed an arbitration claim with the American Arbitration Association against Peter L. Malkin, Anthony E. Malkin, Thomas N. Keltner, Jr., and our subsidiary ESRT MH Holdings LLC, the former supervisor of ESBA (the "Respondents"). The Statement of Claim (also filed later in federal court in New York for the expressed purpose of tolling the statute of limitations) alleged breach of fiduciary duty and related claims in connection with the IPO and formation transactions and sought monetary damages and declaratory relief. The Claimants had opted out of a prior class action bringing similar claims that were settled with court approval. The Respondents filed an answer and counterclaims. In March 2015, the federal court action was stayed on consent of all parties pending the arbitration. Arbitration hearings started in May 2016 and concluded in August 2018. On August 26, 2020, the arbitration panel issued an award that denied all Claimants’ claims with one exception, on which it awarded the Claimants approximately $1.2 million, inclusive of seven years of interest through October 2, 2020. This amount was recorded as an IPO litigation expense in the consolidated statements of operations for the year ended December 31, 2020. The Respondents believe that such award in favor of the Claimants is entirely without merit and, in an action filed in the United States District Court for the Southern District of New York, sought to vacate that portion of the award. On September 27, 2021, the court denied the Respondents' motion to vacate and entered judgement in the aforementioned amount, inclusive of accumulated interest. The Respondents have appealed that ruling. On May 10, 2022, the Respondents moved to dismiss the appeal and judgment on the grounds that a recent decision of the United States Supreme Court held that the federal courts have no subject matter jurisdiction over the case. The Claimants opposed the motion. On April 20, 2023, the federal appeals court granted the motion and the federal court action challenging the award was dismissed. On April 21, 2023, the Respondents filed a petition to vacate in part and otherwise confirm in New York State court. On April 28, 2023, the Claimants filed a motion to confirm in that same court. On July 31, 2023, the New York State court denied the Respondents’ petition to vacate in part and confirmed the award. The Respondents believe that ruling is incorrect and are considering their options with respect thereto. In addition, certain of the Claimants in the federal court action sought to pursue claims in that case against the Respondents. The Respondents believe that any such claims are meritless. The magistrate judge assigned to the action has issued a Report and Recommendation rejecting the Claimants’ claims; the district judge will decide whether to adopt the Report and Recommendation. Pursuant to indemnification agreements which were made with our directors, executive officers and chairman emeritus as part of our formation transactions, Anthony E. Malkin, Peter L. Malkin and Thomas N. Keltner, Jr., our former general counsel, have defense and indemnity rights from us with respect to this arbitration. Unfunded Capital Expenditures At June 30, 2023, we estimate that we will incur approximately $138.4 million of capital expenditures (including tenant improvements and leasing commissions) on our properties pursuant to existing lease agreements. We expect to fund these capital expenditures with operating cash flow, additional property level mortgage financings, our unsecured credit facility, cash on hand and other borrowings. Future property acquisitions may require substantial capital investments for refurbishment and leasing costs. We expect that these financing requirements will be met in a similar fashion. Concentration of Credit Risk Financial instruments that subject us to credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments, tenant and other receivables and deferred rent receivables. At June 30, 2023, we held on deposit at various major financial institutions cash and cash equivalents and restricted cash balances in excess of amounts insured by the FDIC. Asset Retirement Obligations We are required to accrue costs that we are legally obligated to incur on retirement of our properties which result from acquisition, construction, development and/or normal operation of such properties. Retirement includes sale, abandonment or disposal of a property. Under that standard, a conditional asset retirement obligation represents a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement is conditional on a future event that may or may not be within a company’s control and a liability for a conditional asset retirement obligation must be recorded if the fair value of the obligation can be reasonably estimated. Environmental site assessments and investigations have identified asbestos or asbestos-containing building materials in certain of our properties. As of June 30, 2023, management has no plans to remove or alter these properties in a manner that would trigger federal and other applicable regulations for asbestos removal, and accordingly, the obligations to remove the asbestos or asbestos-containing building materials from these properties have indeterminable settlement dates. As such, we are unable to reasonably estimate the fair value of the associated conditional asset retirement obligation. However, ongoing asbestos abatement, maintenance programs and other required documentation are carried out as required and related costs are expensed as incurred. Other Environmental Matters Certain of our properties have been inspected for soil contamination due to pollutants, which may have occurred prior to our ownership of these properties or subsequently in connection with its development and/or its use. Required remediation to such properties has been completed, other than our post-closing obligations for remediation at our previously owned Westport retail assets, as discussed in more detail in our Annual Report, and at our previously owned 500 Mamaroneck property as discussed in “Financial Statements - Note 3. Acquisitions and Dispositions.” As of June 30, 2023, with the exception of these three assets, management believes that there are no obligations related to environmental remediation other than maintaining the affected sites in conformity with the relevant authority’s mandates and filing the required documents. All such maintenance costs are expensed as incurred. We expect that resolution of the environmental matters relating to the above will not have a material impact on our business, assets, consolidated financial condition, results of operations or liquidity. However, we cannot be certain that we have identified all environmental liabilities at our properties, that all necessary remediation actions have been or will be undertaken at our properties or that we will be indemnified, in full or at all, in the event that such environmental liabilities arise. Insurance Coverage We carry insurance coverage on our properties of types and in amounts with deductibles that we believe are in line with coverage customarily obtained by owners of similar properties.

Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Equity

Shares and Units

An operating partnership unit of the Operating Partnership ("OP Unit") and a share of our common stock have essentially the same economic characteristics as they receive the same per unit profit distributions of the Operating Partnership. On the one-year anniversary of issuance, an OP Unit may be tendered for redemption for cash; however, we have sole and absolute discretion, and sufficient authorized common stock, to exchange OP Units for shares of common stock on a one-for-one basis instead of cash.

On May 16, 2019, our shareholders approved the Empire State Realty Trust, Inc. Empire State Realty OP, L.P. 2019 Equity Incentive Plan (the “2019 Plan”) and replaced the First Amended and Restated Empire State Realty Trust, Inc. and Empire State Realty OP, L.P. 2013 Equity Incentive Plan ("2013 Plan", and collectively with the 2019 Plan, the "Plans"). The 2019 Plan provides for grants to directors, employees and consultants of our Company and the Operating Partnership, including options, restricted stock, restricted stock units, stock appreciation rights, performance awards, dividend equivalents and other equity-based awards. An aggregate of approximately 11.0 million shares of our common stock are authorized for issuance under awards granted pursuant to the 2019 Plan. We will not issue any new equity awards under the 2013 Plan. The shares of Class A common stock underlying any awards under the Plans that are forfeited, canceled or otherwise terminated, other than by exercise, will be added back to the shares of Class A common stock available for issuance under the 2019 Plan. Shares

tendered or held back upon exercise of a stock option or settlement of an award under the Plans to cover the exercise price or tax withholding and shares subject to a stock appreciation right that are not issued in connection with the stock settlement of the stock appreciation right upon exercise thereof, will not be added back to the shares of Class A common stock available for issuance under the 2019 Plan. In addition, shares of Class A common stock repurchased on the open market will not be added back to the shares of Class A common stock available for issuance under the 2019 Plan.

Long-term incentive plan ("LTIP") units are a special class of partnership interests in the Operating Partnership. Each LTIP unit awarded will be deemed equivalent to an award of one share of stock under the Plans, reducing the availability for other equity awards on a one-for-one basis.

The vesting period for LTIP units, if any, will be determined at the time of issuance. Under the terms of the LTIP units, the Operating Partnership will revalue for tax purposes its assets upon the occurrence of certain specified capital events, and any increase in valuation from the time of one such event to the next such event will be allocated first to the holders of LTIP units to equalize the capital accounts of such holders with the capital accounts of Operating Partnership unitholders (the "OP unitholders"). Subject to any agreed upon exceptions, once vested and having achieved parity with OP unitholders, LTIP units are convertible into OP Units in the Operating Partnership on a one-for-one basis.

LTIP units subject to time-based vesting, whether vested or not, receive per unit distributions as OP units, which equal per share dividends (both regular and special) on our common stock. Market and performance-based LTIPs receive 10% of such distributions currently, unless and until such LTIP units are earned based on performance, at which time they will receive the accrued and unpaid 90% and will commence receiving 100% of such distributions thereafter.

As of June 30, 2023, there were 159,842,614 shares of Class A common stock, 988,180 shares of Class B common stock and 110,086,858 OP Units outstanding. The REIT has a 59.4% controlling interest in the OP and the remaining 40.6% noncontrolling interest in the OP is owned by other limited partners, including Company directors, members of senior management and other employees. We have two classes of common stock as a means to give our OP Unit holders voting rights in the public company that correspond to their economic interest in the combined entity. A one-time option was created at our formation transactions for any pre-IPO OP Unit holder to exchange one OP Unit out of every 50 OP Units they owned for one Class B share, and such Class B share carries 50 votes.

Stock and Publicly Traded Operating Partnership Unit Repurchase Program

Our Board of Directors authorized the repurchase of up to $500 million of our Class A common stock and the Operating Partnership’s Series ES, Series 250 and Series 60 operating partnership units from January 1, 2022 through December 31, 2023. Under the program, we may purchase our Class A common stock and the Operating Partnership’s Series ES, Series 250 and Series 60 operating partnership units in accordance with applicable securities laws from time to time in the open market or in privately negotiated transactions. The timing, manner, price and amount of any repurchases will be determined by us and will be subject to stock price, availability, trading volume, general market conditions, and applicable securities laws. The authorization does not obligate us to acquire any particular amount of securities, and the program may be suspended or discontinued at our discretion without prior notice.

The following table summarizes our purchases of equity securities in each of the three months ended June 30, 2023:


Period	Total Number of Shares Purchased	Weighted Average Price Paid per Share		Maximum Approximate Dollar Value Available for Future Purchase (in thousands)



April 1 - April 30, 2023	1,214,770	$	6.09	$	396,736
May 1 - May 31, 2023	2,700	$	6.00	$	396,720
June 1 - June 30, 2023	—	$	—	$	396,720

Private Perpetual Preferred Units

As of June 30, 2023, there were 4,664,038 Series 2019 Preferred Units ("Series 2019 Preferred Units") and 1,560,360 Series 2014 Private Perpetual Preferred Units ("Series 2014 Preferred Units") outstanding. The Series 2019 Preferred Units have a liquidation preference of $13.52 per unit and are entitled to receive cumulative preferential annual cash distributions of $0.70 per unit payable in arrears on a quarterly basis. The Series 2014 Preferred Units which have a liquidation preference of $16.62 per unit and are entitled to receive cumulative preferential annual cash distributions of $0.60 per unit payable in arrears

on a quarterly basis. Both series are not redeemable at the option of the holders and are redeemable at our option only in the case of specific defined events.

Dividends and Distributions

Total dividends paid to common stockholders were $5.6 million and $11.3 million for the three and six months ended June 30, 2023, respectively, and $5.8 million and $11.8 million for the three and six months ended June 30, 2022, respectively. Total distributions paid to OP unitholders were $3.8 million and $6.9 million for the three and six months ended June 30, 2023, respectively, and $3.9 million and $7.7 million for the three and six months ended June 30, 2022, respectively. Total distributions paid to preferred unitholders were $1.1 million and $2.1 million for the three and six months ended June 30, 2023, respectively, and $1.1 million and $2.1 million for the three and six months ended June 30, 2022, respectively.

Incentive and Share-Based Compensation

The Plans provide for grants to directors, employees and consultants consisting of stock options, restricted stock, dividend equivalents, stock payments, performance shares, LTIP units, stock appreciation rights and other incentive awards. An aggregate of 11.0 million shares of our common stock is authorized for issuance under awards granted pursuant to the 2019 Plan, and as of June 30, 2023, 4.2 million shares of common stock remain available for future issuance.

Annually, we make grants of LTIP units to our non-employee directors under the 2019 Plan. In May 2023, each of our directors received 60% of their $200,000 annual base retainer in the form of equity vesting ratably over four years, and could elect to receive the remaining 40% of such base retainer in (i) cash at the face value of the award, (ii) immediately vesting equity at the face value of the award, or (iii) equity vesting ratably over three years at 120% of the face amount. Each director could elect to receive any equity portion of the base retainer in either (i) LTIP units or (ii) restricted shares of our Class A common stock. In accordance with each director's election, in May 2023, we granted a total of 237,856 LTIP units that are subject to time-based vesting with fair market values of $1.2 million. The LTIP units vest ratably over three or four years from the date of the grant, based on grantee election, subject generally to the director's continued service on our Board of Directors.

Share-based compensation for time-based equity awards is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the shorter of (i) the stated vesting period, which is generally three, four or five years, or (ii) the period from the date of grant to the date the employee becomes retirement eligible, which may occur upon grant. An employee is retirement eligible when the employee attains the (i) age of 65 for awards granted in 2020 and after and age of 60 for awards granted before 2020 and (ii) the date on which the employee has first completed ten years of continuous service with us or our affiliates. Share-based compensation for market-based equity awards and performance-based equity awards is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over three or four years. Additionally, for the performance-based equity awards, we assess, at each reporting period, whether it is probable that the performance conditions will be satisfied. We recognize expense respective to the number of awards we expect to vest at the conclusion of the measurement period. Changes in estimate are accounted for in the period of change through a cumulative catch-up adjustment.

For the market-based LTIP units, the fair value of the awards was estimated using a Monte Carlo Simulation model and discounted for the restriction period during which the LTIP units cannot be redeemed or transferred and the uncertainty regarding if, and when, the book capital account of the LTIP units will equal that of the common units. Our stock price, along with the prices of the comparative indexes, is assumed to follow the Geometric Brownian Motion Process. Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on our stock price and the comparative indexes were estimated based on implied volatilities and historical volatilities using an appropriate look-back period. The expected growth rate of the stock prices over the performance period is determined with consideration of the risk-free rate as of the grant date. For LTIP unit awards that are time or performance based, the fair value of the awards was estimated based on the fair value of our stock at the grant date discounted for the restriction period during which the LTIP units cannot be redeemed or transferred and the uncertainty regarding if, and when, the book capital account of the LTIP units will equal that of the common units. For restricted stock awards, the fair value of the awards is based on the market price of our stock at the grant date.

LTIP units and restricted stock issued during the six months ended June 30, 2023 were valued at $21.4 million. The weighted average per unit or share fair value was $5.65 for grants issued for the six months ended June 30, 2023. The fair value per unit or share granted in 2023 was estimated on the respective dates of grant using the following assumptions: an expected life from 2.0 to 5.3 years, a dividend rate of 1.7%, a risk-free interest rate from 4.4% to 5.0%, and an expected price volatility from 35.0% to 46.0%. No other stock options, dividend equivalents, or stock appreciation rights were issued or outstanding as of June 30, 2023.

The following is a summary of restricted stock and LTIP unit activity for the six months ended June 30, 2023:


	Restricted Stock	Time-based LTIPs	Market-based LTIPs	Performance-based LTIPs	Weighted Average Grant Fair Value
Unvested balance at December 31, 2022	359,293	2,713,522	4,070,537	510,989	$	6.69
Vested	(106,910)	(1,146,682)	(311,815)	(1,222)	7.66
Granted	370,465	1,693,689	946,398	771,180	5.65
Forfeited or unearned	(8,413)	—	(1,692,910)	(2,751)	4.29
Unvested balance at June 30, 2023	614,435	3,260,529	3,012,210	1,278,196	6.52

The time-based LTIPs and restricted stock awards are treated for accounting purposes as immediately vested upon the later of (i) the date the grantee attains the age of 60 or 65, as applicable, and (ii) the date on which grantee has first completed ten years of continuous service with our Company or its affiliates. For award agreements that qualify, we recognize noncash compensation expense on the grant date for the time-based awards and ratably over the vesting period for the market-based and performance-based awards, and accordingly, we recognized $1.0 million and $1.7 million for the three and six months ended June 30, 2023, respectively, and $0.6 million and $1.6 million for the three and six months ended June 30, 2022, respectively. Unrecognized compensation expense was $3.9 million at June 30, 2023, which will be recognized over a weighted average period of 2.6 years.

For the remainder of the LTIP unit and restricted stock awards, we recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized noncash compensation expense of $4.4 million and $8.1 million for the three and six months ended June 30, 2023, respectively, and $5.4 million and $8.9 million for the three and six months ended June 30, 2022, respectively. Unrecognized compensation expense was $32.3 million at June 30, 2023, which will be recognized over a weighted average period of 2.7 years.

Earnings Per Share

Earnings per share for the three and six months ended June 30, 2023 and 2022 is computed as follows (amounts in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Numerator - Basic:
Net income	$	36,955	$	48,695	$	48,649	$	31,474
Private perpetual preferred unit distributions	(1,051)		(1,051)		(2,101)		(2,101)
Net income attributable to non-controlling interests	(14,050)		(18,065)		(18,175)		(11,083)
Earnings allocated to unvested shares	—		(64)		—		(71)
Net income attributable to common stockholders – basic	$	21,854	$	29,515	$	28,373	$	18,219

Numerator - Diluted:
Net income	$	36,955	$	48,695	$	48,649	$	31,474
Private perpetual preferred unit distributions	(1,051)		(1,051)		(2,101)		(2,101)
Net (income) loss attributable to non-controlling interests in other partnerships	(1)		159		42		222
Earnings allocated to unvested shares	—		(64)		—		(71)
Net income attributable to common stockholders – diluted	$	35,903	$	47,739	$	46,590	$	29,524

Denominator:
Weighted average shares outstanding – basic	160,028		167,118		160,669		168,099
Operating partnership units	102,875		102,960		103,025		103,735
Effect of dilutive securities:
Stock-based compensation plans	1,293		7		1,042		3

Weighted average shares outstanding – diluted	264,196		270,085		264,736		271,837

Earnings per share:
Basic	$	0.14	$	0.18	$	0.18	$	0.11
Diluted	$	0.14	$	0.18	$	0.18	$	0.11

There were zero antidilutive shares and LTIP units for the three and six months ended June 30, 2023, respectively, and 603 and 398 antidilutive shares and LTIP units for the three and six months ended June 30, 2022, respectively.

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Supervisory Fee Revenue We earned supervisory fees from entities affiliated with Anthony E. Malkin, our Chairman, President and Chief Executive Officer, of $0.3 million and $0.5 million for the three and six months ended June 30, 2023, respectively, and $0.3 million and $0.5 million for the three and six months ended June 30, 2022, respectively. These fees are included within third-party management and other fees. Property Management Fee Revenue We earned property management fees from entities affiliated with Anthony E. Malkin of $0.05 million and $0.2 million for the three and six months ended June 30, 2023, respectively, and $0.1 million and $0.1 million for the three and six months ended June 30, 2022, respectively. These fees are included within third-party management and other fees. Other We receive rent generally at the market rental rate for 5,447 square feet of leased space from entities affiliated with Anthony E. Malkin at one of our properties. Under the lease, the tenant has the right to cancel such lease without special payment on 90 days’ notice. We also have a shared use agreement with such tenant, to occupy a portion of the leased premises as the office location for Peter L. Malkin, our chairman emeritus and employee, utilizing approximately 15% of the space, for which we pay to such tenant an allocable pro rata share of the cost. We also have agreements with these entities and excluded properties and businesses to provide them with general computer-related support services. Total aggregate revenue was $0.1 million and $0.2 million for the three and six months ended June 30, 2023, respectively, and $0.1 million and $0.2 million for the three and six months ended June 30, 2022, respectively. As disclosed in greater detail in our Annual Report, in connection with the sale of our Westport retail assets in February 2023, we advanced a loan to the buyer to facilitate closing with a principal amount of $0.6 million, which bears interest at SOFR plus 3.5% and requires repayment of principal to the extent of available cash flow of the property. As of June 30, 2023, the amount outstanding under the loan is $0.1 million.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Subparagraph (e)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

We have identified two reportable segments: (1) real estate and (2) observatory. Our real estate segment includes all activities related to the ownership, management, operation, acquisition, redevelopment, repositioning and disposition of our traditional real estate assets. Our observatory segment includes the operation of the 86th and 102nd floor observatories at the Empire State Building. These two lines of businesses are managed separately because each business requires different support infrastructures, provides different services and has dissimilar economic characteristics such as investments needed, stream of revenues and marketing strategies. We account for intersegment sales and rents as if the sales or rents were to third parties, that is, at current market prices.

The following tables provide components of segment net income (loss) for each segment for the three and six months ended June 30, 2023 and 2022 (amounts in thousands):


	Three Months Ended June 30, 2023
	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Rental revenue	$	154,603	$	—	$	—	$	154,603
Intercompany rental revenue	20,942		—		(20,942)		—

Observatory revenue	—		33,433		—		33,433

Third-party management and other fees	381		—		—		381
Other revenue and fees	2,125		—		—		2,125
Total revenues	178,051		33,433		(20,942)		190,542
Operating expenses:
Property operating expenses	39,519		—		—		39,519
Intercompany rent expense	—		20,942		(20,942)		—
Ground rent expenses	2,332		—		—		2,332
General and administrative expenses	16,075		—		—		16,075
Observatory expenses	—		8,657		—		8,657
Real estate taxes	31,490		—		—		31,490


Depreciation and amortization	46,237		43		—		46,280
Total operating expenses	135,653		29,642		(20,942)		144,353
Total operating income	42,398		3,791		—		46,189
Other income (expense):
Interest income	3,289		50		—		3,339
Interest expense	(25,405)		—		—		(25,405)

Gain on disposition of property	13,565		—		—		13,565
Income before income taxes	33,847		3,841		—		37,688
Income tax expense	(197)		(536)		—		(733)
Net income	$	33,650	$	3,305	$	—	$	36,955
Segment assets	$	3,928,943	$	255,825	$	—	$	4,184,768
Expenditures for segment assets	$	32,908	$	—	$	—	$	32,908


	Three Months Ended June 30, 2022
	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Rental revenue	$	149,339	$	—	$	—	$	149,339
Intercompany rental revenue	17,109		—		(17,109)		—

Observatory revenue	—		27,368		—		27,368
Lease termination fees	18,859		—		—		18,859
Third-party management and other fees	326		—		—		326
Other revenue and fees	2,130		—		—		2,130
Total revenues	187,763		27,368		(17,109)		198,022
Operating expenses:
Property operating expenses	37,433		—		—		37,433
Intercompany rent expense	—		17,109		(17,109)		—
Ground rent expense	2,332		—		—		2,332
General and administrative expenses	15,876		—		—		15,876
Observatory expenses	—		7,776		—		7,776
Real estate taxes	29,802		—		—		29,802

Depreciation and amortization	58,254		50		—		58,304
Total operating expenses	143,697		24,935		(17,109)		151,523
Total operating income	44,066		2,433		—		46,499
Other income (expense):
Interest income	426		5		—		431
Interest expense	(25,042)		—		—		(25,042)

Gain on disposition of property	27,170		—		—		27,170
Income before income taxes	46,620		2,438		—		49,058
Income tax expense	(38)		(325)		—		(363)
Net income	$	46,582	$	2,113	$	—	$	48,695
Segment assets	$	3,969,257	$	247,974	$	—	$	4,217,231
Expenditures for segment assets	$	13,115	$	—	$	—	$	13,115


	Six Months June 30, 2023
	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Rental revenue	294,694		—		—		$	294,694
Intercompany rental revenue	36,856		—		(36,856)		—

Observatory revenue	—		55,587		—		55,587

Third-party management and other fees	808		—		—		808
Other revenue and fees	4,075		—		—		4,075
Total revenues	336,433		55,587		(36,856)		355,164
Operating expenses:
Property operating expenses	81,563		—		—		81,563
Intercompany rent expense	—		36,856		(36,856)		—
Ground rent expenses	4,663		—		—		4,663
General and administrative expenses	31,783		—		—		31,783
Observatory expenses	—		16,512		—		16,512
Real estate taxes	63,278		—		—		63,278


Depreciation and amortization	93,601		87		—		93,688
Total operating expenses	274,888		53,455		(36,856)		291,487
Total operating income	61,545		2,132		—		63,677
Other income (expense):
Interest income	5,847		87		—		5,934
Interest expense	(50,709)		—		—		(50,709)

Gain on disposition of property	29,261		—		—		29,261
Income before income taxes	45,944		2,219		—		48,163
Income tax (expense) benefit	(395)		881		—		486
Net income	$	45,549	$	3,100	$	—	$	48,649
Expenditures for segment assets	35,576		58		—		$	35,634


	Six Months June 30, 2022
	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Rental revenue	296,853		—		—		$	296,853
Intercompany rental revenue	27,729		—		(27,729)		—

Observatory revenue	—		40,609		—		40,609
Lease termination fees	20,032		—		—		20,032
Third-party management and other fees	636		—		—		636
Other revenue and fees	3,926		—		—		3,926
Total revenues	349,176		40,609		(27,729)		362,056
Operating expenses:
Property operating expenses	76,077		—		—		76,077
Intercompany rent expense	—		27,729		(27,729)		—
Ground rent expenses	4,663		—		—		4,663
General and administrative expenses	29,562		—		—		29,562
Observatory expenses	—		13,991		—		13,991
Real estate taxes	59,806		—		—		59,806


Depreciation and amortization	125,325		85		—		125,410
Total operating expenses	295,433		41,805		(27,729)		309,509
Total operating income (loss)	53,743		(1,196)		—		52,547
Other income (expense):
Interest income	575		5		—		580
Interest expense	(50,056)		—		—		(50,056)

Gain on disposition of property	27,170		—		—		27,170
Income (loss) before income taxes	31,432		(1,191)		—		30,241
Income tax (expense) benefit	(182)		1,415		—		1,233
Net income	$	31,250	$	224	$	—	$	31,474
Expenditures for segment assets	51,999		291		—		$	52,290

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 21
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsNone.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Quarterly Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments and eliminations (including intercompany balances and transactions), consisting of normal recurring adjustments, considered necessary for the fair presentation of the financial statements have been included.
Principles of Consolidation	The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the corresponding full years. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the financial statements for the year ended December 31, 2022 contained in our Annual Report. Our observatory business is subject to seasonality based on tourism trends and the weather.
Principles of Consolidation for Variable Interest Entities	We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members. For variable interest entities ("VIE"), we consolidate the entity if we are deemed to have a variable interest in the entity and through that interest we are deemed the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The primary beneficiary is required to consolidate the VIE. The Operating Partnership is a VIE of ESRT. As the Operating Partnership is already consolidated in the financial statements of ESRT, the identification of this entity as a VIE has no impact on our consolidated financial statements. At December 31, 2022, the Operating Partnership was the primary beneficiary of a variable interest in the intermediary entity which held title to 298 Mulberry, the multifamily asset acquired in December 2022. The intermediary entity was utilized to execute a like-kind exchange and subsequent to March 31, 2023, the like-kind exchange was completed and the Operating Partnership took title to 298 Mulberry. Therefore, the Operating Partnership had no VIEs at June 30, 2023. We will assess the accounting treatment for each investment we may have in the future. This assessment will include a review of each entity’s organizational agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we will review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance and benefit. In situations where we or our partner could approve, among other things, the annual budget, or leases that cover more than a nominal amount of space relative to the total rentable space at each property, we would not consolidate the investment as we consider these to be substantive participation rights that result in shared power of the activities that would most significantly impact the performance and benefit of such joint venture investment. A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests are required to be presented as a separate component of equity in the condensed consolidated balance sheets and in the condensed consolidated statements of operations by requiring earnings and other comprehensive income to be attributed to controlling and non-controlling interests.
Accounting Estimates	The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to use estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Significant items subject to such estimates and assumptions include allocation of the purchase price of acquired real estate properties among tangible and intangible assets, determination of the useful life of real estate properties and other long-lived assets, valuation and impairment analysis of commercial real estate properties, right of use assets and other long-lived and indefinite-lived assets, estimate of tenant expense reimbursements, valuation of the allowance for doubtful accounts, and valuation of derivative instruments, ground lease liabilities, senior unsecured notes, mortgage notes payable, unsecured term loan and revolving credit facilities, and equity-based compensation. These estimates are prepared using management’s best judgment, after considering past, current, and expected events and economic conditions. Actual results could differ from those estimates.
Fair Valuation	The estimated fair values at June 30, 2023 and December 31, 2022 were determined by management, using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The fair value of derivative instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Although the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. The impact of such credit valuation adjustments, determined based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all our derivatives were classified as Level 2 of the fair value hierarchy. The fair values of our mortgage notes payable, senior unsecured notes (Series A, B, C, D, E, F, G and H), unsecured term loan facilities and unsecured revolving credit facility which are determined using Level 3 inputs are estimated by discounting the future cash flows using current interest rates at which similar borrowings could be made by us.

Deferred Costs, Acquired Lease Intangibles and Goodwill (Tables)

6 Months Ended

Jun. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of deferred costs, net

Deferred costs, net, consisted of the following as of June 30, 2023 and December 31, 2022 (amounts in thousands):


	June 30, 2023		December 31, 2022
Leasing costs	$	219,404	$	218,707
Acquired in-place lease value and deferred leasing costs	159,356		160,683
Acquired above-market leases	25,880		27,833
	404,640		407,223
Less: accumulated amortization	(231,886)		(223,246)
Total deferred costs, net, excluding net deferred financing costs	$	172,754	$	183,977

Deferred financing costs, net, consisted of the following at June 30, 2023 and December 31, 2022 (amounts in thousands):


	June 30, 2023		December 31, 2022
Financing costs	$	43,473	$	43,473
Less: accumulated amortization	(28,931)		(26,753)
Total deferred financing costs, net	$	14,542	$	16,720

Schedule of amortizing acquired intangible assets and liabilities

Amortizing acquired intangible assets and liabilities consisted of the following as of June 30, 2023 and December 31, 2022 (amounts in thousands):


	June 30, 2023		December 31, 2022
Acquired below-market ground leases	$	396,916	$	396,916
Less: accumulated amortization	(71,759)		(67,843)
Acquired below-market ground leases, net	$	325,157	$	329,073


	June 30, 2023		December 31, 2022
Acquired below-market leases	$	(63,831)	$	(64,656)
Less: accumulated amortization	48,551		46,807
Acquired below-market leases, net	$	(15,280)	$	(17,849)

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of long-term debt

Debt consisted of the following as of June 30, 2023 and December 31, 2022 (amounts in thousands):


	Principal Balance				As of June 30, 2023
	June 30, 2023		December 31, 2022		Stated Rate		Effective Rate(1)		Maturity Date(2)
Mortgage debt collateralized by:
Fixed rate mortgage debt
Metro Center	$	81,344	$	82,596	3.59	%	3.67	%	11/5/2024
10 Union Square	50,000		50,000		3.70	%	3.97	%	4/1/2026
1542 Third Avenue	30,000		30,000		4.29	%	4.53	%	5/1/2027
First Stamford Place(3)	177,347		178,823		4.28	%	4.73	%	7/1/2027
1010 Third Avenue and 77 West 55th Street	35,399		35,831		4.01	%	4.21	%	1/5/2028
250 West 57th Street	180,000		180,000		2.83	%	3.21	%	12/1/2030


1333 Broadway	160,000		160,000		4.21	%	4.29	%	2/5/2033
345 East 94th Street - Series A(5)	43,600		43,600		70.0% of SOFR plus 0.95%		3.56	%	11/1/2030
345 East 94th Street - Series B(5)	7,544		7,865		SOFR plus 2.24%		3.56	%	11/1/2030



561 10th Avenue - Series A(5)	114,500		114,500		70.0% of SOFR plus 1.07%		3.85	%	11/1/2033
561 10th Avenue - Series B(5)	16,627		17,415		SOFR plus 2.45%		3.85	%	11/1/2033
Total mortgage debt	896,361		900,630

Senior unsecured notes:(4)
Series A	100,000		100,000		3.93	%	3.96	%	3/27/2025
Series B	125,000		125,000		4.09	%	4.12	%	3/27/2027
Series C	125,000		125,000		4.18	%	4.21	%	3/27/2030
Series D	115,000		115,000		4.08	%	4.11	%	1/22/2028
Series E	160,000		160,000		4.26	%	4.27	%	3/22/2030
Series F	175,000		175,000		4.44	%	4.45	%	3/22/2033
Series G	100,000		100,000		3.61	%	4.89	%	3/17/2032
Series H	75,000		75,000		3.73	%	5.00	%	3/17/2035
Unsecured term loan facility (4)	215,000		215,000		SOFR plus 1.20%		4.22	%	3/19/2025
Unsecured revolving credit facility (4)	—		—		SOFR plus 1.30%		—		3/31/2025
Unsecured term loan facility (4)	175,000		175,000		SOFR plus 1.50%		4.51	%	12/31/2026
Total principal	2,261,361		2,265,630
Deferred financing costs, net	(10,619)		(11,748)
Unamortized debt discount	(7,354)		(7,745)
Total	$	2,243,388	$	2,246,137

______________

(1)The effective rate is the yield as of June 30, 2023 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements.

(2)Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty.

(3)Represents a $164 million mortgage loan bearing interest at 4.09% and a $13.3 million loan bearing interest at 6.25%.

(4)At June 30, 2023, we were in compliance with all debt covenants.

(5)As of May 18, 2023, the benchmark index rate was converted from LIBOR to SOFR, plus a benchmark adjustment of 11.4 basis points .

Schedule of aggregate required principal payments

Aggregate required principal payments at June 30, 2023 are as follows (amounts in thousands):


Year	Amortization		Maturities		Total
2023	$	4,363	$	—	$	4,363
2024	8,861		77,675		86,536
2025	6,893		315,000		321,893
2026	7,330		225,000		232,330
2027	6,461		319,000		325,461
Thereafter	22,079		1,268,699		1,290,778
Total	$	55,987	$	2,205,374	$	2,261,361

Schedule of deferred financing costs, net

Deferred costs, net, consisted of the following as of June 30, 2023 and December 31, 2022 (amounts in thousands):


	June 30, 2023		December 31, 2022
Leasing costs	$	219,404	$	218,707
Acquired in-place lease value and deferred leasing costs	159,356		160,683
Acquired above-market leases	25,880		27,833
	404,640		407,223
Less: accumulated amortization	(231,886)		(223,246)
Total deferred costs, net, excluding net deferred financing costs	$	172,754	$	183,977

Deferred financing costs, net, consisted of the following at June 30, 2023 and December 31, 2022 (amounts in thousands):


	June 30, 2023		December 31, 2022
Financing costs	$	43,473	$	43,473
Less: accumulated amortization	(28,931)		(26,753)
Total deferred financing costs, net	$	14,542	$	16,720

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Accounts Payable and Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses consisted of the following as of June 30, 2023 and December 31, 2022 (amounts in thousands):


	June 30, 2023		December 31, 2022
Accrued capital expenditures	$	38,677	$	44,293
Accounts payable and accrued expenses	29,468		32,927


Accrued interest payable	3,564		3,509

Total accounts payable and accrued expenses	$	71,709	$	80,729

Financial Instruments and Fair Values (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of the terms of the agreement and the fair value of derivative financial instruments

The table below summarizes the terms of agreements and the fair values of our derivative financial instruments as of June 30, 2023 and December 31, 2022 (amounts in thousands):


							June 30, 2023				December 31, 2022
Derivative	Notional Amount		Receive Rate	Pay Rate	Effective Date	Expiration Date	Asset		Liability		Asset		Liability

Interest rate swap	$	36,820	70% of 1 Month SOFR	2.5000%	December 1, 2021	November 1, 2030	$	364	$	—	$	256	$	—
Interest rate swap	103,790		70% of 1 Month SOFR	2.5000%	December 1, 2021	November 1, 2033	375		—		365		—
Interest rate swap	10,710		70% of 1 Month SOFR	1.7570%	December 1, 2021	November 1, 2033	626		—		643		—
Interest rate swap	16,761		1 Month SOFR	2.2540%	December 1, 2021	November 1, 2030	1,067		—		1,070		—
Interest rate cap	6,780		70% of 1 Month SOFR	4.5000%	December 1, 2021	October 1, 2024	4		—		8		—
Interest rate cap	9,188		1 Month SOFR	5.5000%	December 1, 2021	October 1, 2024	28		—		26		—
Interest rate swap	175,000		SOFR Compound	2.5620%	August 31, 2022	December 31, 2026	8,961		—		8,040		—
Interest rate swap	107,500		SOFR Compound	2.6260%	August 19, 2022	March 19, 2025	3,967		—		3,766		—
Interest rate swap	107,500		SOFR OIS Compound	2.6280%	August 19, 2022	March 19, 2025	3,969		—		3,762		—
							$	19,361	$	—	$	17,936	$	—

Schedule of effect of our derivative financial instruments designated as cash flow hedges on accumulated other comprehensive income (loss)

The table below shows the effect of our derivative financial instruments designated as cash flow hedges on accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (amounts in thousands):


	Three Months Ended				Six Months Ended
Effects of Cash Flow Hedges	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Amount of gain (loss) recognized in other comprehensive income (loss)	$	11,935	$	10,057	$	6,533	$	19,819
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense	1,882		(2,741)		3,154		(6,036)

The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 (amounts in thousands):


	Three Months Ended				Six Months Ended
Effects of Cash Flow Hedges	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$	(25,405)	$	(25,042)	$	(50,709)	$	(50,056)
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense	1,882		(2,741)		3,154		(6,036)

Schedule of the carrying and estimated fair values of financial instruments

The following tables summarize the carrying and estimated fair values of our financial instruments as of June 30, 2023 and December 31, 2022 (amounts in thousands):


	June 30, 2023
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in prepaid expenses and other assets	$	19,329	$	19,329	$	—	$	19,329	$	—
Interest rate swaps included in accounts payable and accrued expenses	—		—		—		—		—
Mortgage notes payable	880,592		765,621		—		—		765,621

Senior unsecured notes - Series A, B, C, D, E, F, G and H	973,768		870,173		—		—		870,173
Unsecured term loan facilities	389,028		390,000		—		—		390,000


	December 31, 2022
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in prepaid expenses and other assets	$	17,936	$	17,936	$	—	$	17,936	$	—

Mortgage notes payable	883,705		783,648		—		—		783,648

Senior unsecured notes - Series A, B, C, D, E, F, G and H	973,659		865,292		—		—		865,292
Unsecured term loan facilities	388,773		390,000		—		—		390,000

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of components of rental revenue

The components of rental revenue for the three and six months ended June 30, 2023 and 2022 are as follows (amounts in thousands):


	Three Months Ended				Six Months Ended
Rental revenue	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Fixed payments	$	138,318	$	134,794	$	262,882	$	268,195
Variable payments	16,285		14,545		31,812		28,658
Total rental revenue	$	154,603	$	149,339	$	294,694	$	296,853

Schedule of future contractual minimum lease payments on non-cancellable operating leases to be received (current year-to-date)

As of June 30, 2023, we were entitled to the following future contractual minimum lease payments (excluding operating expense reimbursements) on non-cancellable operating leases to be received which expire on various dates through 2040 (amounts in thousands):


Remainder of 2023	$	246,802
2024	504,657
2025	484,668
2026	438,662
2027	419,474
Thereafter	1,963,143
	$	4,057,406

Schedule of future minimum lease payments to be paid

As of June 30, 2023, the following table summarizes our future minimum lease payments discounted by our incremental borrowing rates to calculate the lease liabilities of our leases (amounts in thousands):


Remainder of 2023	$	759
2024	1,518
2025	1,518
2026	1,503
2027	1,482
Thereafter	62,277
Total undiscounted cash flows	69,057
Present value discount	(40,503)
Ground lease liabilities	$	28,554

Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of equity securities repurchased

The following table summarizes our purchases of equity securities in each of the three months ended June 30, 2023:


Period	Total Number of Shares Purchased	Weighted Average Price Paid per Share		Maximum Approximate Dollar Value Available for Future Purchase (in thousands)



April 1 - April 30, 2023	1,214,770	$	6.09	$	396,736
May 1 - May 31, 2023	2,700	$	6.00	$	396,720
June 1 - June 30, 2023	—	$	—	$	396,720

Schedule of restricted stock and LTIP unit activity

The following is a summary of restricted stock and LTIP unit activity for the six months ended June 30, 2023:


	Restricted Stock	Time-based LTIPs	Market-based LTIPs	Performance-based LTIPs	Weighted Average Grant Fair Value
Unvested balance at December 31, 2022	359,293	2,713,522	4,070,537	510,989	$	6.69
Vested	(106,910)	(1,146,682)	(311,815)	(1,222)	7.66
Granted	370,465	1,693,689	946,398	771,180	5.65
Forfeited or unearned	(8,413)	—	(1,692,910)	(2,751)	4.29
Unvested balance at June 30, 2023	614,435	3,260,529	3,012,210	1,278,196	6.52

Schedule of earnings per share

Earnings per share for the three and six months ended June 30, 2023 and 2022 is computed as follows (amounts in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Numerator - Basic:
Net income	$	36,955	$	48,695	$	48,649	$	31,474
Private perpetual preferred unit distributions	(1,051)		(1,051)		(2,101)		(2,101)
Net income attributable to non-controlling interests	(14,050)		(18,065)		(18,175)		(11,083)
Earnings allocated to unvested shares	—		(64)		—		(71)
Net income attributable to common stockholders – basic	$	21,854	$	29,515	$	28,373	$	18,219

Numerator - Diluted:
Net income	$	36,955	$	48,695	$	48,649	$	31,474
Private perpetual preferred unit distributions	(1,051)		(1,051)		(2,101)		(2,101)
Net (income) loss attributable to non-controlling interests in other partnerships	(1)		159		42		222
Earnings allocated to unvested shares	—		(64)		—		(71)
Net income attributable to common stockholders – diluted	$	35,903	$	47,739	$	46,590	$	29,524

Denominator:
Weighted average shares outstanding – basic	160,028		167,118		160,669		168,099
Operating partnership units	102,875		102,960		103,025		103,735
Effect of dilutive securities:
Stock-based compensation plans	1,293		7		1,042		3

Weighted average shares outstanding – diluted	264,196		270,085		264,736		271,837

Earnings per share:
Basic	$	0.14	$	0.18	$	0.18	$	0.11
Diluted	$	0.14	$	0.18	$	0.18	$	0.11

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of components of segment net income (loss) for each segment

The following tables provide components of segment net income (loss) for each segment for the three and six months ended June 30, 2023 and 2022 (amounts in thousands):


	Three Months Ended June 30, 2023
	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Rental revenue	$	154,603	$	—	$	—	$	154,603
Intercompany rental revenue	20,942		—		(20,942)		—

Observatory revenue	—		33,433		—		33,433

Third-party management and other fees	381		—		—		381
Other revenue and fees	2,125		—		—		2,125
Total revenues	178,051		33,433		(20,942)		190,542
Operating expenses:
Property operating expenses	39,519		—		—		39,519
Intercompany rent expense	—		20,942		(20,942)		—
Ground rent expenses	2,332		—		—		2,332
General and administrative expenses	16,075		—		—		16,075
Observatory expenses	—		8,657		—		8,657
Real estate taxes	31,490		—		—		31,490


Depreciation and amortization	46,237		43		—		46,280
Total operating expenses	135,653		29,642		(20,942)		144,353
Total operating income	42,398		3,791		—		46,189
Other income (expense):
Interest income	3,289		50		—		3,339
Interest expense	(25,405)		—		—		(25,405)

Gain on disposition of property	13,565		—		—		13,565
Income before income taxes	33,847		3,841		—		37,688
Income tax expense	(197)		(536)		—		(733)
Net income	$	33,650	$	3,305	$	—	$	36,955
Segment assets	$	3,928,943	$	255,825	$	—	$	4,184,768
Expenditures for segment assets	$	32,908	$	—	$	—	$	32,908


	Three Months Ended June 30, 2022
	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Rental revenue	$	149,339	$	—	$	—	$	149,339
Intercompany rental revenue	17,109		—		(17,109)		—

Observatory revenue	—		27,368		—		27,368
Lease termination fees	18,859		—		—		18,859
Third-party management and other fees	326		—		—		326
Other revenue and fees	2,130		—		—		2,130
Total revenues	187,763		27,368		(17,109)		198,022
Operating expenses:
Property operating expenses	37,433		—		—		37,433
Intercompany rent expense	—		17,109		(17,109)		—
Ground rent expense	2,332		—		—		2,332
General and administrative expenses	15,876		—		—		15,876
Observatory expenses	—		7,776		—		7,776
Real estate taxes	29,802		—		—		29,802

Depreciation and amortization	58,254		50		—		58,304
Total operating expenses	143,697		24,935		(17,109)		151,523
Total operating income	44,066		2,433		—		46,499
Other income (expense):
Interest income	426		5		—		431
Interest expense	(25,042)		—		—		(25,042)

Gain on disposition of property	27,170		—		—		27,170
Income before income taxes	46,620		2,438		—		49,058
Income tax expense	(38)		(325)		—		(363)
Net income	$	46,582	$	2,113	$	—	$	48,695
Segment assets	$	3,969,257	$	247,974	$	—	$	4,217,231
Expenditures for segment assets	$	13,115	$	—	$	—	$	13,115


	Six Months June 30, 2023
	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Rental revenue	294,694		—		—		$	294,694
Intercompany rental revenue	36,856		—		(36,856)		—

Observatory revenue	—		55,587		—		55,587

Third-party management and other fees	808		—		—		808
Other revenue and fees	4,075		—		—		4,075
Total revenues	336,433		55,587		(36,856)		355,164
Operating expenses:
Property operating expenses	81,563		—		—		81,563
Intercompany rent expense	—		36,856		(36,856)		—
Ground rent expenses	4,663		—		—		4,663
General and administrative expenses	31,783		—		—		31,783
Observatory expenses	—		16,512		—		16,512
Real estate taxes	63,278		—		—		63,278


Depreciation and amortization	93,601		87		—		93,688
Total operating expenses	274,888		53,455		(36,856)		291,487
Total operating income	61,545		2,132		—		63,677
Other income (expense):
Interest income	5,847		87		—		5,934
Interest expense	(50,709)		—		—		(50,709)

Gain on disposition of property	29,261		—		—		29,261
Income before income taxes	45,944		2,219		—		48,163
Income tax (expense) benefit	(395)		881		—		486
Net income	$	45,549	$	3,100	$	—	$	48,649
Expenditures for segment assets	35,576		58		—		$	35,634


	Six Months June 30, 2022
	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Rental revenue	296,853		—		—		$	296,853
Intercompany rental revenue	27,729		—		(27,729)		—

Observatory revenue	—		40,609		—		40,609
Lease termination fees	20,032		—		—		20,032
Third-party management and other fees	636		—		—		636
Other revenue and fees	3,926		—		—		3,926
Total revenues	349,176		40,609		(27,729)		362,056
Operating expenses:
Property operating expenses	76,077		—		—		76,077
Intercompany rent expense	—		27,729		(27,729)		—
Ground rent expenses	4,663		—		—		4,663
General and administrative expenses	29,562		—		—		29,562
Observatory expenses	—		13,991		—		13,991
Real estate taxes	59,806		—		—		59,806


Depreciation and amortization	125,325		85		—		125,410
Total operating expenses	295,433		41,805		(27,729)		309,509
Total operating income (loss)	53,743		(1,196)		—		52,547
Other income (expense):
Interest income	575		5		—		580
Interest expense	(50,056)		—		—		(50,056)

Gain on disposition of property	27,170		—		—		27,170
Income (loss) before income taxes	31,432		(1,191)		—		30,241
Income tax (expense) benefit	(182)		1,415		—		1,233
Net income	$	31,250	$	224	$	—	$	31,474
Expenditures for segment assets	51,999		291		—		$	52,290

Description of Business and Organization (Details) ft² in Millions	6 Months Ended
	Jun. 30, 2023 ft² office_property parcel multifamily_property property_unit
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	9.4
Empire state realty trust \| Empire state realty OP
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
OP units owned by the Company (as a percent)	59.40%
Office Building
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	8.6
Number of offices and properties \| office_property	11
Office Building \| Manhattan
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	7.6
Number of offices and properties \| office_property	9
Office Building \| Fairfield County, Connecticut
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	1.1
Number of offices and properties \| office_property	2
Long-term ground leasehold interests
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of offices and properties \| parcel	3
Office Building And Multifamily \| Manhattan
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	0.5
Retail Site \| Manhattan
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	0.2
Number of offices and properties \| office_property	4
Other Property \| Stamford, Connecticut
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	0.4
Multifamily \| Manhattan
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of offices and properties \| multifamily_property	3
Number of property units \| property_unit	721

Summary of Significant Accounting Policies (Details)	Jun. 30, 2023
Minimum
Accounting Policies [Line Items]
Observatory revenue realized during the first quarter, previous ten years (as a percent)	16.00%
Observatory revenue realized during the second quarter, previous ten years (as a percent)	26.00%
Observatory revenue realized during the third quarter, previous ten years (as a percent)	31.00%
Observatory revenue realized during the fourth quarter, previous ten years (as a percent)	23.00%
Maximum
Accounting Policies [Line Items]
Observatory revenue realized during the first quarter, previous ten years (as a percent)	18.00%
Observatory revenue realized during the second quarter, previous ten years (as a percent)	28.00%
Observatory revenue realized during the third quarter, previous ten years (as a percent)	33.00%
Observatory revenue realized during the fourth quarter, previous ten years (as a percent)	25.00%

Acquisitions and Dispositions (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Apr. 05, 2023	Feb. 01, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Assets			$ 0		$ 0		$ 35,538
Gain on disposition of property			$ 13,565	$ 27,170	29,261	$ 27,170
500 Mamaroneck Avenue \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Assets							$ 53,000
Gain on disposition of property	$ 13,600
Estimated post-closing obligations					$ 2,000
69-97 and 103-107 Main Street \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Assets		$ 40,000
Gain on disposition of property		$ 15,700

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References + Details

Deferred Costs, Acquired Lease Intangibles and Goodwill - Deferred Costs, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Leasing costs	$ 219,404	$ 218,707
Total deferred costs, gross amount	404,640	407,223
Less: accumulated amortization	(231,886)	(223,246)
Total deferred costs, net, excluding net deferred financing costs	172,754	183,977
Acquired in-place lease value and deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets	159,356	160,683
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets	$ 25,880	$ 27,833

Deferred Costs, Acquired Lease Intangibles and Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Deferred Costs [Line Items]
Amortization expense related to deferred leasing costs and acquired deferred leasing costs	$ 6,100	$ 7,300	$ 11,900	$ 14,300
Rental revenue related to the amortization of below-market leases, net of above-market leases	700	1,700	1,378	3,459
Goodwill	491,479		491,479		$ 491,479
Observatory
Deferred Costs [Line Items]
Goodwill	227,500		227,500		227,500
Real estate
Deferred Costs [Line Items]
Goodwill	264,000		264,000		264,000
Lease agreements
Deferred Costs [Line Items]
Amortization expense related to acquired lease intangibles	2,300	$ 4,100	4,600	$ 8,300
Unsecured revolving credit facility \| Revolving credit facility
Deferred Costs [Line Items]
Net deferred financing costs	$ 3,900		$ 3,900		$ 5,000

Deferred Costs, Acquired Lease Intangibles and Goodwill - Amortizing Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Acquired below-market ground leases, net
Acquired below-market ground leases	$ 396,916	$ 396,916
Less: accumulated amortization	(71,759)	(67,843)
Acquired below-market ground leases, net	325,157	329,073
Acquired below-market leases, net
Acquired below-market leases	(63,831)	(64,656)
Less: accumulated amortization	48,551	46,807
Acquired below-market leases, net	$ (15,280)	$ (17,849)

Debt - Long-Term Debt (Details)	6 Months Ended
Debt - Long-Term Debt (Details)	Jun. 30, 2023 USD ($)	May 18, 2023	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Outstanding borrowings	$ 0		$ 0
Total principal	2,261,361,000
Deferred financing costs, net	(14,542,000)		(16,720,000)
Adjustment benchmark		0.00114
Mortgages, senior notes, and unsecured term loan facilities, not including unsecured revolving credit facility
Debt Instrument [Line Items]
Total principal	2,261,361,000		2,265,630,000
Deferred financing costs, net	(10,619,000)		(11,748,000)
Unamortized debt discount	(7,354,000)		(7,745,000)
Total	2,243,388,000		2,246,137,000
Metro Center \| Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 81,344,000		82,596,000
Stated Rate (as a percent)	3.59%
Effective Rate (as a percent)	3.67%
10 Union Square \| Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 50,000,000		50,000,000
Stated Rate (as a percent)	3.70%
Effective Rate (as a percent)	3.97%
1542 Third Avenue \| Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 30,000,000		30,000,000
Stated Rate (as a percent)	4.29%
Effective Rate (as a percent)	4.53%
First Stamford Place \| Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 177,347,000		178,823,000
Stated Rate (as a percent)	4.28%
Effective Rate (as a percent)	4.73%
First Stamford Place - First Lien \| Fixed rate mortgage debt
Debt Instrument [Line Items]
Stated Rate (as a percent)	4.09%
Face amount of debt instrument	$ 164,000,000
First Stamford Place - Second Lien \| Fixed rate mortgage debt
Debt Instrument [Line Items]
Stated Rate (as a percent)	6.25%
Face amount of debt instrument	$ 13,300,000
1010 Third Avenue and 77 West 55th Street \| Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 35,399,000		35,831,000
Stated Rate (as a percent)	4.01%
Effective Rate (as a percent)	4.21%
250 West 57th Street \| Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 180,000,000		180,000,000
Stated Rate (as a percent)	2.83%
Effective Rate (as a percent)	3.21%
1333 Broadway \| Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 160,000,000		160,000,000
Stated Rate (as a percent)	4.21%
Effective Rate (as a percent)	4.29%
345 East 94th Street - Series A(5) \| Revolving credit facility \| SOFR
Debt Instrument [Line Items]
Variable rate, effective percentage (as a percent)	70.00%
Basis spread on variable rate (as a percent)	0.95%
345 East 94th Street - Series A(5) \| Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 43,600,000		43,600,000
Effective Rate (as a percent)	3.56%
345 East 94th Street - Series B(5) \| Revolving credit facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.24%
345 East 94th Street - Series B(5) \| Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 7,544,000		7,865,000
Effective Rate (as a percent)	3.56%
561 10th Avenue - Series A(5) \| Revolving credit facility \| SOFR
Debt Instrument [Line Items]
Variable rate, effective percentage (as a percent)	70.00%
Basis spread on variable rate (as a percent)	1.07%
561 10th Avenue - Series A(5) \| Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 114,500,000		114,500,000
Effective Rate (as a percent)	3.85%
561 10th Avenue - Series B(5) \| Revolving credit facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.45%
561 10th Avenue - Series B(5) \| Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 16,627,000		17,415,000
Effective Rate (as a percent)	3.85%
Total mortgage debt \| Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 896,361,000		900,630,000
Series A \| Senior unsecured notes
Debt Instrument [Line Items]
Total	$ 100,000,000		100,000,000
Stated Rate (as a percent)	3.93%
Effective Rate (as a percent)	3.96%
Series B \| Senior unsecured notes
Debt Instrument [Line Items]
Total	$ 125,000,000		125,000,000
Stated Rate (as a percent)	4.09%
Effective Rate (as a percent)	4.12%
Series C \| Senior unsecured notes
Debt Instrument [Line Items]
Total	$ 125,000,000		125,000,000
Stated Rate (as a percent)	4.18%
Effective Rate (as a percent)	4.21%
Series D \| Senior unsecured notes
Debt Instrument [Line Items]
Total	$ 115,000,000		115,000,000
Stated Rate (as a percent)	4.08%
Effective Rate (as a percent)	4.11%
Series E \| Senior unsecured notes
Debt Instrument [Line Items]
Total	$ 160,000,000		160,000,000
Stated Rate (as a percent)	4.26%
Effective Rate (as a percent)	4.27%
Series F \| Senior unsecured notes
Debt Instrument [Line Items]
Total	$ 175,000,000		175,000,000
Stated Rate (as a percent)	4.44%
Effective Rate (as a percent)	4.45%
Series G \| Senior unsecured notes
Debt Instrument [Line Items]
Total	$ 100,000,000		100,000,000
Stated Rate (as a percent)	3.61%
Effective Rate (as a percent)	4.89%
Series H \| Senior unsecured notes
Debt Instrument [Line Items]
Total	$ 75,000,000		75,000,000
Stated Rate (as a percent)	3.73%
Effective Rate (as a percent)	5.00%
Unsecured term loan facilities \| Revolving credit facility
Debt Instrument [Line Items]
Outstanding borrowings	$ 215,000,000		215,000,000
Effective Rate (as a percent)	4.22%
Unsecured term loan facilities \| Revolving credit facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.20%
Unsecured revolving credit facility \| Revolving credit facility
Debt Instrument [Line Items]
Outstanding borrowings	$ 0		0
Effective Rate (as a percent)	0.00%
Unsecured revolving credit facility \| Revolving credit facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.30%
Unsecured term loan facility \| Revolving credit facility
Debt Instrument [Line Items]
Outstanding borrowings	$ 175,000,000		$ 175,000,000
Effective Rate (as a percent)	4.51%
Unsecured term loan facility \| Revolving credit facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%

Debt - Aggregate Required Principal Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Amortization
2023	$ 4,363
2024	8,861
2025	6,893
2026	7,330
2027	6,461
Thereafter	22,079
Total	55,987
Maturities
2023	0
2024	77,675
2025	315,000
2026	225,000
2027	319,000
Thereafter	1,268,699
Total	2,205,374
Total
2023	4,363
2024	86,536
2025	321,893
2026	232,330
2027	325,461
Thereafter	1,290,778
Total	$ 2,261,361

Debt - Deferred Financing Costs, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Disclosure [Abstract]
Financing costs	$ 43,473		$ 43,473		$ 43,473
Less: accumulated amortization	(28,931)		(28,931)		(26,753)
Total deferred financing costs, net	14,542		14,542		$ 16,720
Amortization related to deferred financing costs	$ 1,100	$ 1,300	$ 2,200	$ 2,700

Debt - Unsecured Revolving Credit and Term Loan Facilities (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Mar. 19, 2020
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 0	$ 0
Revolving credit facility \| Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,065,000,000.000
Revolving credit facility \| Unsecured revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	850,000,000
Outstanding borrowings	0	0
Revolving credit facility \| Unsecured term loan facilities
Line of Credit Facility [Line Items]
Maximum borrowing capacity	215,000,000
Outstanding borrowings	215,000,000	215,000,000
Revolving credit facility \| Unsecured term loan facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 175,000,000
Outstanding borrowings	$ 175,000,000	$ 175,000,000
Accordion feature, new maximum borrowing capacity			$ 225,000,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued capital expenditures	$ 38,677	$ 44,293
Accounts payable and accrued expenses	29,468	32,927
Accrued interest payable	3,564	3,509
Total accounts payable and accrued expenses	$ 71,709	$ 80,729

Financial Instruments and Fair Values - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Designated as hedging instrument \| Cash flow hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gain to be reclassified into interest expense within the next 12 months			$ 8,500,000
Interest Rate Swap And Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps liability	$ 0		0
Interest Rate Swap And Interest Rate Cap \| Designated as hedging instrument \| Cash flow hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional value	574,000,000		574,000,000		$ 574,800,000
Interest rate swap agreement asset	19,400,000		19,400,000		$ 17,900,000
Net unrealized gains on valuation of interest rate swap agreements	$ 10,100,000	$ 12,800,000	$ 3,400,000	$ 25,900,000

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Financial Instruments and Fair Values - Schedule of the Terms of Agreements and the Fair Value of Derivative Financial Instruments (Details) - Designated as hedging instrument - Cash flow hedging - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Asset	$ 19,361	$ 17,936
Liability	0	0
SOFR \| Interest Rate Swap, One Month SOFR, 2.5000 %, Swap Number One
Derivatives, Fair Value [Line Items]
Notional Amount	$ 36,820
Receive Rate (as a percent)	70.00%
Pay Rate	2.50%
Asset	$ 364	256
Liability	0	0
SOFR \| Interest Rate Swap, One Month SOFR, 2.5000 %, Swap Number Two
Derivatives, Fair Value [Line Items]
Notional Amount	$ 103,790
Receive Rate (as a percent)	70.00%
Pay Rate	2.50%
Asset	$ 375	365
Liability	0	0
SOFR \| Interest Rate Swap, One Month SOFR, 1.7570%, Interest Swap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 10,710
Receive Rate (as a percent)	70.00%
Pay Rate	1.757%
Asset	$ 626	643
Liability	0	0
SOFR \| Interest Rate Swap, One Month SOFR, 2.2540%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 16,761
Pay Rate	2.254%
Asset	$ 1,067	1,070
Liability	0	0
SOFR \| Interest Rate Cap, One Month SOFR, 4.5000%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 6,780
Receive Rate (as a percent)	70.00%
Pay Rate	4.50%
Asset	$ 4	8
Liability	0	0
SOFR \| Interest Rate Cap, One Month SOFR, 5.5000%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 9,188
Pay Rate	5.50%
Asset	$ 28	26
Liability	0	0
SOFR \| Interest Rate Swap, SOFR Compound, 2.5620%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 175,000
Pay Rate	2.562%
Asset	$ 8,961	8,040
Liability	0	0
SOFR \| Interest Rate Swap, SOFR Compound, 2.6260%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 107,500
Pay Rate	2.626%
Asset	$ 3,967	3,766
Liability	0	0
SOFR \| Interest Rate Swap, SOFR OIS Compound, 2.6280%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 107,500
Pay Rate	2.628%
Asset	$ 3,969	3,762
Liability	$ 0	$ 0

Financial Instruments and Fair Values - Effect of Derivative Financial Instruments Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in other comprehensive income (loss)	$ 11,935	$ 10,057	$ 6,533	$ 19,819
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense	1,882	(2,741)	3,154	(6,036)
Interest expense	(25,405)	(25,042)	(50,709)	(50,056)
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in other comprehensive income (loss)	11,935	10,057	6,533	19,819
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense	1,882	(2,741)	3,154	(6,036)
Interest rate swap \| Reclassification out of accumulated other comprehensive income \| Accumulated other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 1,882	$ (2,741)	$ 3,154	$ (6,036)

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Financial Instruments and Fair Values - Summary of the Carrying and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Value \| Unsecured term loan facilities \| Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 389,028	$ 388,773
Carrying Value \| Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	880,592	883,705
Carrying Value \| Senior unsecured notes \| Senior unsecured notes - Series A, B, C, D, E, F, G and H
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	973,768	973,659
Carrying Value \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in prepaid expenses and other assets	19,329	17,936
Interest rate swaps included in accounts payable and accrued expenses	0
Estimated Fair Value \| Unsecured term loan facilities \| Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	390,000	390,000
Estimated Fair Value \| Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	765,621	783,648
Estimated Fair Value \| Senior unsecured notes \| Senior unsecured notes - Series A, B, C, D, E, F, G and H
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	870,173	865,292
Estimated Fair Value \| Level 1 \| Unsecured term loan facilities \| Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value \| Level 1 \| Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value \| Level 1 \| Senior unsecured notes \| Senior unsecured notes - Series A, B, C, D, E, F, G and H
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value \| Level 2 \| Unsecured term loan facilities \| Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value \| Level 2 \| Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value \| Level 2 \| Senior unsecured notes \| Senior unsecured notes - Series A, B, C, D, E, F, G and H
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value \| Level 3 \| Unsecured term loan facilities \| Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	390,000	390,000
Estimated Fair Value \| Level 3 \| Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	765,621	783,648
Estimated Fair Value \| Level 3 \| Senior unsecured notes \| Senior unsecured notes - Series A, B, C, D, E, F, G and H
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	870,173	865,292
Estimated Fair Value \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in prepaid expenses and other assets	19,329	17,936
Interest rate swaps included in accounts payable and accrued expenses	0
Estimated Fair Value \| Interest rate swap \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in prepaid expenses and other assets	0	0
Interest rate swaps included in accounts payable and accrued expenses	0
Estimated Fair Value \| Interest rate swap \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in prepaid expenses and other assets	19,329	17,936
Interest rate swaps included in accounts payable and accrued expenses	0
Estimated Fair Value \| Interest rate swap \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in prepaid expenses and other assets	0	$ 0
Interest rate swaps included in accounts payable and accrued expenses	$ 0

Leases - Narrative (Details) $ in Thousands	May 18, 2023 USD ($) ft² $ / ft²	Jun. 30, 2023 USD ($) ft² property	May 01, 2023 ft²	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Operating Leases [Line Items]
Area of real estate property (in square feet) \| ft²		9,400,000
Number of properties subject to ground leases \| property		3
Right-of-use assets		$ 28,554			$ 28,670
Lease liabilities		$ 28,554			$ 28,670
Weighted average discount rate (as a percent)		4.50%
Weighted average remaining lease term (in years)		46 years 10 months 24 days
Signature Bridge Bank \| Building
Operating Leases [Line Items]
Straight-line rent reserve				$ (6,400)
Flagstar Bank, N.A \| Building
Operating Leases [Line Items]
Straight-line rent reserve	$ 5,800
Area of real estate property (in square feet) \| ft²	313,109
Reduction rate \| $ / ft²	3
Lessor, Operating Lease, Term Of Rate Reduction	5 years
First Republic Bank \| Building
Operating Leases [Line Items]
Straight-line rent reserve		$ 200
Area of real estate property (in square feet) \| ft²			14,430
Minimum
Operating Leases [Line Items]
Term of lease (in years)		1 year
Maximum
Operating Leases [Line Items]
Term of lease (in years)		22 years

Leases - Components of Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Fixed payments	$ 138,318	$ 134,794	$ 262,882	$ 268,195
Variable payments	16,285	14,545	31,812	28,658
Total rental revenue	$ 154,603	$ 149,339	$ 294,694	$ 296,853

Leases - Future Contractual Minimum Lease Payments On Non-Cancellable Operating Leases To Be Received (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
Remainder of 2023	$ 246,802
2024	504,657
2025	484,668
2026	438,662
2027	419,474
Thereafter	1,963,143
Total future minimum lease payments on non-cancellable operating leases to be received	$ 4,057,406

Leases - Future Minimum Lease Payments on Ground Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Remainder of 2023	$ 759
2024	1,518
2025	1,518
2026	1,503
2027	1,482
Thereafter	62,277
Total undiscounted cash flows	69,057
Present value discount	(40,503)
Ground lease liabilities	$ 28,554	$ 28,670

Commitments and Contingencies - Legal Proceedings (Details) - New york state supreme court, new york county $ in Millions		1 Months Ended
	Aug. 26, 2020 USD ($)	Oct. 31, 2014 participant
Loss Contingencies [Line Items]
Number of plaintiffs opting out of settlement (participant) \| participant		12
Amount awarded to claimants \| $	$ 1.2
Interest period (in years)	7 years

Commitments and Contingencies - Unfunded Capital Expenditures (Details) $ in Millions	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Estimated capital expenditures to be incurred	$ 138.4

Equity - Shares and Units (Details)	6 Months Ended
Equity - Shares and Units (Details)	Jun. 30, 2023 USD ($) vote class shares	Dec. 31, 2022 shares	May 16, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
OP Unit, redemption term for cash (in years)	1 year
OP Unit, exchange ratio to common stock	1
LTIP unit, share of stock equivalent (in shares)	1
Conversion rate tor LTIP units to OP units	1
Dividends on common stock received until performance criteria met for LTIP units (as a percent)	10.00%
Dividends on common stock received after performance criteria met for LTIP units (as a percent)	90.00%
Dividends on common stock received in periods after performance criteria met for LTIP units (as a percent)	100.00%
OP units owned by the Company and other partners (in shares)	110,086,858
Number of classes \| class	2
Exchange ratio	0.020
Stock repurchase authorized amount \| $	$ 500,000,000
Empire state realty OP \| Empire state realty trust
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
OP units owned by the Company (as a percent)	59.40%
Empire state realty OP \| Other partners, company directors, members of senior management and other employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
OP units not owned by other partner (as a percent)	40.60%
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding (in shares)	159,842,614
Common stock outstanding (in shares)	159,843,000	160,139,000
Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding (in shares)	988,180	990,000
Number of voting rights (in shares) \| vote	50
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under the plan (in shares)	11,000,000		11,000,000

Equity - Equity Securities Repurchased (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023
Equity [Abstract]
Total Number of Shares Purchased (in shares)	0	2,700	1,214,770
Weighted Average Price Paid per Share (in USD per share)	$ 0	$ 6.00	$ 6.09
Maximum Approximate Dollar Value Available for Future Purchase	$ 396,720	$ 396,720	$ 396,736

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Equity - Private Perpetual Preferred Units (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Preferred Units [Line Items]
Dividends per share (in USD per share)	$ 0.035	$ 0.035	$ 0.070	$ 0.070
Private Perpetual Preferred Units, Series 2019
Preferred Units [Line Items]
Private perpetual preferred units issued (in shares)	4,664,038		4,664,038		4,664,000
Private perpetual preferred units, per unit liquidation preference (in USD per share)	$ 13.52		$ 13.52		$ 13.52
Cumulative preferential annual cash distributions (in USD per share)	$ 0.70		$ 0.70
Private Perpetual Preferred Units, Series 2014
Preferred Units [Line Items]
Private perpetual preferred units issued (in shares)	1,560,000		1,560,000		1,560,000
Private perpetual preferred units issued during period (in shares)			1,560,360
Private perpetual preferred units, per unit liquidation preference (in USD per share)	$ 16.62		$ 16.62		$ 16.62
Dividends per share (in USD per share)			$ 0.60

Equity - Dividends and Distributions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Dividends paid to common shareholders	$ 5,600	$ 5,800	$ 11,297	$ 11,750
Distributions paid to OP unitholders	3,800	3,900	6,900	7,700
Private perpetual preferred unit distributions	$ 1,100	$ 1,100	$ 2,101	$ 2,101

Equity - Incentive and Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	May 16, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in USD per share)				$ 5.65
Performance period (in years)				10 years
Granted In 2020 And After
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Retirement age (in years)				65 years
Granted Before 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Retirement age (in years)				60 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Age of grantee at which LTIP unit and restricted stock awards immediately vest (in years)				60 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Age of grantee at which LTIP unit and restricted stock awards immediately vest (in years)				65 years
Awards that meet age and service requirements for vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition (in years)				2 years 7 months 6 days
Noncash share-based compensation expense recognized		$ 1,000	$ 600	$ 1,700	$ 1,600
Unrecognized compensation expense		3,900		$ 3,900
Awards that do not meet age and service requirements for vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition (in years)				2 years 8 months 12 days
Noncash share-based compensation expense recognized		4,400	$ 5,400	$ 8,100	$ 8,900
Unrecognized compensation expense		$ 32,300		$ 32,300
Time-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				1,693,689
Vested in period (in shares)				1,146,682
Threshold of continuous service for retirement eligibility (in years)				10 years
Time-based LTIPs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				3 years
Time-based LTIPs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				5 years
Time-based LTIPs \| Median
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				4 years
Market-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				946,398
Vested in period (in shares)				311,815
Market-based LTIPs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				3 years
Market-based LTIPs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				4 years
Long-Term Incentive Plan Unit and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share-based awards granted in period				$ 21,400
Granted (in USD per share)				$ 5.65
Dividend rate (as a percent)				1.70%
Risk-free interest rate, minimum (as a percent)				4.40%
Risk free interest rate, maximum (as a percent)				5.00%
Expected price volatility, minimum (as a percent)				35.00%
Expected price volatility, maximum (as a percent)				46.00%
Long-Term Incentive Plan Unit and Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)				2 years
Long-Term Incentive Plan Unit and Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)				5 years 3 months 18 days
Director \| Time-based LTIPs \| Tranche one \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0.25
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under the plan (in shares)		11,000,000		11,000,000		11,000,000
Number of shares that remain available for future issuance (in shares)		4,200,000		4,200,000
2019 Plan \| Director \| Time-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual base retainer		$ 200		$ 200
Award vesting percentage of award face amount (as a percent)		120.00%		120.00%
Granted (in shares)				237,856
Fair value of share-based awards granted in period				$ 1,200
2019 Plan \| Director \| Time-based LTIPs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				3 years
2019 Plan \| Director \| Time-based LTIPs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				4 years
2019 Plan \| Director \| Time-based LTIPs \| Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)				60.00%
Award vesting period (in years)				4 years
2019 Plan \| Director \| Time-based LTIPs \| Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)				40.00%
Award vesting period (in years)				3 years

Equity - Schedule of Restricted Stock and LTIP Unit Activity (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Weighted Average Grant Fair Value
Beginning balance, Unvested (in USD per share) \| $ / shares	$ 6.69
Vested (in USD per share) \| $ / shares	7.66
Granted (in USD per share) \| $ / shares	5.65
Forfeited or unearned (in USD per share) \| $ / shares	4.29
Ending balance, Unvested (in USD per share) \| $ / shares	$ 6.52
Restricted Stock
Restricted Stock and LTIP Units
Beginning balance, Unvested (in shares)	359,293
Vested (in shares)	(106,910)
Granted (in shares)	370,465
Forfeited or unearned (in shares)	(8,413)
Ending balance, Unvested (in shares)	614,435
Time-based LTIPs
Restricted Stock and LTIP Units
Beginning balance, Unvested (in shares)	2,713,522
Vested (in shares)	(1,146,682)
Granted (in shares)	1,693,689
Forfeited or unearned (in shares)	0
Ending balance, Unvested (in shares)	3,260,529
Market-based LTIPs
Restricted Stock and LTIP Units
Beginning balance, Unvested (in shares)	4,070,537
Vested (in shares)	(311,815)
Granted (in shares)	946,398
Forfeited or unearned (in shares)	(1,692,910)
Ending balance, Unvested (in shares)	3,012,210
Performance-based LTIPs
Restricted Stock and LTIP Units
Beginning balance, Unvested (in shares)	510,989
Vested (in shares)	(1,222)
Granted (in shares)	771,180
Forfeited or unearned (in shares)	(2,751)
Ending balance, Unvested (in shares)	1,278,196

Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator - Basic:
Net income	$ 36,955	$ 48,695	$ 48,649	$ 31,474
Private perpetual preferred unit distributions	(1,051)	(1,051)	(2,101)	(2,101)
Net income attributable to non-controlling interests	(14,050)	(18,065)	(18,175)	(11,083)
Earnings allocated to unvested shares	0	(64)	0	(71)
Net income attributable to common stockholders – basic	21,854	29,515	28,373	18,219
Numerator - Diluted:
Net income	36,955	48,695	48,649	31,474
Private perpetual preferred unit distributions	(1,051)	(1,051)	(2,101)	(2,101)
Net (income) loss attributable to non-controlling interests in other partnerships	(1)	159	42	222
Earnings allocated to unvested shares	0	(64)	0	(71)
Net income attributable to common stockholders – diluted	$ 35,903	$ 47,739	$ 46,590	$ 29,524
Denominator:
Weighted average shares outstanding - basic (in shares)	160,028	167,118	160,669	168,099
Operating partnership units (in shares)	102,875	102,960	103,025	103,735
Effect of dilutive securities:
Stock-based compensation plans (in shares)	1,293	7	1,042	3
Weighted average shares outstanding - diluted (in shares)	264,196	270,085	264,736	271,837
Earnings per share:
Basic (in USD per share)	$ 0.14	$ 0.18	$ 0.18	$ 0.11
Diluted (in USD per share)	$ 0.14	$ 0.18	$ 0.18	$ 0.11
Antidilutive securities (in shares)	0	603	0	398

Related Party Transactions (Details) $ in Thousands	3 Months Ended		6 Months Ended
Related Party Transactions (Details) $ in Thousands	Jun. 30, 2023 USD ($) ft² property	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft² property	Jun. 30, 2022 USD ($)	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Revenues	$ 190,542	$ 198,022	$ 355,164	$ 362,056
Area of real estate property (in square feet) \| ft²	9,400,000		9,400,000
Accounts payable and accrued expenses	$ 71,709		$ 71,709			$ 80,729
Affiliated entities \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 69-97 and 103-107 Main Street
Related Party Transaction [Line Items]
Accounts payable and accrued expenses	100		100
Affiliated entities \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 69-97 and 103-107 Main Street \| SOFR
Related Party Transaction [Line Items]
Maximum principal amount					$ 600
Basis spread on loan					3.50%
Affiliated entities \| Supervisory fee revenue \| Third party management and other fees
Related Party Transaction [Line Items]
Revenues	300	300	500	500
Affiliated entities \| Property management fee revenue \| Third party management and other fees
Related Party Transaction [Line Items]
Revenues	50	100	200	100
Affiliated entities \| Leased space rental
Related Party Transaction [Line Items]
Revenues	$ 100	$ 100	$ 200	$ 200
Number of properties \| property	1		1
Notice period for lease cancellation (in days)			90 days
Undivided interest
Related Party Transaction [Line Items]
Area of real estate property (in square feet) \| ft²	5,447		5,447
Chairman emeritus and employee \| Leased space rental
Related Party Transaction [Line Items]
Percentage of lease space occupied by Chairman emeritus and employee			15.00%

Segment Reporting - Narrative (Details)	6 Months Ended
Segment Reporting - Narrative (Details)	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting - Components of Segment Net Income (Loss) for Each Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues:
Rental revenue	$ 154,603	$ 149,339	$ 294,694	$ 296,853
Intercompany rental revenue	0	0	0	0
Observatory revenue	33,433	27,368	55,587	40,609
Lease termination fees	0	18,859	0	20,032
Third-party management and other fees	381	326	808	636
Other revenue and fees	2,125	2,130	4,075	3,926
Total revenues	190,542	198,022	355,164	362,056
Operating expenses:
Property operating expenses	39,519	37,433	81,563	76,077
Intercompany rent expense	0	0	0	0
Ground rent expenses	2,332	2,332	4,663	4,663
General and administrative expenses	16,075	15,876	31,783	29,562
Observatory expenses	8,657	7,776	16,512	13,991
Real estate taxes	31,490	29,802	63,278	59,806
Depreciation and amortization	46,280	58,304	93,688	125,410
Total operating expenses	144,353	151,523	291,487	309,509
Total operating income (loss)	46,189	46,499	63,677	52,547
Other income (expense):
Interest income	3,339	431	5,934	580
Interest expense	(25,405)	(25,042)	(50,709)	(50,056)
Gain on disposition of property	13,565	27,170	29,261	27,170
Income (loss) before income taxes	37,688	49,058	48,163	30,241
Income tax (expense) benefit	(733)	(363)	486	1,233
Net income	36,955	48,695	48,649	31,474
Segment assets	4,184,768	4,217,231	4,184,768	4,217,231	$ 4,163,594
Expenditures for segment assets	32,908	13,115	35,634	52,290
Intersegment Elimination
Revenues:
Rental revenue	0	0	0	0
Intercompany rental revenue	(20,942)	(17,109)	(36,856)	(27,729)
Observatory revenue	0	0	0	0
Lease termination fees		0		0
Third-party management and other fees	0	0	0	0
Other revenue and fees	0	0	0	0
Total revenues	(20,942)	(17,109)	(36,856)	(27,729)
Operating expenses:
Property operating expenses	0	0	0	0
Intercompany rent expense	(20,942)	(17,109)	(36,856)	(27,729)
Ground rent expenses	0	0	0	0
General and administrative expenses	0	0	0	0
Observatory expenses	0	0	0	0
Real estate taxes	0	0	0	0
Depreciation and amortization	0	0	0	0
Total operating expenses	(20,942)	(17,109)	(36,856)	(27,729)
Total operating income (loss)	0	0	0	0
Other income (expense):
Interest income	0	0	0	0
Interest expense	0	0	0	0
Gain on disposition of property	0	0	0	0
Income (loss) before income taxes	0	0	0	0
Income tax (expense) benefit	0	0	0	0
Net income	0	0	0	0
Segment assets	0	0	0	0
Expenditures for segment assets	0	0	0	0
Real Estate \| Operating Segments
Revenues:
Rental revenue	154,603	149,339	294,694	296,853
Intercompany rental revenue	20,942	17,109	36,856	27,729
Observatory revenue	0	0	0	0
Lease termination fees		18,859		20,032
Third-party management and other fees	381	326	808	636
Other revenue and fees	2,125	2,130	4,075	3,926
Total revenues	178,051	187,763	336,433	349,176
Operating expenses:
Property operating expenses	39,519	37,433	81,563	76,077
Intercompany rent expense	0	0	0	0
Ground rent expenses	2,332	2,332	4,663	4,663
General and administrative expenses	16,075	15,876	31,783	29,562
Observatory expenses	0	0	0	0
Real estate taxes	31,490	29,802	63,278	59,806
Depreciation and amortization	46,237	58,254	93,601	125,325
Total operating expenses	135,653	143,697	274,888	295,433
Total operating income (loss)	42,398	44,066	61,545	53,743
Other income (expense):
Interest income	3,289	426	5,847	575
Interest expense	(25,405)	(25,042)	(50,709)	(50,056)
Gain on disposition of property	13,565	27,170	29,261	27,170
Income (loss) before income taxes	33,847	46,620	45,944	31,432
Income tax (expense) benefit	(197)	(38)	(395)	(182)
Net income	33,650	46,582	45,549	31,250
Segment assets	3,928,943	3,969,257	3,928,943	3,969,257
Expenditures for segment assets	32,908	13,115	35,576	51,999
Observatory \| Operating Segments
Revenues:
Rental revenue	0	0	0	0
Intercompany rental revenue	0	0	0	0
Observatory revenue	33,433	27,368	55,587	40,609
Lease termination fees		0		0
Third-party management and other fees	0	0	0	0
Other revenue and fees	0	0	0	0
Total revenues	33,433	27,368	55,587	40,609
Operating expenses:
Property operating expenses	0	0	0	0
Intercompany rent expense	20,942	17,109	36,856	27,729
Ground rent expenses	0	0	0	0
General and administrative expenses	0	0	0	0
Observatory expenses	8,657	7,776	16,512	13,991
Real estate taxes	0	0	0	0
Depreciation and amortization	43	50	87	85
Total operating expenses	29,642	24,935	53,455	41,805
Total operating income (loss)	3,791	2,433	2,132	(1,196)
Other income (expense):
Interest income	50	5	87	5
Interest expense	0	0	0	0
Gain on disposition of property	0	0	0	0
Income (loss) before income taxes	3,841	2,438	2,219	(1,191)
Income tax (expense) benefit	(536)	(325)	881	1,415
Net income	3,305	2,113	3,100	224
Segment assets	255,825	247,974	255,825	247,974
Expenditures for segment assets	$ 0	$ 0	$ 58	$ 291