EMPIRE STATE REALTY TRUST, INC., 10-Q filed on 11/5/2025
Quarterly Report
v3.25.3
Cover - shares
 9 Months Ended
Sep. 30, 2025
Nov. 03, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
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 687-8700  
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 2025  
Document Fiscal Period Focus Q3  
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   169,221,083
Class B Common Stock    
Document Information [Line Items]    
Title of 12(b) Security Class B Common Stock, par value $0.01 per share  
Entity Common Stock, Shares Outstanding   972,143
No Trading Symbol Flag true  
v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Commercial real estate properties, at cost:    
Land $ 397,666 $ 386,423
Development costs 8,187 8,187
Building and improvements 3,534,902 3,392,043
Commercial real estate properties, at cost 3,940,755 3,786,653
Less: accumulated depreciation (1,381,726) (1,274,193)
Commercial real estate properties, net 2,559,029 2,512,460
Contract asset 0 170,419
Cash and cash equivalents 154,113 385,465
Restricted cash 43,642 43,837
Tenant and other receivables 27,416 31,427
Deferred rent receivables 259,070 247,754
Prepaid expenses and other assets 58,679 101,852
Deferred costs, net 177,307 183,987
Acquired below-market ground leases, net 307,537 313,410
Right of use assets 28,007 28,197
Goodwill 491,479 491,479
Total assets 4,106,279 4,510,287
Liabilities:    
Mortgage notes payable, net 691,046 692,176
Senior unsecured notes, net 1,097,498 1,197,061
Unsecured term loan facilities, net 268,959 268,731
Unsecured revolving credit facility 0 120,000
Debt associated with property in receivership 0 177,667
Accrued interest associated with property in receivership 0 5,433
Accounts payable and accrued expenses 111,732 132,016
Acquired below-market leases, net 15,875 19,497
Ground lease liabilities 28,007 28,197
Deferred revenue and other liabilities 64,191 62,639
Tenants’ security deposits 30,751 24,908
Total liabilities 2,308,059 2,728,325
Commitments and contingencies
Empire State Realty Trust, Inc. stockholders' equity:    
Preferred stock, $0.01 par value per share, 50,000 shares authorized, none issued or outstanding 0 0
Additional paid-in capital 1,089,530 1,077,976
Accumulated other comprehensive income 5,348 9,934
Retained deficit (53,062) (58,888)
Total Empire State Realty Trust, Inc. stockholders' equity 1,043,515 1,030,696
Non-controlling interests in the Operating Partnership 724,765 721,326
Private perpetual preferred units:    
Total equity 1,798,220 1,781,962
Total liabilities and equity 4,106,279 4,510,287
Class A Common Stock    
Empire State Realty Trust, Inc. stockholders' equity:    
Common stock 1,689 1,664
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
v3.25.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Empire State Realty Trust, Inc. stockholders' 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    
Empire State Realty Trust, Inc. stockholders' 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) 168,970,000 166,405,000
Common stock outstanding (in shares) 168,970,000 166,405,000
Class B Common Stock    
Empire State Realty Trust, Inc. stockholders' 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) 972,000 978,000
Common stock outstanding (in shares) 972,000 978,000
Private Perpetual Preferred Units, Series 2019    
Empire State Realty Trust, Inc. stockholders' equity:    
Private perpetual preferred units, per unit liquidation preference (in USD per share) $ 13.52 $ 13.52
Private perpetual preferred units issued (in shares) 4,664,000 4,664,000
Private perpetual preferred units outstanding (in shares) 4,664,000 4,664,000
Private Perpetual Preferred Units, Series 2014    
Empire State Realty Trust, Inc. stockholders' 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
v3.25.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Rental revenue $ 158,410 $ 153,117 $ 466,492 $ 459,469
Observatory revenue 36,037 39,382 93,097 98,102
Lease termination fees 0 4,771 464 4,771
Third-party management and other fees 404 271 1,243 912
Other revenue and fees 2,879 2,058 7,750 7,067
Total revenues 197,730 199,599 569,046 570,321
Operating expenses:        
Property operating expenses 46,957 45,954 136,897 132,530
Ground rent expenses 2,331 2,331 6,994 6,994
General and administrative expenses 18,743 18,372 54,368 52,364
Observatory expenses 9,510 9,715 27,450 27,104
Real estate taxes 33,241 31,982 98,898 96,106
Depreciation and amortization 47,615 45,899 144,196 139,453
Total operating expenses 158,397 154,253 468,803 454,551
Total operating income 39,333 45,346 100,243 115,770
Other income (expense):        
Interest income 1,146 6,960 6,799 16,230
Interest expense (25,189) (27,408) (77,253) (77,859)
Interest expense associated with property in receivership 0 (1,922) (647) (2,550)
Loss on early extinguishment of debt 0 0 0 (553)
Gain on disposition of property 0 1,262 13,170 12,065
Income before income taxes 15,290 24,238 42,312 63,103
Income tax expense (1,645) (1,442) (1,504) (1,537)
Net income 13,645 22,796 40,808 61,566
Net income attributable to non-controlling interests:        
Non-controlling interest in the Operating Partnership (4,610) (8,205) (13,933) (22,138)
Non-controlling interests in other partnerships 0 0 0 (4)
Private perpetual preferred unit distributions (1,050) (1,050) (3,151) (3,151)
Net income attributable to common stockholders $ 7,985 $ 13,541 $ 23,724 $ 36,273
Total weighted average shares:        
Basic (in shares) 169,250 164,880 168,103 164,453
Diluted (in shares) 270,357 269,613 269,945 268,608
Earnings per share attributable to common stockholders:        
Basic (in USD per share) $ 0.05 $ 0.08 $ 0.14 $ 0.22
Diluted (in USD per share) 0.05 0.08 0.14 0.22
Dividends per share (in USD per share) $ 0.035 $ 0.035 $ 0.105 $ 0.105
v3.25.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 13,645 $ 22,796 $ 40,808 $ 61,566
Other comprehensive income (loss):        
Unrealized gain (loss) on valuation of interest rate swap agreements 169 (9,341) (5,419) 1,710
Amount reclassified into interest expense (514) (2,457) (2,047) (5,448)
Other comprehensive loss (345) (11,798) (7,466) (3,738)
Comprehensive income 13,300 10,998 33,342 57,828
Net income attributable to non-controlling interests and private perpetual preferred unitholders (5,660) (9,255) (17,084) (25,293)
Other comprehensive loss attributable to non-controlling interests 113 4,479 2,762 1,507
Comprehensive income attributable to common stockholders $ 7,753 $ 6,222 $ 19,020 $ 34,042
v3.25.3
Condensed Consolidated Statements of Stockholders' Equity - 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, 2023         162,062,000 984,000          
Beginning balance at Dec. 31, 2023 $ 1,731,045     $ 985,518 $ 1,621 $ 10 $ 1,060,969 $ 6,026 $ (83,108) $ 715,587 $ 29,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Conversion of operating partnership units and Class B shares to Class A shares (in shares)         3,303,000 (3,000)          
Conversion of operating partnership units and Class B shares to Class A shares 0     12,042 $ 33   11,978 31   (12,042)  
Repurchases of common shares 0                    
Acquisition of non-controlling interest in other partnership (15,297)     114     (1,805) 1,919   (15,411)  
Equity compensation:                      
LTIP units 14,813                 14,813  
Restricted stock, net of forfeitures (in shares)         142,000            
Restricted stock, net of forfeitures 776     776 $ 1   775        
Dividends and distributions (31,844)     (17,376)         (17,376) (11,317) (3,151)
Net income 61,566     36,273         36,273 22,142 3,151
Other comprehensive loss (3,738)     (2,231)       (2,231)   (1,507)  
Ending balance (in shares) at Sep. 30, 2024         165,507,000 981,000          
Ending balance at Sep. 30, 2024 1,757,321     1,015,116 $ 1,655 $ 10 1,071,917 5,745 (64,211) 712,265 29,940
Beginning balance (in shares) at Jun. 30, 2024         164,483,000 982,000          
Beginning balance at Jun. 30, 2024 1,751,216     1,011,279 $ 1,645 $ 10 1,068,516 13,036 (71,928) 709,997 29,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Conversion of operating partnership units and Class B shares to Class A shares (in shares)         1,038,000 (1,000)          
Conversion of operating partnership units and Class B shares to Class A shares 0     2,944 $ 11   2,905 28   (2,944)  
Repurchases of common shares 0                    
Equity compensation:                      
LTIP units 5,257                 5,257  
Restricted stock, net of forfeitures (in shares)         (14,000)            
Restricted stock, net of forfeitures 495     495 $ (1)   496        
Dividends and distributions (10,645)     (5,824)         (5,824) (3,771) (1,050)
Net income 22,796     13,541         13,541 8,205 1,050
Other comprehensive loss (11,798)     (7,319)       (7,319)   (4,479)  
Ending balance (in shares) at Sep. 30, 2024         165,507,000 981,000          
Ending balance at Sep. 30, 2024 1,757,321     1,015,116 $ 1,655 $ 10 1,071,917 5,745 (64,211) 712,265 29,940
Beginning balance (in shares) at Dec. 31, 2024   166,405,000 978,000   166,405,000 978,000          
Beginning balance at Dec. 31, 2024 1,781,962     1,030,696 $ 1,664 $ 10 1,077,976 9,934 (58,888) 721,326 29,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Conversion of operating partnership units and Class B shares to Class A shares (in shares)         2,727,000 (6,000)          
Conversion of operating partnership units and Class B shares to Class A shares 0     12,963 $ 27   12,818 118   (12,963)  
Repurchases of common shares (in shares)         (310,000)            
Repurchases of common shares (2,148)     (2,148) $ (3)   (1,992)   (153)    
Equity compensation:                      
LTIP units 16,726                 16,726  
Restricted stock, net of forfeitures (in shares)         148,000            
Restricted stock, net of forfeitures 729     729 $ 1   728        
Dividends and distributions (32,391)     (17,745)         (17,745) (11,495) (3,151)
Net income 40,808     23,724         23,724 13,933 3,151
Other comprehensive loss (7,466)     (4,704)       (4,704)   (2,762)  
Ending balance (in shares) at Sep. 30, 2025   168,970,000 972,000   168,970,000 972,000          
Ending balance at Sep. 30, 2025 1,798,220     1,043,515 $ 1,689 $ 10 1,089,530 5,348 (53,062) 724,765 29,940
Beginning balance (in shares) at Jun. 30, 2025         168,301,000 975,000          
Beginning balance at Jun. 30, 2025 1,789,248     1,038,209 $ 1,683 $ 10 1,086,059 5,558 (55,101) 721,099 29,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Conversion of operating partnership units and Class B shares to Class A shares (in shares)         652,000 (3,000)          
Conversion of operating partnership units and Class B shares to Class A shares $ 0     2,977 $ 6   2,949 22   (2,977)  
Repurchases of common shares (in shares) 0                    
Repurchases of common shares $ 0                    
Equity compensation:                      
LTIP units 5,952                 5,952  
Restricted stock, net of forfeitures (in shares)         17,000            
Restricted stock, net of forfeitures 522     522     522        
Dividends and distributions (10,802)     (5,946)         (5,946) (3,806) (1,050)
Net income 13,645     7,985         7,985 4,610 1,050
Other comprehensive loss (345)     (232)       (232)   (113)  
Ending balance (in shares) at Sep. 30, 2025   168,970,000 972,000   168,970,000 972,000          
Ending balance at Sep. 30, 2025 $ 1,798,220     $ 1,043,515 $ 1,689 $ 10 $ 1,089,530 $ 5,348 $ (53,062) $ 724,765 $ 29,940
v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows From Operating Activities    
Net income $ 40,808 $ 61,566
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 144,196 139,453
Gain on disposition of property (13,170) (12,065)
Amortization of non-cash items within interest expense 6,502 6,505
Amortization of acquired above- and below-market leases, net (2,459) (1,503)
Amortization of acquired below-market ground leases 5,873 5,874
Straight-lining of rental revenue (13,719) (7,238)
Equity based compensation 18,364 15,589
Loss on early extinguishment of debt 0 553
Increase (decrease) in cash flows due to changes in operating assets and liabilities:    
Security deposits 5,841 (8,955)
Tenant and other receivables 4,011 4,243
Deferred costs (20,164) (18,729)
Prepaid expenses and other assets 33,784 6,480
Accounts payable and accrued expenses 1,332 12,318
Deferred revenue and other liabilities 3,955 6,769
Net cash provided by operating activities 215,154 210,860
Cash Flows From Investing Activities    
Additions to building and improvements (156,397) (143,894)
Acquisition of real estate property (31,701) (143,431)
Acquisition of non-controlling interests in other partnerships 0 (14,226)
Reduction of cash from derecognition of assets 0 (12,876)
Post-closing costs from a prior period sale of property 0 (4,034)
Development costs 0 (9)
Net cash used in investing activities (188,098) (318,470)
Cash Flows From Financing Activities    
Proceeds from unsecured senior notes 0 225,000
Repayment of unsecured senior notes (100,000) 0
Proceeds from unsecured revolving credit facility 0 120,000
Repayment of unsecured revolving credit facility (120,000) 0
Proceeds from unsecured term loan 0 95,000
Repayment of unsecured term loan 0 (215,000)
Repayment of mortgage notes payable (2,721) (10,513)
Deferred financing costs (434) (12,070)
Repurchases of common shares (2,148) 0
Taxes paid on withholding shares (909) 0
Private perpetual preferred unit distributions (3,151) (3,151)
Dividends paid to common stockholders (17,745) (17,376)
Distributions paid to non-controlling interests in the operating partnership (11,495) (11,317)
Net cash (used in) provided by financing activities (258,603) 170,573
Net (decrease) increase in cash and cash equivalents and restricted cash (231,547) 62,963
Cash and cash equivalents and restricted cash—beginning of period 429,302 406,956
Cash and cash equivalents and restricted cash—end of period 197,755 469,919
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 385,465 346,620
Restricted cash at beginning of period 43,837 60,336
Cash and cash equivalents at end of period 154,113 421,896
Restricted cash at end of period 43,642 48,023
Cash and cash equivalents and restricted cash 197,755 469,919
Supplemental disclosures of cash flow information:    
Cash paid for interest 66,350 65,148
Cash paid for income taxes 2,672 1,530
Non-cash investing and financing activities:    
Building and improvements included in accounts payable and accrued expenses 56,174 29,499
Write-off of fully depreciated assets 16,856 8,770
Derivative instruments at fair values included in prepaid expenses and other assets 3,079 5,673
Derivative instruments at fair values included in accounts payable and accrued expenses 117 2,143
Contract asset (171,003) 168,687
Derecognition of debt associated with property in receivership 177,667 177,667
Accrued interest associated with property in receivership 6,080 3,511
Conversion of operating partnership units and Class B shares to Class A shares $ 12,963 $ 12,042
v3.25.3
Description of Business and Organization
 9 Months Ended
Sep. 30, 2025
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.
Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused real estate investment trust ("REIT") that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor's 2025 Travelers' Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality.
As of September 30, 2025, our portfolio was comprised of approximately 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units, which are located in New York City. Our office portfolio included 10 properties (including three long-term ground leasehold interests). Nine of these office properties are located in midtown Manhattan and encompass approximately 7.6 million rentable square feet of office space and 0.5 million rentable square feet of retail space, including the Empire State Building. The remaining office property is located in Stamford, Connecticut, with immediate access to mass transportation. Additionally, we have entitled land adjacent to the Stamford office property that can support the development of either office or residential per local zoning.
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 "Offering"). 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 September 30, 2025, we owned approximately 61.0% 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.
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
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, 2024 (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, 2024 contained in our Annual Report. Our Observatory business is subject to tourism trends and the weather, and therefore does experience some seasonality. For the year ended December 31, 2024, approximately 18% of our annual Observatory revenue was realized in the first quarter, 25% was realized in the second quarter, 29% was realized in the third quarter, and 28% 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 lease 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. We also determined that the Operating Partnership has a variable interest in and is the primary beneficiary of the intermediary entity that holds title to the North 6th Street Collection assets acquired in June 2025, and as a result is consolidated in the financial statements of ESRT as of September 30, 2025.
We assess consolidation accounting treatment for each investment in a VIE. This assessment will include a review of the relevant agreements to identify the rights of each party and whether those rights provide either party the power to direct the activities that most significantly impact the entity’s economic performance and benefit. In situations where we and our partner 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, goodwill, 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 revolving credit and term loan 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.
v3.25.3
Acquisitions and Dispositions
 9 Months Ended
Sep. 30, 2025
Business Combination and Dispositions [Abstract]  
Acquisitions and Dispositions Acquisitions and Dispositions
Property Acquisitions
In June 2025, we closed on the acquisition of two retail properties on North 6th Street in Williamsburg, Brooklyn for an aggregate purchase price of $31.0 million.
In September and October 2024, we closed on the acquisition of a portfolio of retail properties on North 6th Street in Williamsburg, Brooklyn for an aggregate purchase price of $195.0 million.
The following table summarizes the purchase price allocations of these acquisitions (amounts in thousands):
Intangibles
PropertyDate AcquiredLandBuilding and ImprovementsAssetsLiabilitiesTotal
North 6th Street Collection(1)
6/30/2025$11,243 $20,458 $— $— $31,701 
North 6th Street Collection(2)
September 2024-October 202444,924 146,826 10,984 (9,664)193,070 
(1) Includes two retail properties with eleven residential units on North 6th Street in Williamsburg, Brooklyn. Includes capitalized transaction costs of $0.7 million.
(2) Includes nine retail properties with five residential units on North 6th Street in Williamsburg, Brooklyn. Includes capitalized transaction costs of $(1.9) million, net of certain closing credits.
In March 2024, we executed a buyout of the 10% non-controlling interest in two of our multifamily properties located at 561 10th Avenue and 345 East 94th Street in Manhattan for $14.2 million in cash and the assumption of $18.0 million of in-place debt. As there was no change in control, we accounted for this acquisition as an equity transaction in accordance with Accounting Standards Codification 810-10 and no gain or loss was recognized.
Property Dispositions
The following table summarizes properties disposed of during the nine and twelve months ended September 30, 2025 and December 31, 2024, respectively (amounts in thousands):
PropertyDate of Disposal
Sales Price(1)
Gain on Disposition(2)
First Stamford Place, Stamford, Connecticut5/22/2024$165,807 $26,472 
(1) We transferred First Stamford Place, which was encumbered by mortgage and other debt obligations of $165.8 million back to the lender in a consensual foreclosure and recognized non-cash gain upon the disposition.
(2) Gain on disposition includes $13.2 million and $13.3 million for the three months ended March 31, 2025 and the year ended December 31, 2024, respectively.
In April 2024, we worked with the First Stamford Place mortgage lender to structure a consensual foreclosure. On May 22, 2024, a receiver was appointed and we ended our management and control of the property. In connection with this, we removed the related assets and property liabilities from our condensed consolidated balance sheet and recognized a gain in the condensed consolidated statements of operations of $13.3 million for the twelve months ended December 31, 2024. We also recorded a contract asset of $170.4 million that represented the consideration not yet received for the senior mortgage obligation, including applicable accrued interest, we expected to be released upon the final resolution of the foreclosure process on First Stamford Place. On February 5, 2025, the consensual foreclosure of First Stamford Place was completed and we were released of the senior mortgage obligation and derecognized the related contract asset.
In connection with the completion of the consensual foreclosure we concluded that we are no longer the primary beneficiary of the entity that holds the First Stamford Place mezzanine debt obligation as we no longer have the power to direct the activities that most significantly impact the VIE's economic performance, nor the right to receive the benefits from the VIE. As a result, the entity was deconsolidated during the three months ended March 31, 2025 and we recognized a gain of $13.2 million from the mezzanine debt obligation. The gain is included as a component of gain on disposition of property in the accompanying condensed consolidated statement of operations.
v3.25.3
Deferred Costs, Acquired Lease Intangibles and Goodwill
 9 Months Ended
Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Deferred Costs, Acquired Lease Intangibles and Goodwill Deferred Costs, Acquired Lease Intangibles and Goodwill
Deferred costs, net, consisted of the following:
(amounts in thousands)September 30, 2025December 31, 2024
Deferred leasing costs$226,090 $230,836 
Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs137,333 137,580 
Acquired above-market leases19,553 19,636 
Total deferred costs, excluding deferred financing costs382,976 388,052 
Less: accumulated amortization(213,424)(212,972)
Total deferred costs, net, excluding net deferred financing costs169,552 175,080 
Deferred financing costs, net, of accumulated amortization of $9,369 and $7,783, respectively (See Note 5)
7,755 8,907 
Total deferred costs, net$177,307 $183,987 
Acquired below-market ground leases, net, consisted of the following:
(amounts in thousands)September 30, 2025December 31, 2024
Acquired below-market ground leases$396,916 $396,916 
Less: accumulated amortization(89,379)(83,506)
Acquired below-market ground leases, net$307,537 $313,410 
Acquired below-market leases, net, consisted of the following:
(amounts in thousands)September 30, 2025December 31, 2024
Acquired below-market leases$(56,359)$(56,359)
Less: accumulated amortization40,484 36,862 
Acquired below-market leases, net$(15,875)$(19,497)
The total amortization related to deferred costs and acquired lease intangibles consisted of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Rental revenue:
Amortization of below-market leases, net of above-market leases$821 $476 $2,459 $1,503 
Depreciation and amortization:
Amortization of deferred leasing costs and acquired deferred leasing costs5,081 5,930 15,578 16,948 
Amortization related to acquired in-place lease value1,406 1,144 4,229 3,663 
As of September 30, 2025 and December 31, 2024, 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.
We performed our annual goodwill testing in October 2024, where 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. 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, EBITDA 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. The quantitative analysis performed concluded the fair value of the reporting unit exceeds its carrying value. We also perform quarterly qualitative assessments and have not identified any events 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.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following:
Principal Balance
As of September 30, 2025
(amounts in thousands)September 30, 2025December 31, 2024Stated
Rate
Effective
Rate(1)
Maturity
Date(2)
Fixed rate mortgage debt:
10 Union Square$50,000 $50,000 3.70 %3.97 %4/1/2026
1542 Third Avenue30,000 30,000 4.29 %4.53 %5/1/2027
1010 Third Avenue and 77 West 55th Street33,343 34,048 4.01 %4.21 %1/5/2028
Metro Center (3)
71,600 71,600 3.59 %3.67 %11/5/2029
250 West 57th Street180,000 180,000 2.83 %3.21 %12/1/2030
1333 Broadway160,000 160,000 4.21 %4.29 %2/5/2033
345 East 94th Street - Series A43,600 43,600 
70% of SOFR plus 0.95%
3.56 %11/1/2030
345 East 94th Street - Series B5,907 6,490 
SOFR plus 2.24%
3.56 %11/1/2030
561 10th Avenue - Series A114,500 114,500 
70% of SOFR plus 1.07%
3.85 %11/1/2033
561 10th Avenue - Series B12,604 14,036 
SOFR plus 2.45%
3.85 %11/1/2033
Total mortgage debt701,554 704,274 
Senior unsecured notes:(4)
   Series A— 100,000 — — — 
   Series B125,000 125,000 4.09 %4.12 %3/27/2027
   Series C125,000 125,000 4.18 %4.21 %3/27/2030
   Series D115,000 115,000 4.08 %4.11 %1/22/2028
   Series E160,000 160,000 4.26 %4.27 %3/22/2030
   Series F175,000 175,000 4.44 %4.45 %3/22/2033
   Series G100,000 100,000 3.61 %4.89 %3/17/2032
   Series H75,000 75,000 3.73 %5.00 %3/17/2035
   Series I155,000 155,000 7.20 %7.39 %6/17/2029
   Series J45,000 45,000 7.32 %7.46 %6/17/2031
   Series K25,000 25,000 7.41 %7.52 %6/17/2034
Unsecured term loan facility (4)
175,000 175,000 
SOFR plus 1.50%
4.61 %12/31/2026
Unsecured term loan facility (3),(4)
95,000 95,000 
 SOFR plus 1.50%
5.16 %3/8/2029
Unsecured revolving credit facility (3),(4)
— 120,000 
SOFR plus 1.30%
4.04 %3/8/2029
Total principal2,071,554 2,294,274 
Deferred financing costs, net(8,453)(10,123)
Unamortized debt discount(5,598)(6,183)
Total$2,057,503 $2,277,968 
______________
(1)The effective rate is the yield as of September 30, 2025 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)Assumes extension options are exercised for the 2029 maturities of the term loan, revolving credit facility and Metro Center mortgage.
(4)At September 30, 2025, we were in compliance with all debt covenants.
Principal Payments
Aggregate required principal payments at September 30, 2025 are as follows (amounts in thousands):
YearAmortizationMaturitiesTotal
2025$944 $— $944 
20263,957 225,000 228,957 
20274,276 155,000 159,276 
20283,555 146,091 149,646 
20293,890 321,600 325,490 
Thereafter14,634 1,192,607 1,207,241 
Total$31,256 $2,040,298 $2,071,554 
Deferred Financing Costs
Deferred financing costs, net, consisted of the following:
(amounts in thousands)September 30, 2025December 31, 2024
Deferred financing costs, included as a component of net debt$16,121 $36,309 
Deferred financings costs, included as a component of net deferred costs (See Note 4)17,124 16,638 
Total deferred financing costs$33,245 $52,947 
Less: accumulated amortization(17,037)(33,970)
Total deferred financing costs, net$16,208 $18,977 
The total amortization expense related to deferred financing costs consisted of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Amortization of deferred financing costs$1,082 $1,110 $3,256 $3,179 
Unsecured Revolving Credit and Term Loan Facilities
On May 28, 2025, through our Operating Partnership, we entered into a first amendment to our second amended and restated credit agreement, dated March 8, 2024, with Bank of America, N.A., as administrative agent and other lenders party thereto, which governs our senior unsecured revolving credit facility and term loan facility (collectively, the “BofA Credit Facilities”). The first amendment amends certain sustainability margin adjustment terms. No other changes were made to the amount of the commitments, the maturity date of the outstanding loans or the covenants. The BofA Credit Facilities are comprised of a $620.0 million senior unsecured revolving credit facility (the “Revolving Credit Facility”) and a $95.0 million term loan facility (the “BofA Term Loan Facility”). We may request that the BofA Credit Facilities be increased through one or more increases in the Revolving Credit Facility or one or more increases in the BofA Term Loan Facility or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount under the second amended and restated credit agreement not to exceed $1.5 billion.
The Revolving Credit Facility matures on March 8, 2029, inclusive of two six-month extension periods. The BofA Term Loan Facility matures on March 8, 2029, inclusive of two twelve-month extension periods. Initial interest rates on the BofA Credit Facilities, which may change based on our leverage levels, are SOFR plus a benchmark adjustment of 10 basis points ("adjusted SOFR") plus 130 basis points for any drawn portion of the Revolving Credit Facility and adjusted SOFR plus 150 basis points for the BofA Term Loan Facility. In addition, the BofA Credit Facilities have a sustainability-linked pricing mechanism that reduces the borrowing spread if certain benchmarks are achieved each year. On March 18, 2025, we repaid the $120.0 million borrowings previously drawn on the Revolving Credit Facility. As of September 30, 2025, we had no borrowings under the Revolving Credit Facility and $95.0 million under the BofA Term Loan Facility.
On March 13, 2024, through our Operating Partnership, we entered into a third 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 third amendment provides for, among other things, certain conforming changes to the BofA Credit Facilities agreement, including increases to the capitalization rate for certain of our properties. No other changes were made to the amount of the commitments, the maturity date of the outstanding loans or the covenants. 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 $225.0 million. As of September 30, 2025, our borrowings amounted to $175.0 million under the Wells Term Loan Facility.
The terms of both the BofA Credit Facilities 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 REIT qualification, and occurrence of a change of control. As of September 30, 2025, we were in compliance with these covenants.
Senior Unsecured Notes
Subsequent to quarter-end on October 15, 2025, we entered into a Note Purchase Agreement with the purchasers (the "Purchase Agreement") in connection with a private placement of $175.0 million aggregate principal amount of 5.47% Series L Senior Notes due January 7, 2031 (the "Series L Notes"). The sale and purchase of the Series L Notes is scheduled to fund on December 18, 2025, subject to customary closing conditions. The issue price for the Series L Notes is 100% of the aggregate principal amount thereof. Pursuant to the terms of the Purchase Agreement, we may repay all or a portion of the Series L Notes upon notice to the holders at a price equal to 100% of the principal amount so prepaid plus a make-whole premium as set forth in the Purchase Agreement. The Purchase Agreement contains customary covenants and customary events of default similar to those in our existing senior unsecured notes.
On March 27, 2025, the Series A senior unsecured notes matured and the aggregate principal amount of $100.0 million was repaid. The notes had a stated interest rate of 3.93%.
The terms of our 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. The terms 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 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 REIT qualification. As of September 30, 2025, we were in compliance with these covenants.
v3.25.3
Accounts Payable and Accrued Expenses
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses Accounts Payable and Accrued Expenses
    Accounts payable and accrued expenses consisted of the following:
(amounts in thousands)September 30, 2025December 31, 2024
Capital expenditures included in accounts payable and accrued expenses$56,174 $73,535 
Accounts payable and accrued expenses47,662 54,779 
Interest rate swap agreements liability117 — 
Accrued interest payable7,779 3,702 
     Total accounts payable and accrued expenses$111,732 $132,016 
v3.25.3
Financial Instruments and Fair Values
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Values 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. If we had breached any of these provisions, we could have been required to settle our obligations that were in a net liability position under the agreements at their termination value of $0.1 million as of September 30, 2025, which includes accrued interest but excludes any adjustment for nonperformance risk. As of September 30, 2025, we were in compliance with these provisions.
As of September 30, 2025 and December 31, 2024, we had interest rate swaps and caps with an aggregate notional value of $447.5 million and $664.0 million, respectively. The notional value does not represent exposure to credit, interest rate or market risks. 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 September 30, 2025 and 2024, our cash flow hedges are deemed highly effective. A net unrealized loss of $0.3 million and $7.5 million for the three and nine months ended September 30, 2025, and a net unrealized loss of $11.8 million and $3.7 million for the three and nine months ended September 30, 2024, 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 income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the debt. We estimate that $0.9 million net loss of the current balance held in accumulated other comprehensive income (loss) will be reclassified into interest expense within the next 12 months. Cash payments and receipts related to our cash flow hedges are classified as operating activities and included within our disclosure of cash paid for interest on our condensed consolidated statements of cash flows, consistent with the classification of the hedged interest payments.
The table below summarizes the terms of agreements and the fair values of our derivative financial instruments:
(amounts in thousands, except percentages)September 30, 2025December 31, 2024
DerivativeNotional AmountReceive RatePay RateEffective DateExpiration Date
Asset(1)
Liability(2)
Asset(1)
Liability(2)
Interest rate swap$36,820 
70% of 1 Month SOFR
2.5000%December 1, 2021November 1, 2030$— $(76)$759 $— 
Interest rate swap103,790 
70% of 1 Month SOFR
2.5000%December 1, 2021November 1, 2033193 — 2,825 — 
Interest rate swap10,710 
70% of 1 Month SOFR
1.7570%December 1, 2021November 1, 2033450 — 743 — 
Interest rate swap12,768 1 Month SOFR2.2540%December 1, 2021November 1, 2030389 — 754 — 
Interest rate swap175,000 SOFR Compound2.5620%August 31, 2022December 31, 20262,004 — 4,895 — 
Interest rate swap— SOFR Compound2.6260%August 19, 2022March 19, 2025— — 383 — 
Interest rate swap— SOFR OIS Compound2.6280%August 19, 2022March 19, 2025— — 382 — 
Interest rate cap6,780 
70% of 1 Month SOFR
4.5000%October 1, 2024November 1, 203013 — 35 — 
Interest rate cap6,676 1 Month SOFR5.5000%October 1, 2024November 1, 203030 — 81 — 
Interest rate swap47,500 1 Month SOFR3.3090%March 19, 2025March 8, 2029— (25)1,117 — 
Interest rate swap47,500 1 Month SOFR3.3030%March 19, 2025March 8, 2029— (16)1,124 — 
$447,544 $3,079 $(117)$13,098 $— 
(1) Included as a component of prepaid expenses and other assets on the condensed consolidated balance sheets.
(2) Included as a component of accounts payable and accrued expenses on the condensed consolidated balance sheets.
The table below shows the effect of our derivative financial instruments designated as cash flow hedges on accumulated other comprehensive income (loss):
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Amount of (loss) gain recognized in other comprehensive income (loss)$169 $(9,341)$(5,419)$1,710 
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense(514)(2,457)(2,047)(5,448)
The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of operations:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded$(25,189)$(27,408)$(77,253)$(77,859)
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense514 2,457 2,047 5,448 
Fair Valuation
The estimated fair values at September 30, 2025 and December 31, 2024 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-K), 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:
September 30, 2025
Estimated Fair Value
(amounts in thousands)Carrying
Value		TotalLevel 1Level 2Level 3
Interest rate swaps and caps included in prepaid expenses and other assets$3,079 $3,079 $— $3,079 $— 
Interest rate swaps included in accounts payable and accrued expenses117 117 — 117 — 
Mortgage notes payable691,046 648,159 — — 648,159 
Senior unsecured notes - Series B-K1,097,498 1,051,122 — — 1,051,122 
Unsecured term loan facilities268,959 270,000 — — 270,000 
December 31, 2024
Estimated Fair Value
(amounts in thousands)Carrying
Value		TotalLevel 1Level 2Level 3
Interest rate swaps and caps included in prepaid expenses and other assets$13,098 $13,098 $— $13,098 $— 
Mortgage notes payable692,176 618,378 — — 618,378 
Senior unsecured notes - Series A-K1,197,061 1,116,149 — — 1,116,149 
Unsecured term loan facilities268,731 270,000 — — 270,000 
Unsecured revolving credit facility120,000 120,000 — — 120,000 
Disclosure about the fair value of financial instruments is based on pertinent information available to us as of September 30, 2025 and December 31, 2024. 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.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
Lessor
We lease various spaces to tenants over terms ranging from one to 30 years. Certain leases have termination options for a fee and/or renewal options. 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. Tenant expense reimbursements are reflected in our September 30, 2025 and 2024 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 consisted of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Fixed payments$136,116 $132,266 $405,945 $404,854 
Variable payments22,294 20,851 60,547 54,615 
Total rental revenue$158,410 $153,117 $466,492 $459,469 
As of September 30, 2025, we were entitled to the following future contractual minimum lease payments (excluding tenant expense reimbursements) on non-cancellable operating leases to be received which expire on various dates through 2054 (amounts in thousands):
Remainder of 2025
$126,680 
2026488,613 
2027473,031 
2028437,037 
2029373,560 
Thereafter1,876,921 
$3,775,842 
The above future minimum lease payments exclude tenant recoveries and the net accretion of above-market leases 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.
As of September 30, 2025, the future lease payments to be received for signed leases that have not yet commenced was approximately $479.7 million.
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 and lease liabilities of $28.0 million as of September 30, 2025 and right-of-use assets and lease liabilities of $28.2 million as of December 31, 2024 in our condensed consolidated balance sheets. 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 September 30, 2025 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 September 30, 2025 was 44.8 years.
As of September 30, 2025, 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 2025
$380 
20261,503 
20271,482 
20281,482 
20291,482 
Thereafter59,283 
Total undiscounted lease payments65,612 
Present value discount(37,605)
Ground lease liabilities$28,007 
Leases Leases
Lessor
We lease various spaces to tenants over terms ranging from one to 30 years. Certain leases have termination options for a fee and/or renewal options. 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. Tenant expense reimbursements are reflected in our September 30, 2025 and 2024 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 consisted of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Fixed payments$136,116 $132,266 $405,945 $404,854 
Variable payments22,294 20,851 60,547 54,615 
Total rental revenue$158,410 $153,117 $466,492 $459,469 
As of September 30, 2025, we were entitled to the following future contractual minimum lease payments (excluding tenant expense reimbursements) on non-cancellable operating leases to be received which expire on various dates through 2054 (amounts in thousands):
Remainder of 2025
$126,680 
2026488,613 
2027473,031 
2028437,037 
2029373,560 
Thereafter1,876,921 
$3,775,842 
The above future minimum lease payments exclude tenant recoveries and the net accretion of above-market leases 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.
As of September 30, 2025, the future lease payments to be received for signed leases that have not yet commenced was approximately $479.7 million.
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 and lease liabilities of $28.0 million as of September 30, 2025 and right-of-use assets and lease liabilities of $28.2 million as of December 31, 2024 in our condensed consolidated balance sheets. 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 September 30, 2025 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 September 30, 2025 was 44.8 years.
As of September 30, 2025, 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 2025
$380 
20261,503 
20271,482 
20281,482 
20291,482 
Thereafter59,283 
Total undiscounted lease payments65,612 
Present value discount(37,605)
Ground lease liabilities$28,007 
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
Except as described below, as of September 30, 2025, 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.
Violet Shuker Shasha Trust et al. v. Peter L. Malkin, Anthony E. Malkin et al.
As previously disclosed, in October 2014, 12 former investors (the "Claimants") in Empire State Building Associates L.L.C. (“ESBA”), which, prior to the Offering, owned the fee title to the Empire State Building, filed an arbitration 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 Offering and sought monetary damages and declaratory relief. Claimants had opted out of a prior class action bringing similar claims that were settled with court approval. 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 Offering litigation expense in the consolidated statements of operations for the year ended December 31, 2020.
Respondents believe that such award in favor of the Claimants is entirely without merit and sought to vacate that portion of the award. On July 31, 2023, the New York State court denied the Respondents’ petition to vacate in part and confirmed the award. On January 22, 2024, that court entered judgment in favor of the Claimants (save for one Claimant, whose petition to confirm was granted in a separate proceeding on July 22, 2024) in an amount of approximately $1.3 million, inclusive of interest. The Respondents believe those rulings are incorrect and appealed them. On March 13, 2025, the appeals court affirmed. The Respondents have filed a motion for leave to appeal to the New York Court of Appeals. In addition, certain of the Claimants in the federal court action brought to toll the statute of limitations and sought to pursue claims in that case against the Respondents. 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; on January 30, 2025, the district judge adopted that Report and Recommendation and dismissed the case. Those Claimants have appealed that ruling.
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. have defense and indemnity rights from us with respect to this arbitration.
Unfunded Capital Expenditures
At September 30, 2025, we estimate that we will incur approximately $96.8 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, 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 September 30, 2025, we held on deposit at various major financial institutions cash and cash equivalents and restricted cash balances in excess of amounts insured by the Federal Deposit Insurance Corporation.
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 September 30, 2025, 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
Under various federal, state and/or local laws, ordinances and regulations, as a current or former owner or operator of real property, we may be liable for costs and damages resulting from the presence or release of hazardous substances, waste, or petroleum products at, on, in, under or from such property, including costs for investigation or remediation, natural resource damages, or third-party liability for personal injury or property damage. Some of our properties have been or may be impacted by contamination arising from current or prior uses of the property or adjacent properties for commercial, industrial or other purposes. Such contamination may arise from spills of petroleum or hazardous substances or releases from tanks used to store such materials. We also may be liable for the costs of remediating contamination at off-site disposal or treatment facilities when we arrange for disposal or treatment of hazardous substances at such facilities, without regard to whether we comply with environmental laws in doing so. The presence of contamination or the failure to remediate contamination on our properties may adversely affect our ability to attract and/or retain tenants, and our ability to develop or sell or borrow against those properties. In addition to potential liability for cleanup costs, private plaintiffs may bring claims for personal injury, property damage or for similar reasons. Environmental laws also may create liens on contaminated sites in favor of the government for damages and
costs it incurs to address such contamination. Moreover, if contamination is discovered on our properties, environmental laws may impose restrictions on the manner in which that property may be used or how businesses may be operated on that property.
Some of our properties are adjacent to or near other properties which are used for industrial or commercial purposes or have contained or currently contain underground storage tanks used to store petroleum products or other hazardous or toxic substances. Releases from these properties could impact our properties. In addition, some of our properties have previously been used by former owners or tenants for commercial or industrial activities, e.g., gas stations and dry cleaners, and a portion of the Metro Tower site is currently used for automobile parking and was formerly leased to a fueling facility that may release petroleum products or other hazardous or toxic substances at such properties or to surrounding properties. While certain properties contain or contained uses that could have or have impacted our properties, we are not aware of any liabilities related to environmental contamination that we believe will have a material adverse effect on our operations.
In addition, our properties are subject to various federal, state and local environmental and health and safety laws and regulations. Noncompliance with these laws and regulations could subject us or our tenants to liability. These liabilities could affect a tenant’s ability to make rental payments to us. Moreover, changes in laws could increase the potential costs of compliance with such laws and regulations or increase liability for noncompliance. We sometimes require our tenants to comply with environmental and health and safety laws and regulations and to indemnify us for any related liabilities in our leases with them. But in the event of the bankruptcy or inability of any of our tenants to satisfy such obligations, we may be required to satisfy such obligations. We do not believe we have any instances of material non-compliance with environmental or health and safety laws or regulations at our properties, and we believe that we and/or our tenants have all material permits and approvals necessary under current laws and regulations to operate our properties.
In addition, we may become subject to new compliance requirements and/or new costs or taxes associated with natural resource or energy usage and related emissions (such as a carbon tax), which could increase our operating costs. In particular, as the owner of large commercial and multifamily buildings in New York City, we are subject to Local Law 97 passed by the New York City Council in April 2019, which for each such covered building establishes annual limits for greenhouse gas emissions, requires yearly emissions reports beginning in May 2025 for calendar year 2024 performance, and imposes penalties for emissions above such limits. Based upon our present understanding of the law and calculations related thereto, we expect to pay no Local Law 97 fine on any covered building in our portfolio in the 2024-2029 period of enforcement.
As the owner or operator of real property, we may also incur liability based on various building conditions. For example, environmental site assessments have identified asbestos or asbestos-containing material (“ACM”) in certain of our properties, and it is possible that other properties that we currently own or operate or acquire in the future contain ACM. Environmental and health and safety laws require that ACM be properly managed and maintained and may impose fines or penalties on owners, operators or employers for non-compliance with those requirements. In addition, we may be subject to liability for personal injury or property damage sustained as a result of releases of ACM into the environment. We do not believe we have any material liabilities related to building conditions, including any instances of material non-compliance with asbestos requirements or any material liabilities related to asbestos.
Our properties may contain or develop harmful mold or suffer from other indoor air quality or water quality issues, which could lead to liability for adverse health effects or property damage or costs for remediation. When excessive moisture accumulates in buildings or on building materials, mold growth may occur, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Some molds may produce airborne toxins or irritants. Indoor air quality issues can also stem from inadequate ventilation, chemical contamination from indoor or outdoor sources, and other biological contaminants such as pollen, viruses and bacteria. Indoor exposure to airborne toxins or irritants above certain levels can be alleged to cause a variety of adverse health effects and symptoms, including allergic or other reactions. As a result, the presence of significant mold or other airborne contaminants at any of our properties could require us to undertake a costly remediation program to contain or remove the mold or other airborne or waterborne contaminants from the affected property or increase indoor ventilation or flush and treat water systems. In addition, the presence of significant mold or other airborne or waterborne contaminants could expose us to liability from our tenants, employees of our tenants or others if property damage or personal injury occurs. We do not believe we have any material adverse indoor air quality or water quality issues at our properties.
As of September 30, 2025, 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. 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.
v3.25.3
Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Equity Equity
Shares and Units
An operating partnership unit ("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.
As of September 30, 2025, there were 168,970 thousand shares of Class A common stock, 972 thousand shares of Class B common stock and 108,674 thousand OP Units outstanding. The REIT holds a 61.0% controlling interest in the OP. The other 39.0% non-controlling interest in the OP is diversified among various limited partners, some of whom include Company directors, senior management and 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-Offering 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 per share.
Stock and Publicly Traded Operating Partnership Unit Repurchase Program
Our Board of Directors authorized the repurchase of up to $500.0 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, 2024 through December 31, 2025. 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 at our discretion 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. There were no repurchases of equity securities during the three months ended September 30, 2025. During the nine months ended September 30, 2025, we repurchased $2.1 million of common stock at a weighted average price of $6.92 per share. As of September 30, 2025, we had $497.9 million remaining of the authorized repurchase amount.
Private Perpetual Preferred Units
As of September 30, 2025, there were 4,664 thousand Series 2019 Preferred Units ("Series 2019 Preferred Units") and 1,560 thousand 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 $0.60 per unit payable in arrears on a quarterly basis. Both series are not redeemable at the option of the holders and are redeemable at our option only in the case of specific defined events.
Dividends and Distributions
The following is a summary of dividend and distribution activity:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Dividends paid to common stockholders$(5,946)$(5,824)$(17,745)$(17,376)
Distributions paid to Operating Partnership unitholders (the "OP unitholders")(3,806)(3,771)(11,495)(11,317)
Distributions paid to preferred unitholders(1,050)(1,050)(3,151)(3,151)
Incentive and Share-Based Compensation
On May 9, 2024, the Empire State Realty Trust, Inc. Empire State Realty OP, L.P. 2024 Equity Incentive Plan (the “2024 Plan”) was approved by our shareholders. The 2024 Plan provides for grants to directors, employees and consultants of our Company and Operating Partnership, including options, restricted stock, restricted stock units, stock appreciation rights, performance awards, dividend equivalents and other equity-based awards, and replaced the First Amended and Restated Empire State Realty Trust, Inc. and Empire State Realty OP, L.P. 2019 Equity Incentive Plan ("2019 Plan", and collectively with the 2024 Plan, the "Plans"). 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 2024 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 2024 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 2024 Plan.
An aggregate of 11.0 million shares of our common stock was authorized for issuance under awards granted pursuant to the 2024 Plan, and as of September 30, 2025, 6.0 million shares of common stock remain available for future issuance.
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 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 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 the same 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.
In July 2025, we granted our new director, George L.W. Malkin, a total of 14,215 LTIP units which are subject to time-based vesting with fair market value of $0.1 million.
During the third quarter of 2025, we granted certain employees a total of 48,308 shares of restricted stock that are subject to time-based vesting with fair market value of $0.4 million.
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 for awards granted to non-named executive officer employees and awards granted before 2025 to named executive officers, which may occur upon grant. An employee is retirement eligible when the employee attains the (i) age of 65 and (ii) the date on which the employee has first completed the requisite 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. Any forfeitures of share-based compensation awards are recognized as they occur.
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 nine months ended September 30, 2025 were valued at $29.4 million. The weighted average per unit or share fair value was $5.91 for grants issued for the nine months ended September 30, 2025. The fair value per unit or share granted in 2025 was estimated on the respective dates of grant using the following assumptions:
2025
Expected life
2.0 to 5.3 years
Dividend rate
1.7%
Risk-free interest rate
3.9% - 4.0%
Expected price volatility
35.0% - 44.0%
No stock options, dividend equivalents, or stock appreciation rights were issued or outstanding during the nine months ended September 30, 2025.
The following is a summary of restricted stock and LTIP unit activity for the nine months ended September 30, 2025:
Restricted StockTime-based LTIPsMarket-based LTIPsPerformance-based LTIPsWeighted Average Grant Fair Value
Unvested balance at December 31, 2024
612,416 3,615,771 2,629,002 2,078,099 $6.87 
Vested(215,382)(1,361,704)(340,736)(229,162)7.49 
Granted293,924 1,881,176 1,679,320 1,112,709 5.91 
Forfeited or unearned(56,657)— — (46,846)8.08 
Unvested balance at September 30, 2025
634,301 4,135,243 3,967,586 2,914,800 $6.33 
The time-based LTIPs and restricted stock awards granted to non-named executive officers or granted to certain named executive officers before 2025, are treated for accounting purposes as immediately vested upon the later of (i) the date the grantee attains the age of 65, and (ii) the date on which grantee has first completed the requisite 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 $3.7 million for the three and nine months ended September 30, 2025, respectively, and $1.6 million and $4.0 million for the three and nine months ended September 30, 2024, respectively. Unrecognized compensation expense was $3.6 million at September 30, 2025, which will be recognized over a weighted average period of 1.2 years.
For the remainder of the LTIP unit awards, we recognized noncash compensation expense ratably over the vesting period, and accordingly, we recognized noncash compensation expense of $5.4 million and $14.6 million for the three and nine months ended September 30, 2025, respectively, and $4.2 million and $12.4 million for the three and nine months ended September 30, 2024, respectively. Unrecognized compensation expense was $37.2 million at September 30, 2025, which will be recognized over a weighted average period of 2.6 years.
Pursuant to the terms of the transition agreement that the Company entered into with Thomas P. Durels in September 2025, he will continue to serve the Company through June 30, 2027, unless terminated earlier in accordance with the agreement (such date, the "Termination Date"). During this period, Mr. Durels will be entitled to receive, among other things, equity-based separation payments inclusive of: (a) an equity award of $1,396,050 (to be granted in March 2026) to vest 100% on the Termination Date; (b) an equity award of $698,025 to be granted with immediate vest provisions on the Termination Date; and (c) accelerated vesting of his outstanding equity awards as of the Termination Date, with the performance-based equity awards vesting in accordance with applicable award agreements. The Company accounted for the modification of existing equity awards in accordance with ASC 718. The Company will recognize the separation payments ratably over the transition period as a component of general and administrative expenses in the accompanying condensed consolidated statement of operations.
Earnings Per Share
Earnings per share is calculated by dividing the net income attributable to common shareholders by the weighted average number of shares outstanding during the respective period. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Share-based payment awards are included in the calculation of diluted income using the treasury stock method if dilutive.
Earnings per share is computed as follows:
Three Months EndedNine Months Ended
(amounts in thousands, except per share amounts)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Numerator - Basic:
Net income$13,645 $22,796 $40,808 $61,566 
Private perpetual preferred unit distributions(1,050)(1,050)(3,151)(3,151)
Net income attributable to non-controlling interests(4,610)(8,205)(13,933)(22,142)
Net income attributable to common stockholders – basic$7,985 $13,541 $23,724 $36,273 
Numerator - Diluted:
Net income$13,645 $22,796 $40,808 $61,566 
Private perpetual preferred unit distributions(1,050)(1,050)(3,151)(3,151)
Net income attributable to non-controlling interests in other partnerships— — — (4)
Net income attributable to common stockholders – diluted$12,595 $21,746 $37,657 $58,411 
Denominator:
Weighted average shares outstanding – basic169,250 164,880 168,103 164,453 
Weighted average operating partnership units97,713 99,907 98,875 100,222 
Effect of dilutive securities:
   Stock-based compensation plans3,394 4,826 2,967 3,933 
Weighted average shares outstanding – diluted270,357 269,613 269,945 268,608 
Earnings per share:
Basic$0.05 $0.08 $0.14 $0.22 
Diluted$0.05 $0.08 $0.14 $0.22 
There were zero antidilutive shares and LTIP units for the three and nine months ended September 30, 2025 and 2024
v3.25.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Supervisory Fee Revenue
Since we became a public company, we have earned supervisory fees from entities affiliated with Anthony E. Malkin, our Chairman and Chief Executive Officer. These fees were $0.4 million and $1.1 million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $0.6 million for the three and nine months ended September 30, 2024, respectively. These fees are included within third-party management and other fees.
Property Management Fee Revenue
Since we became a public company, we have earned property management fees from entities affiliated with Anthony E. Malkin. These fees were $0.1 million and $0.2 million for the three and nine months ended September 30, 2025, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, 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 an entity 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, 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 nine months ended September 30, 2025, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively.
One of our directors, Hannah Yang, is sister to Heela Yang, who is Founder and Chief Executive Officer of Sol de Janeiro USA, a tenant at One Grand Central Place — the lease commenced in April 2025 with a starting annualized rent of $3.5 million. Sol de Janeiro is a subsidiary of L’Occitane, a tenant at 111 W. 33rd Street.
v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company's operating segments are based on our method of internal reporting and include our office properties, retail portfolio, multifamily portfolio, and the Observatory. These operating segments have been aggregated for reporting into 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 operates 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.
Our Chief Executive Officer, who also serves as our CODM, manages our business, regularly accesses information, and evaluates performance for operating decision-making purposes, including allocation of resources. The CODM uses Net Operating Income ("NOI") to review actual performance and decide whether to invest in capital expenditures, pursue acquisitions and/or dispositions, determine dividend payments, and/or engage in other capital transactions. Our CODM does not evaluate operating segments using asset or liability information.
The following tables provide components of segment net income for each segment:
Three Months Ended September 30, 2025
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$161,289 $36,037 $— $197,326 
Intercompany rental revenue20,185 — (20,185)— 
Total revenues, excluding third-party management and other fees181,474 36,037 (20,185)197,326 
Segment operating expenses:
Property operating expenses46,957 — — 46,957 
Observatory expenses— 9,510 — 9,510 
Other segment expenses1
35,572 20,185 (20,185)35,572 
Total segment operating expenses82,529 29,695 (20,185)92,039 
Net operating income$98,945 $6,342 $— $105,287 
Segment assets$3,840,603 $265,676 $— $4,106,279 
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
Three Months Ended September 30, 2024
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$159,946 $39,382 $— $199,328 
Intercompany rental revenue23,461 — (23,461)— 
Total revenues, excluding third-party management and other fees183,407 39,382 (23,461)199,328 
Segment operating expenses:
Property operating expenses45,954 — — 45,954 
Observatory expenses— 9,715 — 9,715 
Other segment expenses1
34,313 23,461 (23,461)34,313 
Total segment operating expenses80,267 33,176 (23,461)89,982 
Net operating income$103,140 $6,206 $— $109,346 
Segment assets$4,174,754 $262,183 $— $4,436,937 
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
Nine Months Ended September 30, 2025
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$474,706 $93,097 $— $567,803 
Intercompany rental revenue56,011 — (56,011)— 
Total revenues, excluding third-party management and other fees530,717 93,097 (56,011)567,803 
Operating expenses:
Property operating expenses136,897 — — 136,897 
Observatory expenses— 27,450 — 27,450 
Other segment expenses1
105,892 56,011 (56,011)105,892 
Total segment operating expenses242,789 83,461 (56,011)270,239 
Net operating income$287,928 $9,636 $— $297,564 
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
Nine Months Ended September 30, 2024
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$471,307 $98,102 $— $569,409 
Intercompany rental revenue60,508 — (60,508)— 
Total revenues, excluding third-party management and other fees531,815 98,102 (60,508)569,409 
Operating expenses:
Property operating expenses132,530 — — 132,530 
Observatory expenses— 27,104 — 27,104 
Other segment expenses1
103,100 60,508 (60,508)103,100 
Total segment operating expenses235,630 87,612 (60,508)262,734 
Net operating income$296,185 $10,490 $— $306,675 
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
Below is a reconciliation of Net income to Net operating income:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
(unaudited)(unaudited)
Net income$13,645 $22,796 $40,808 $61,566 
Add:
General and administrative expenses18,743 18,372 54,368 52,364 
Depreciation and amortization47,615 45,899 144,196 139,453 
Interest expense25,189 27,408 77,253 77,859 
Interest expense associated with property in receivership— 1,922 647 2,550 
Loss on early extinguishment of debt— — — 553 
Income tax expense1,645 1,442 1,504 1,537 
Less:
Gain on disposition of property— (1,262)(13,170)(12,065)
Third-party management and other fees(404)(271)(1,243)(912)
Interest income(1,146)(6,960)(6,799)(16,230)
Net operating income$105,287 $109,346 $297,564 $306,675 
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
None.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
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, 2024 contained in our Annual Report. Our Observatory business is subject to tourism trends and the weather, and therefore does experience some seasonality.
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. We also determined that the Operating Partnership has a variable interest in and is the primary beneficiary of the intermediary entity that holds title to the North 6th Street Collection assets acquired in June 2025, and as a result is consolidated in the financial statements of ESRT as of September 30, 2025.
We assess consolidation accounting treatment for each investment in a VIE. This assessment will include a review of the relevant agreements to identify the rights of each party and whether those rights provide either party the power to direct the activities that most significantly impact the entity’s economic performance and benefit. In situations where we and our partner 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, goodwill, 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 revolving credit and term loan 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 September 30, 2025 and December 31, 2024 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-K), 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.
v3.25.3
Acquisitions and Dispositions (Tables)
 9 Months Ended
Sep. 30, 2025
Business Combination and Dispositions [Abstract]  
Schedule of Property Acquisitions
The following table summarizes the purchase price allocations of these acquisitions (amounts in thousands):
Intangibles
PropertyDate AcquiredLandBuilding and ImprovementsAssetsLiabilitiesTotal
North 6th Street Collection(1)
6/30/2025$11,243 $20,458 $— $— $31,701 
North 6th Street Collection(2)
September 2024-October 202444,924 146,826 10,984 (9,664)193,070 
(1) Includes two retail properties with eleven residential units on North 6th Street in Williamsburg, Brooklyn. Includes capitalized transaction costs of $0.7 million.
(2) Includes nine retail properties with five residential units on North 6th Street in Williamsburg, Brooklyn. Includes capitalized transaction costs of $(1.9) million, net of certain closing credits.
Schedule of Property Dispositions
The following table summarizes properties disposed of during the nine and twelve months ended September 30, 2025 and December 31, 2024, respectively (amounts in thousands):
PropertyDate of Disposal
Sales Price(1)
Gain on Disposition(2)
First Stamford Place, Stamford, Connecticut5/22/2024$165,807 $26,472 
(1) We transferred First Stamford Place, which was encumbered by mortgage and other debt obligations of $165.8 million back to the lender in a consensual foreclosure and recognized non-cash gain upon the disposition.
(2) Gain on disposition includes $13.2 million and $13.3 million for the three months ended March 31, 2025 and the year ended December 31, 2024, respectively.
v3.25.3
Deferred Costs, Acquired Lease Intangibles and Goodwill (Tables)
 9 Months Ended
Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Deferred Costs, Net
Deferred costs, net, consisted of the following:
(amounts in thousands)September 30, 2025December 31, 2024
Deferred leasing costs$226,090 $230,836 
Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs137,333 137,580 
Acquired above-market leases19,553 19,636 
Total deferred costs, excluding deferred financing costs382,976 388,052 
Less: accumulated amortization(213,424)(212,972)
Total deferred costs, net, excluding net deferred financing costs169,552 175,080 
Deferred financing costs, net, of accumulated amortization of $9,369 and $7,783, respectively (See Note 5)
7,755 8,907 
Total deferred costs, net$177,307 $183,987 
Deferred financing costs, net, consisted of the following:
(amounts in thousands)September 30, 2025December 31, 2024
Deferred financing costs, included as a component of net debt$16,121 $36,309 
Deferred financings costs, included as a component of net deferred costs (See Note 4)17,124 16,638 
Total deferred financing costs$33,245 $52,947 
Less: accumulated amortization(17,037)(33,970)
Total deferred financing costs, net$16,208 $18,977 
The total amortization expense related to deferred financing costs consisted of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Amortization of deferred financing costs$1,082 $1,110 $3,256 $3,179 
Schedule of Amortizing Acquired Intangible Assets and Liabilities
Acquired below-market ground leases, net, consisted of the following:
(amounts in thousands)September 30, 2025December 31, 2024
Acquired below-market ground leases$396,916 $396,916 
Less: accumulated amortization(89,379)(83,506)
Acquired below-market ground leases, net$307,537 $313,410 
Acquired below-market leases, net, consisted of the following:
(amounts in thousands)September 30, 2025December 31, 2024
Acquired below-market leases$(56,359)$(56,359)
Less: accumulated amortization40,484 36,862 
Acquired below-market leases, net$(15,875)$(19,497)
Schedule of Amortization Related to Deferred Costs and Acquired Lease Intangibles
The total amortization related to deferred costs and acquired lease intangibles consisted of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Rental revenue:
Amortization of below-market leases, net of above-market leases$821 $476 $2,459 $1,503 
Depreciation and amortization:
Amortization of deferred leasing costs and acquired deferred leasing costs5,081 5,930 15,578 16,948 
Amortization related to acquired in-place lease value1,406 1,144 4,229 3,663 
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following:
Principal Balance
As of September 30, 2025
(amounts in thousands)September 30, 2025December 31, 2024Stated
Rate
Effective
Rate(1)
Maturity
Date(2)
Fixed rate mortgage debt:
10 Union Square$50,000 $50,000 3.70 %3.97 %4/1/2026
1542 Third Avenue30,000 30,000 4.29 %4.53 %5/1/2027
1010 Third Avenue and 77 West 55th Street33,343 34,048 4.01 %4.21 %1/5/2028
Metro Center (3)
71,600 71,600 3.59 %3.67 %11/5/2029
250 West 57th Street180,000 180,000 2.83 %3.21 %12/1/2030
1333 Broadway160,000 160,000 4.21 %4.29 %2/5/2033
345 East 94th Street - Series A43,600 43,600 
70% of SOFR plus 0.95%
3.56 %11/1/2030
345 East 94th Street - Series B5,907 6,490 
SOFR plus 2.24%
3.56 %11/1/2030
561 10th Avenue - Series A114,500 114,500 
70% of SOFR plus 1.07%
3.85 %11/1/2033
561 10th Avenue - Series B12,604 14,036 
SOFR plus 2.45%
3.85 %11/1/2033
Total mortgage debt701,554 704,274 
Senior unsecured notes:(4)
   Series A— 100,000 — — — 
   Series B125,000 125,000 4.09 %4.12 %3/27/2027
   Series C125,000 125,000 4.18 %4.21 %3/27/2030
   Series D115,000 115,000 4.08 %4.11 %1/22/2028
   Series E160,000 160,000 4.26 %4.27 %3/22/2030
   Series F175,000 175,000 4.44 %4.45 %3/22/2033
   Series G100,000 100,000 3.61 %4.89 %3/17/2032
   Series H75,000 75,000 3.73 %5.00 %3/17/2035
   Series I155,000 155,000 7.20 %7.39 %6/17/2029
   Series J45,000 45,000 7.32 %7.46 %6/17/2031
   Series K25,000 25,000 7.41 %7.52 %6/17/2034
Unsecured term loan facility (4)
175,000 175,000 
SOFR plus 1.50%
4.61 %12/31/2026
Unsecured term loan facility (3),(4)
95,000 95,000 
 SOFR plus 1.50%
5.16 %3/8/2029
Unsecured revolving credit facility (3),(4)
— 120,000 
SOFR plus 1.30%
4.04 %3/8/2029
Total principal2,071,554 2,294,274 
Deferred financing costs, net(8,453)(10,123)
Unamortized debt discount(5,598)(6,183)
Total$2,057,503 $2,277,968 
______________
(1)The effective rate is the yield as of September 30, 2025 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)Assumes extension options are exercised for the 2029 maturities of the term loan, revolving credit facility and Metro Center mortgage.
(4)At September 30, 2025, we were in compliance with all debt covenants.
Schedule of Aggregate Required Principal Payments
Aggregate required principal payments at September 30, 2025 are as follows (amounts in thousands):
YearAmortizationMaturitiesTotal
2025$944 $— $944 
20263,957 225,000 228,957 
20274,276 155,000 159,276 
20283,555 146,091 149,646 
20293,890 321,600 325,490 
Thereafter14,634 1,192,607 1,207,241 
Total$31,256 $2,040,298 $2,071,554 
Schedule of Deferred Financing Costs, Net
Deferred costs, net, consisted of the following:
(amounts in thousands)September 30, 2025December 31, 2024
Deferred leasing costs$226,090 $230,836 
Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs137,333 137,580 
Acquired above-market leases19,553 19,636 
Total deferred costs, excluding deferred financing costs382,976 388,052 
Less: accumulated amortization(213,424)(212,972)
Total deferred costs, net, excluding net deferred financing costs169,552 175,080 
Deferred financing costs, net, of accumulated amortization of $9,369 and $7,783, respectively (See Note 5)
7,755 8,907 
Total deferred costs, net$177,307 $183,987 
Deferred financing costs, net, consisted of the following:
(amounts in thousands)September 30, 2025December 31, 2024
Deferred financing costs, included as a component of net debt$16,121 $36,309 
Deferred financings costs, included as a component of net deferred costs (See Note 4)17,124 16,638 
Total deferred financing costs$33,245 $52,947 
Less: accumulated amortization(17,037)(33,970)
Total deferred financing costs, net$16,208 $18,977 
The total amortization expense related to deferred financing costs consisted of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Amortization of deferred financing costs$1,082 $1,110 $3,256 $3,179 
v3.25.3
Accounts Payable and Accrued Expenses (Tables)
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following:
(amounts in thousands)September 30, 2025December 31, 2024
Capital expenditures included in accounts payable and accrued expenses$56,174 $73,535 
Accounts payable and accrued expenses47,662 54,779 
Interest rate swap agreements liability117 — 
Accrued interest payable7,779 3,702 
     Total accounts payable and accrued expenses$111,732 $132,016 
v3.25.3
Financial Instruments and Fair Values (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Terms of Agreements and Fair Values of Derivative Financial Instruments
The table below summarizes the terms of agreements and the fair values of our derivative financial instruments:
(amounts in thousands, except percentages)September 30, 2025December 31, 2024
DerivativeNotional AmountReceive RatePay RateEffective DateExpiration Date
Asset(1)
Liability(2)
Asset(1)
Liability(2)
Interest rate swap$36,820 
70% of 1 Month SOFR
2.5000%December 1, 2021November 1, 2030$— $(76)$759 $— 
Interest rate swap103,790 
70% of 1 Month SOFR
2.5000%December 1, 2021November 1, 2033193 — 2,825 — 
Interest rate swap10,710 
70% of 1 Month SOFR
1.7570%December 1, 2021November 1, 2033450 — 743 — 
Interest rate swap12,768 1 Month SOFR2.2540%December 1, 2021November 1, 2030389 — 754 — 
Interest rate swap175,000 SOFR Compound2.5620%August 31, 2022December 31, 20262,004 — 4,895 — 
Interest rate swap— SOFR Compound2.6260%August 19, 2022March 19, 2025— — 383 — 
Interest rate swap— SOFR OIS Compound2.6280%August 19, 2022March 19, 2025— — 382 — 
Interest rate cap6,780 
70% of 1 Month SOFR
4.5000%October 1, 2024November 1, 203013 — 35 — 
Interest rate cap6,676 1 Month SOFR5.5000%October 1, 2024November 1, 203030 — 81 — 
Interest rate swap47,500 1 Month SOFR3.3090%March 19, 2025March 8, 2029— (25)1,117 — 
Interest rate swap47,500 1 Month SOFR3.3030%March 19, 2025March 8, 2029— (16)1,124 — 
$447,544 $3,079 $(117)$13,098 $— 
(1) Included as a component of prepaid expenses and other assets on the condensed consolidated balance sheets.
(2) Included as a component of accounts payable and accrued expenses on the condensed consolidated balance sheets.
Schedule of Effect of Derivative Financial Instruments Designated as Cash Flow Hedges
The table below shows the effect of our derivative financial instruments designated as cash flow hedges on accumulated other comprehensive income (loss):
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Amount of (loss) gain recognized in other comprehensive income (loss)$169 $(9,341)$(5,419)$1,710 
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense(514)(2,457)(2,047)(5,448)
The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of operations:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded$(25,189)$(27,408)$(77,253)$(77,859)
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense514 2,457 2,047 5,448 
Schedule of Carrying and Estimated Fair Values of Financial Instruments
The following tables summarize the carrying and estimated fair values of our financial instruments:
September 30, 2025
Estimated Fair Value
(amounts in thousands)Carrying
Value		TotalLevel 1Level 2Level 3
Interest rate swaps and caps included in prepaid expenses and other assets$3,079 $3,079 $— $3,079 $— 
Interest rate swaps included in accounts payable and accrued expenses117 117 — 117 — 
Mortgage notes payable691,046 648,159 — — 648,159 
Senior unsecured notes - Series B-K1,097,498 1,051,122 — — 1,051,122 
Unsecured term loan facilities268,959 270,000 — — 270,000 
December 31, 2024
Estimated Fair Value
(amounts in thousands)Carrying
Value		TotalLevel 1Level 2Level 3
Interest rate swaps and caps included in prepaid expenses and other assets$13,098 $13,098 $— $13,098 $— 
Mortgage notes payable692,176 618,378 — — 618,378 
Senior unsecured notes - Series A-K1,197,061 1,116,149 — — 1,116,149 
Unsecured term loan facilities268,731 270,000 — — 270,000 
Unsecured revolving credit facility120,000 120,000 — — 120,000 
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Components of Rental Revenue The components of rental revenue consisted of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Fixed payments$136,116 $132,266 $405,945 $404,854 
Variable payments22,294 20,851 60,547 54,615 
Total rental revenue$158,410 $153,117 $466,492 $459,469 
Schedule of Future Contractual Minimum Lease Payments on Non-Cancellable Operating Leases to be Received
As of September 30, 2025, we were entitled to the following future contractual minimum lease payments (excluding tenant expense reimbursements) on non-cancellable operating leases to be received which expire on various dates through 2054 (amounts in thousands):
Remainder of 2025
$126,680 
2026488,613 
2027473,031 
2028437,037 
2029373,560 
Thereafter1,876,921 
$3,775,842 
Schedule of Future Minimum Lease Payments
As of September 30, 2025, 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 2025
$380 
20261,503 
20271,482 
20281,482 
20291,482 
Thereafter59,283 
Total undiscounted lease payments65,612 
Present value discount(37,605)
Ground lease liabilities$28,007 
v3.25.3
Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Activity of Dividends and Distributions
The following is a summary of dividend and distribution activity:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Dividends paid to common stockholders$(5,946)$(5,824)$(17,745)$(17,376)
Distributions paid to Operating Partnership unitholders (the "OP unitholders")(3,806)(3,771)(11,495)(11,317)
Distributions paid to preferred unitholders(1,050)(1,050)(3,151)(3,151)
Schedule of Share-Based Payment Award, Restricted Stock, Valuation Assumptions The fair value per unit or share granted in 2025 was estimated on the respective dates of grant using the following assumptions:
2025
Expected life
2.0 to 5.3 years
Dividend rate
1.7%
Risk-free interest rate
3.9% - 4.0%
Expected price volatility
35.0% - 44.0%
Schedule of Restricted Stock and Long-Term Incentive Plan Unit Activity
The following is a summary of restricted stock and LTIP unit activity for the nine months ended September 30, 2025:
Restricted StockTime-based LTIPsMarket-based LTIPsPerformance-based LTIPsWeighted Average Grant Fair Value
Unvested balance at December 31, 2024
612,416 3,615,771 2,629,002 2,078,099 $6.87 
Vested(215,382)(1,361,704)(340,736)(229,162)7.49 
Granted293,924 1,881,176 1,679,320 1,112,709 5.91 
Forfeited or unearned(56,657)— — (46,846)8.08 
Unvested balance at September 30, 2025
634,301 4,135,243 3,967,586 2,914,800 $6.33 
Schedule of Computation of Earnings Per Share
Earnings per share is computed as follows:
Three Months EndedNine Months Ended
(amounts in thousands, except per share amounts)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Numerator - Basic:
Net income$13,645 $22,796 $40,808 $61,566 
Private perpetual preferred unit distributions(1,050)(1,050)(3,151)(3,151)
Net income attributable to non-controlling interests(4,610)(8,205)(13,933)(22,142)
Net income attributable to common stockholders – basic$7,985 $13,541 $23,724 $36,273 
Numerator - Diluted:
Net income$13,645 $22,796 $40,808 $61,566 
Private perpetual preferred unit distributions(1,050)(1,050)(3,151)(3,151)
Net income attributable to non-controlling interests in other partnerships— — — (4)
Net income attributable to common stockholders – diluted$12,595 $21,746 $37,657 $58,411 
Denominator:
Weighted average shares outstanding – basic169,250 164,880 168,103 164,453 
Weighted average operating partnership units97,713 99,907 98,875 100,222 
Effect of dilutive securities:
   Stock-based compensation plans3,394 4,826 2,967 3,933 
Weighted average shares outstanding – diluted270,357 269,613 269,945 268,608 
Earnings per share:
Basic$0.05 $0.08 $0.14 $0.22 
Diluted$0.05 $0.08 $0.14 $0.22 
v3.25.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables provide components of segment net income for each segment:
Three Months Ended September 30, 2025
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$161,289 $36,037 $— $197,326 
Intercompany rental revenue20,185 — (20,185)— 
Total revenues, excluding third-party management and other fees181,474 36,037 (20,185)197,326 
Segment operating expenses:
Property operating expenses46,957 — — 46,957 
Observatory expenses— 9,510 — 9,510 
Other segment expenses1
35,572 20,185 (20,185)35,572 
Total segment operating expenses82,529 29,695 (20,185)92,039 
Net operating income$98,945 $6,342 $— $105,287 
Segment assets$3,840,603 $265,676 $— $4,106,279 
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
Three Months Ended September 30, 2024
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$159,946 $39,382 $— $199,328 
Intercompany rental revenue23,461 — (23,461)— 
Total revenues, excluding third-party management and other fees183,407 39,382 (23,461)199,328 
Segment operating expenses:
Property operating expenses45,954 — — 45,954 
Observatory expenses— 9,715 — 9,715 
Other segment expenses1
34,313 23,461 (23,461)34,313 
Total segment operating expenses80,267 33,176 (23,461)89,982 
Net operating income$103,140 $6,206 $— $109,346 
Segment assets$4,174,754 $262,183 $— $4,436,937 
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
Nine Months Ended September 30, 2025
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$474,706 $93,097 $— $567,803 
Intercompany rental revenue56,011 — (56,011)— 
Total revenues, excluding third-party management and other fees530,717 93,097 (56,011)567,803 
Operating expenses:
Property operating expenses136,897 — — 136,897 
Observatory expenses— 27,450 — 27,450 
Other segment expenses1
105,892 56,011 (56,011)105,892 
Total segment operating expenses242,789 83,461 (56,011)270,239 
Net operating income$287,928 $9,636 $— $297,564 
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
Nine Months Ended September 30, 2024
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$471,307 $98,102 $— $569,409 
Intercompany rental revenue60,508 — (60,508)— 
Total revenues, excluding third-party management and other fees531,815 98,102 (60,508)569,409 
Operating expenses:
Property operating expenses132,530 — — 132,530 
Observatory expenses— 27,104 — 27,104 
Other segment expenses1
103,100 60,508 (60,508)103,100 
Total segment operating expenses235,630 87,612 (60,508)262,734 
Net operating income$296,185 $10,490 $— $306,675 
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
Schedule of Reconciliation of Net income to Net operating Income
Below is a reconciliation of Net income to Net operating income:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
(unaudited)(unaudited)
Net income$13,645 $22,796 $40,808 $61,566 
Add:
General and administrative expenses18,743 18,372 54,368 52,364 
Depreciation and amortization47,615 45,899 144,196 139,453 
Interest expense25,189 27,408 77,253 77,859 
Interest expense associated with property in receivership— 1,922 647 2,550 
Loss on early extinguishment of debt— — — 553 
Income tax expense1,645 1,442 1,504 1,537 
Less:
Gain on disposition of property— (1,262)(13,170)(12,065)
Third-party management and other fees(404)(271)(1,243)(912)
Interest income(1,146)(6,960)(6,799)(16,230)
Net operating income$105,287 $109,346 $297,564 $306,675 
v3.25.3
Description of Business and Organization (Details)
ft² in Millions
 9 Months Ended
Sep. 30, 2025
ft²
property_unit
office_property
parcel
Empire State Realty OP | Empire State Realty Trust  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]  
OP units owned by the company (as a percent) 61.00%
Office Building  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]  
Area of real estate property (in square feet) 7.8
Number of properties | office_property 10
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 properties | office_property 9
Retail Site  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]  
Area of real estate property (in square feet) 0.8
Retail Site | Manhattan  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]  
Area of real estate property (in square feet) 0.5
Multifamily | New York City  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]  
Number of property units | property_unit 743
Long-term Ground Leasehold Interests  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]  
Number of properties | parcel 3
v3.25.3
Summary of Significant Accounting Policies (Details)
Dec. 31, 2024
Accounting Policies [Abstract]  
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) 25.00%
Observatory revenue realized during the third quarter, previous ten years (as a percent) 29.00%
Observatory revenue realized during the fourth quarter, previous ten years (as a percent) 28.00%
v3.25.3
Acquisitions and Dispositions - Narrative (Details)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 12 Months Ended
Jun. 30, 2025
property_unit
Jun. 30, 2025
USD ($)
Mar. 31, 2024
USD ($)
multifamily_asset
Oct. 31, 2024
USD ($)
property_unit
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
Business Combination [Line Items]              
Contract asset           $ 170,419 $ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | First Stamford Place, Stamford, Connecticut              
Business Combination [Line Items]              
Recognized gain reflected in statement of operation         $ 13,200 $ 13,300  
Contract asset             $ 170,400
Williamsburg Retail              
Business Combination [Line Items]              
Consideration paid   $ 31,000   $ 195,000      
Victory (561 10th Avenue) and 345 East 94th Street              
Business Combination [Line Items]              
Number of businesses acquired | multifamily_asset     2        
Consideration paid     $ 14,200        
Proportion of interest acquired (as a percent)     10.00%        
Business combination, in-place debt     $ 18,000        
North 6th Street, Brooklyn | Retail Property              
Business Combination [Line Items]              
Number of businesses acquired | property_unit 2     9      
v3.25.3
Acquisitions and Dispositions - Schedule of Property Acquisitions (Details) - North 6th Street, Brooklyn
$ in Thousands
 2 Months Ended
Jun. 30, 2025
USD ($)
property_unit
Oct. 31, 2024
USD ($)
property_unit
Business Combination [Line Items]    
Land $ 11,243 $ 44,924
Building and Improvements 20,458 146,826
Intangible assets 0 10,984
Intangible liabilities 0 (9,664)
Total 31,701 193,070
Capitalized transaction costs $ (700) $ (1,900)
Retail Property    
Business Combination [Line Items]    
Number of businesses acquired | property_unit 2 9
Residential Unit    
Business Combination [Line Items]    
Number of businesses acquired | property_unit 11 5
v3.25.3
Acquisitions and Dispositions - Schedule of Property Dispositions (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
May 22, 2024
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Business Combination [Line Items]            
Gain on Disposition   $ 0 $ 1,262 $ 13,170 $ 12,065  
Mortgage notes payable, net   $ 691,046   $ 691,046   $ 692,176
Disposal Group, Disposed of by Sale, Not Discontinued Operations | First Stamford Place, Stamford, Connecticut            
Business Combination [Line Items]            
Sales Price $ 165,807          
Gain on Disposition 26,472         $ 13,300
Mortgage notes payable, net $ 165,800          
v3.25.3
Deferred Costs, Acquired Lease Intangibles and Goodwill - Schedule of Deferred Costs, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Deferred leasing costs $ 226,090 $ 230,836
Total deferred costs, excluding deferred financing costs 382,976 388,052
Less: accumulated amortization (213,424) (212,972)
Total deferred costs, net, excluding net deferred financing costs 169,552 175,080
Total deferred costs, net 177,307 183,987
Unsecured term loan facility | Unsecured Revolving Credit Facility    
Finite-Lived Intangible Assets [Line Items]    
Deferred financing costs, net, of accumulated amortization of $9,369 and $7,783, respectively (See Note 5) 7,755 8,907
Accumulated amortization of deferred financing costs associated with the unsecured revolving credit facility (9,369) (7,783)
Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs    
Finite-Lived Intangible Assets [Line Items]    
Acquired finite-lived intangible assets 137,333 137,580
Acquired above-market leases    
Finite-Lived Intangible Assets [Line Items]    
Acquired finite-lived intangible assets $ 19,553 $ 19,636
v3.25.3
Deferred Costs, Acquired Lease Intangibles and Goodwill - Schedule of Amortizing Acquired Intangible Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Below Market Ground Lease, Net [Abstract]    
Acquired below-market ground leases $ 396,916 $ 396,916
Less: accumulated amortization (89,379) (83,506)
Acquired below-market ground leases, net 307,537 313,410
Below Market Lease, Net [Abstract]    
Acquired below-market leases (56,359) (56,359)
Less: accumulated amortization 40,484 36,862
Acquired below-market leases, net $ (15,875) $ (19,497)
v3.25.3
Deferred Costs, Acquired Lease Intangibles and Goodwill - Schedule of Amortization Related to Deferred Costs and Acquired Lease Intangibles (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]        
Amortization of acquired above- and below-market leases, net $ 821 $ 476 $ 2,459 $ 1,503
Amortization of deferred leasing costs and acquired deferred leasing costs 5,081 5,930 15,578 16,948
Amortization related to acquired in-place lease value $ 1,406 $ 1,144 $ 4,229 $ 3,663
v3.25.3
Deferred Costs, Acquired Lease Intangibles and Goodwill - Narrative (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Deferred Costs [Line Items]    
Goodwill $ 491,479 $ 491,479
Observatory    
Deferred Costs [Line Items]    
Goodwill 227,500 227,500
Real Estate    
Deferred Costs [Line Items]    
Goodwill $ 264,000 $ 264,000
v3.25.3
Debt - Schedule of Debt (Details) - USD ($)
 9 Months Ended
May 28, 2025
Sep. 30, 2025
Mar. 27, 2025
Dec. 31, 2024
Debt Instrument [Line Items]        
Outstanding borrowings   $ 0   $ 120,000,000
Total principal   2,071,554,000    
Deferred financing costs, net   (16,208,000)   (18,977,000)
Revolving Credit Facility        
Debt Instrument [Line Items]        
Basis spread on variable rate (as a percent) 0.10%      
Mortgages, Senior Notes, and Unsecured Term Loan Facilities, not Including Unsecured Revolving Credit Facility        
Debt Instrument [Line Items]        
Total principal   2,071,554,000   2,294,274,000
Deferred financing costs, net   (8,453,000)   (10,123,000)
Unamortized debt discount   (5,598,000)   (6,183,000)
Total   2,057,503,000   2,277,968,000
10 Union Square | Fixed rate mortgage debt:        
Debt Instrument [Line Items]        
Fixed rate mortgage debt:   $ 50,000,000.0   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%    
1010 Third Avenue and 77 West 55th Street | Fixed rate mortgage debt:        
Debt Instrument [Line Items]        
Fixed rate mortgage debt:   $ 33,343,000   34,048,000
Stated Rate (as a percent)   4.01%    
Effective rate (as a percent)   4.21%    
Metro Center | Fixed rate mortgage debt:        
Debt Instrument [Line Items]        
Fixed rate mortgage debt:   $ 71,600,000   71,600,000
Stated Rate (as a percent)   3.59%    
Effective rate (as a percent)   3.67%    
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 | Fixed rate mortgage debt:        
Debt Instrument [Line Items]        
Fixed rate mortgage debt:   $ 43,600,000   43,600,000
Variable rate, effective percentage (as a percent)   70.00%    
Basis spread on variable rate (as a percent)   0.95%    
Effective rate (as a percent)   3.56%    
345 East 94th Street - Series B | Fixed rate mortgage debt:        
Debt Instrument [Line Items]        
Fixed rate mortgage debt:   $ 5,907,000   6,490,000
Basis spread on variable rate (as a percent)   2.24%    
Effective rate (as a percent)   3.56%    
561 10th Avenue - Series A | Fixed rate mortgage debt:        
Debt Instrument [Line Items]        
Fixed rate mortgage debt:   $ 114,500,000   114,500,000
Variable rate, effective percentage (as a percent)   70.00%    
Basis spread on variable rate (as a percent)   1.07%    
Effective rate (as a percent)   3.85%    
561 10th Avenue - Series B | Fixed rate mortgage debt:        
Debt Instrument [Line Items]        
Fixed rate mortgage debt:   $ 12,604,000   14,036,000
Basis spread on variable rate (as a percent)   2.45%    
Effective rate (as a percent)   3.85%    
Total mortgage debt | Fixed rate mortgage debt:        
Debt Instrument [Line Items]        
Fixed rate mortgage debt:   $ 701,554,000   704,274,000
Series A | Senior Unsecured Notes        
Debt Instrument [Line Items]        
Total   $ 0   100,000,000
Stated Rate (as a percent)   0.00% 3.93%  
Effective rate (as a percent)   0.00%    
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%    
Series I | Senior Unsecured Notes        
Debt Instrument [Line Items]        
Total   $ 155,000,000   155,000,000
Stated Rate (as a percent)   7.20%    
Effective rate (as a percent)   7.39%    
Series J | Senior Unsecured Notes        
Debt Instrument [Line Items]        
Total   $ 45,000,000   45,000,000
Stated Rate (as a percent)   7.32%    
Effective rate (as a percent)   7.46%    
Series K | Senior Unsecured Notes        
Debt Instrument [Line Items]        
Total   $ 25,000,000   25,000,000
Stated Rate (as a percent)   7.41%    
Effective rate (as a percent)   7.52%    
Unsecured term loan facility | Revolving Credit Facility        
Debt Instrument [Line Items]        
Outstanding borrowings   $ 175,000,000   175,000,000
Basis spread on variable rate (as a percent)   1.50%    
Effective rate (as a percent)   4.61%    
Unsecured Term Loan Facility | Revolving Credit Facility        
Debt Instrument [Line Items]        
Outstanding borrowings   $ 95,000,000   95,000,000
Basis spread on variable rate (as a percent) 1.50% 1.50%    
Effective rate (as a percent)   5.16%    
Unsecured revolving credit facility | Revolving Credit Facility        
Debt Instrument [Line Items]        
Outstanding borrowings   $ 0   $ 120,000,000
Basis spread on variable rate (as a percent) 1.30% 1.30%    
Effective rate (as a percent)   4.04%    
v3.25.3
Debt - Schedule of Aggregate Required Principal Payments (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Amortization  
2025 $ 944
2026 3,957
2027 4,276
2028 3,555
2029 3,890
Thereafter 14,634
Total 31,256
Maturities  
2025 0
2026 225,000
2027 155,000
2028 146,091
2029 321,600
Thereafter 1,192,607
Total 2,040,298
Total  
2025 944
2026 228,957
2027 159,276
2028 149,646
2029 325,490
Thereafter 1,207,241
Total $ 2,071,554
v3.25.3
Debt - Schedule of Deferred Financing Costs, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Deferred financing costs, included as a component of net debt $ 16,121 $ 36,309
Deferred financings costs, included as a component of net deferred costs (See Note 4) 17,124 16,638
Total deferred financing costs 33,245 52,947
Less: accumulated amortization (17,037) (33,970)
Total deferred financing costs, net $ 16,208 $ 18,977
v3.25.3
Debt - Schedule of Amortization Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Disclosure [Abstract]        
Amortization of deferred financing costs $ 1,082 $ 1,110 $ 3,256 $ 3,179
v3.25.3
Debt - Unsecured Revolving Credit and Term Loan Facilities (Narrative) (Details)
 9 Months Ended
May 28, 2025
USD ($)
extension_option
Mar. 18, 2025
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Mar. 13, 2024
USD ($)
Debt Instrument [Line Items]          
Unsecured revolving credit facility     $ 0 $ 120,000,000  
Unsecured term loan facility          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 0.10%        
Unsecured term loan facility | Unsecured Revolving Credit Facility          
Debt Instrument [Line Items]          
Maximum borrowing capacity $ 620,000,000        
Number of extension periods | extension_option 2        
Extension period 6 months        
Basis spread on variable rate (as a percent) 1.30%   1.30%    
Unsecured revolving credit facility     $ 0 120,000,000  
Unsecured term loan facility | Unsecured term loan facilities          
Debt Instrument [Line Items]          
Maximum borrowing capacity $ 95,000,000        
Number of extension periods | extension_option 2        
Extension period 12 months        
Basis spread on variable rate (as a percent) 1.50%   1.50%    
Repayments of debt   $ 120,000,000      
Unsecured revolving credit facility     $ 95,000,000 $ 95,000,000  
Unsecured term loan facility | Credit Facility          
Debt Instrument [Line Items]          
Maximum borrowing capacity $ 1,500,000,000        
Unsecured term loan facility | Unsecured Term Loan          
Debt Instrument [Line Items]          
Maximum borrowing capacity         $ 175,000,000
Unsecured revolving credit facility     $ 175,000,000    
Accordion feature, new maximum borrowing capacity         $ 225,000,000
v3.25.3
Debt - Senior Unsecured Notes (Narrative) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Oct. 15, 2025
Mar. 27, 2025
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument [Line Items]        
Repayments of unsecured debt     $ 100,000 $ 0
Series L Senior Notes Due 2027 | Senior unsecured notes | Subsequent Event        
Debt Instrument [Line Items]        
Aggregate principal amount $ 175,000      
Stated rate (as a percent) 5.47%      
Principal amount of debt issued (as a percent) 100.00%      
Redemption rate (as a percent) 100.00%      
Series A | Senior unsecured notes        
Debt Instrument [Line Items]        
Stated rate (as a percent)   3.93% 0.00%  
Repayments of unsecured debt   $ 100,000    
v3.25.3
Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Capital expenditures included in accounts payable and accrued expenses $ 56,174 $ 73,535
Accounts payable and accrued expenses 47,662 54,779
Interest rate swap agreements liability 117 0
Accrued interest payable 7,779 3,702
Total accounts payable and accrued expenses $ 111,732 $ 132,016
v3.25.3
Financial Instruments and Fair Values - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Aggregate settlement obligation $ 100,000   $ 100,000    
Other comprehensive income (loss) (345,000) $ (11,798,000) (7,466,000) $ (3,738,000)  
Cash Flow Hedging | Designated as Hedging Instrument          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Aggregate notional value 447,544,000   447,544,000    
Net loss to be reclassified into interest expense within the next 12 months     900,000    
Interest Rate Swap and Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Aggregate notional value $ 447,500,000   $ 447,500,000   $ 664,000,000
v3.25.3
Financial Instruments and Fair Values - Schedule of Terms of Agreements and the Fair Value of Derivative Financial Instruments (Details) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Aggregate notional value $ 447,544,000  
Asset 3,079,000 $ 13,098,000
Liability (117,000) 0
Interest Rate Swap, One Month SOFR, 2.5000 %, Swap Number One    
Derivatives, Fair Value [Line Items]    
Aggregate notional value $ 36,820,000  
Receive rate (as a percent) 70.00%  
Pay Rate 2.50%  
Asset $ 0 759,000
Liability (76,000) 0
Interest Rate Swap, One Month SOFR, 2.5000 %, Swap Number Two    
Derivatives, Fair Value [Line Items]    
Aggregate notional value $ 103,790,000  
Receive rate (as a percent) 70.00%  
Pay Rate 2.50%  
Asset $ 193,000 2,825,000
Liability 0 0
Interest Rate Swap, One Month SOFR, 1.7570%, Interest Swap    
Derivatives, Fair Value [Line Items]    
Aggregate notional value $ 10,710,000  
Receive rate (as a percent) 70.00%  
Pay Rate 1.757%  
Asset $ 450,000 743,000
Liability 0 0
Interest Rate Swap, One Month SOFR, 2.2540%    
Derivatives, Fair Value [Line Items]    
Aggregate notional value $ 12,768,000  
Pay Rate 2.254%  
Asset $ 389,000 754,000
Liability 0 0
Interest Rate Swap, SOFR Compound, 2.5620%    
Derivatives, Fair Value [Line Items]    
Aggregate notional value $ 175,000,000  
Pay Rate 2.562%  
Asset $ 2,004,000 4,895,000
Liability 0 0
Interest Rate Swap, SOFR Compound, 2.6260%    
Derivatives, Fair Value [Line Items]    
Aggregate notional value $ 0  
Pay Rate 2.626%  
Asset $ 0 383,000
Liability 0 0
Interest Rate Swap, SOFR OIS Compound, 2.6280%    
Derivatives, Fair Value [Line Items]    
Aggregate notional value $ 0  
Pay Rate 2.628%  
Asset $ 0 382,000
Liability 0 0
Interest Rate Cap, SOFR Lookback Days, 4.5000%    
Derivatives, Fair Value [Line Items]    
Aggregate notional value $ 6,780,000  
Receive rate (as a percent) 70.00%  
Pay Rate 4.50%  
Asset $ 13,000 35,000
Liability 0 0
Interest Rate Cap, SOFR Lookback Days, 5.5000%    
Derivatives, Fair Value [Line Items]    
Aggregate notional value $ 6,676,000  
Pay Rate 5.50%  
Asset $ 30,000 81,000
Liability 0 0
Interest Rate Swap, One Month SOFR, 3.3090 %    
Derivatives, Fair Value [Line Items]    
Aggregate notional value $ 47,500,000  
Pay Rate 3.309%  
Asset $ 0 1,117,000
Liability (25,000) 0
Interest Rate Swap, One Month SOFR, 3.3030 %    
Derivatives, Fair Value [Line Items]    
Aggregate notional value $ 47,500,000  
Pay Rate 3.303%  
Asset $ 0 1,124,000
Liability $ (16,000) $ 0
v3.25.3
Financial Instruments and Fair Values - Schedule of Effect of Derivative Financial Instruments Designated as Cash Flow Hedges (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of (loss) gain recognized in other comprehensive income (loss) $ 169 $ (9,341) $ (5,419) $ 1,710
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense (514) (2,457) (2,047) (5,448)
Interest expense 25,189 27,408 77,253 77,859
Interest Rate Swap | Reclassification Out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss)        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest expense $ 514 $ 2,457 $ 2,047 $ 5,448
v3.25.3
Financial Instruments and Fair Values - Schedule of Carrying and Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swap agreements liability $ 117 $ 0
Carrying Value | Unsecured term loan facilities | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 268,959 268,731
Carrying Value | Unsecured revolving credit facility | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value   120,000
Carrying Value | Mortgage notes payable    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 691,046 692,176
Carrying Value | Senior Unsecured Notes | Senior unsecured notes - Series B-K    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 1,097,498  
Carrying Value | Senior Unsecured Notes | Senior unsecured notes - Series A-K    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value   1,197,061
Carrying Value | Interest Rate Swap and Interest Rate Cap    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swaps and caps included in prepaid expenses and other assets 3,079 13,098
Carrying Value | Interest Rate Swap    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swap agreements liability 117  
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 270,000 270,000
Estimated Fair Value | Unsecured revolving credit facility | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value   120,000
Estimated Fair Value | Mortgage notes payable    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 648,159 618,378
Estimated Fair Value | Senior Unsecured Notes | Senior unsecured notes - Series B-K    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 1,051,122  
Estimated Fair Value | Senior Unsecured Notes | Senior unsecured notes - Series A-K    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value   1,116,149
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 | Unsecured revolving credit facility | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value   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 B-K    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 0  
Estimated Fair Value | Level 1 | Senior Unsecured Notes | Senior unsecured notes - Series A-K    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value   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 | Unsecured revolving credit facility | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value   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 B-K    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 0  
Estimated Fair Value | Level 2 | Senior Unsecured Notes | Senior unsecured notes - Series A-K    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value   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 270,000 270,000
Estimated Fair Value | Level 3 | Unsecured revolving credit facility | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value   120,000
Estimated Fair Value | Level 3 | Mortgage notes payable    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 648,159 618,378
Estimated Fair Value | Level 3 | Senior Unsecured Notes | Senior unsecured notes - Series B-K    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 1,051,122  
Estimated Fair Value | Level 3 | Senior Unsecured Notes | Senior unsecured notes - Series A-K    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value   1,116,149
Estimated Fair Value | Interest Rate Swap and Interest Rate Cap    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swaps and caps included in prepaid expenses and other assets 3,079 13,098
Estimated Fair Value | Interest Rate Swap and Interest Rate Cap | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swaps and caps included in prepaid expenses and other assets 0 0
Estimated Fair Value | Interest Rate Swap and Interest Rate Cap | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swaps and caps included in prepaid expenses and other assets 3,079 13,098
Estimated Fair Value | Interest Rate Swap and Interest Rate Cap | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swaps and caps included in prepaid expenses and other assets 0 $ 0
Estimated Fair Value | Interest Rate Swap    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swap agreements liability 117  
Estimated Fair Value | Interest Rate Swap | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swap agreements liability 0  
Estimated Fair Value | Interest Rate Swap | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swap agreements liability 117  
Estimated Fair Value | Interest Rate Swap | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swap agreements liability $ 0  
v3.25.3
Leases - Narrative (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Operating Leases [Line Items]    
Leases that have not yet commenced $ 479,700  
Number of properties subject to ground leases | property 3  
Right-of-use assets $ 28,007 $ 28,197
Lease liabilities $ 28,007 $ 28,197
Weighted average discount rate (as a percent) 4.50%  
Weighted average remaining lease term (in years) 44 years 9 months 18 days  
Minimum    
Operating Leases [Line Items]    
Term of lease (in years) 1 year  
Maximum    
Operating Leases [Line Items]    
Term of lease (in years) 30 years  
v3.25.3
Leases - Schedule of Components of Rental Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Fixed payments $ 136,116 $ 132,266 $ 405,945 $ 404,854
Variable payments 22,294 20,851 60,547 54,615
Total rental revenue $ 158,410 $ 153,117 $ 466,492 $ 459,469
v3.25.3
Leases - Schedule of Future Contractual Minimum Lease Payments on Non-Cancellable Operating Leases to be Received (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Leases [Abstract]  
Remainder of 2025 $ 126,680
2026 488,613
2027 473,031
2028 437,037
2029 373,560
Thereafter 1,876,921
Total future minimum lease payments on non-cancellable operating leases to be received $ 3,775,842
v3.25.3
Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Remainder of 2025 $ 380  
2026 1,503  
2027 1,482  
2028 1,482  
2029 1,482  
Thereafter 59,283  
Total undiscounted lease payments 65,612  
Present value discount (37,605)  
Ground lease liabilities $ 28,007 $ 28,197
v3.25.3
Commitments and Contingencies - Legal Proceedings (Narrative) (Details) - New York State Supreme Court, New York County
$ in Millions
 1 Months Ended
Jan. 22, 2024
USD ($)
Aug. 26, 2020
USD ($)
Oct. 31, 2014
participant
Loss Contingencies [Line Items]      
Number of plaintiffs opting out of settlement (participant) | participant     12
Amount awarded to claimants | $ $ 1.3 $ 1.2  
Interest period (in years)   7 years  
v3.25.3
Commitments and Contingencies - Unfunded Capital Expenditures (Narrative) (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Estimated capital expenditures to be incurred $ 96.8
v3.25.3
Equity - Shares and Units (Narrative) (Details)
 9 Months Ended
Sep. 30, 2025
class
vote
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
OP units owned by the Company and other partners (in shares) 108,674,000
Number of classes | class 2
Exchange ratio 0.020
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) 61.00%
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) 39.00%
Class A Common Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Common stock outstanding (in shares) 168,970,000
Class B Common Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Common stock outstanding (in shares) 972,000
Number of voting rights (in shares) | vote 50
v3.25.3
Equity - Stock and Publicly Traded Operating Partnership Unit Repurchase Program (Narrative) (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
shares
Sep. 30, 2025
USD ($)
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Purchases of equity securities (in shares) | shares 0  
Treasury stock, value, acquired   $ 2,100,000
Weighted average price paid per share (in USD per share) | $ / shares   $ 6.92
Maximum approximate dollar value available for future purchase $ 497,900,000 $ 497,900,000
January 2024 Through December 2025 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock repurchase authorized amount $ 500,000,000 $ 500,000,000
v3.25.3
Equity - Private Perpetual Preferred Units (Narrative) (Details) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Preferred Units [Line Items]          
Dividends per share (in USD per share) $ 0.035 $ 0.035 $ 0.105 $ 0.105  
Private Perpetual Preferred Units, Series 2019          
Preferred Units [Line Items]          
Private perpetual preferred units issued (in shares) 4,664,000   4,664,000   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)     1,560,000    
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    
v3.25.3
Equity - Schedule of Activity of Dividends and Distributions (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Equity [Abstract]        
Dividends paid to common stockholders $ (5,946) $ (5,824) $ (17,745) $ (17,376)
Distributions paid to Operating Partnership unitholders (the "OP unitholders") (3,806) (3,771) (11,495) (11,317)
Distributions paid to preferred unitholders $ (1,050) $ (1,050) $ (3,151) $ (3,151)
v3.25.3
Equity - Incentive and Share-Based Compensation (Narrative) (Details)
 1 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
shares
Jul. 31, 2025
USD ($)
shares
Sep. 30, 2025
USD ($)
shares
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
$ / shares
shares
Sep. 30, 2024
USD ($)
May 09, 2024
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
LTIP unit, share of stock equivalent (in shares) | shares 1   1   1    
Conversion rate tor LTIP units to OP units 1   1   1    
Dividends on common stock received until performance criteria met for LTIP units (as a percent) 10.00%   10.00%   10.00%    
Dividends on common stock received after performance criteria met for LTIP units (as a percent) 90.00%   90.00%   90.00%    
Dividends on common stock received in periods after performance criteria met for LTIP units (as a percent) 100.00%   100.00%   100.00%    
Granted (in USD per share) | $ / shares         $ 5.91    
Awards that Meet Age and Service Requirements for Vesting              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Noncash share-based compensation expense recognized     $ 1,000,000.0 $ 1,600,000 $ 3,700,000 $ 4,000,000  
Unrecognized compensation expense $ 3,600,000   3,600,000   $ 3,600,000    
Unrecognized compensation expense, period for recognition (in years)         1 year 2 months 12 days    
Awards that do not Meet Age and Service Requirements for Vesting              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Noncash share-based compensation expense recognized     5,400,000 $ 4,200,000 $ 14,600,000 $ 12,400,000  
Unrecognized compensation expense 37,200,000   $ 37,200,000   $ 37,200,000    
Unrecognized compensation expense, period for recognition (in years)         2 years 7 months 6 days    
Award vest through transition date              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award granted $ 1,396,050            
Vesting rights, percentage 100.00%            
Award vest immediately on termination date              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award granted $ 698,025            
Granted in 2020 and After              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Retirement age (in years)         65 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    
Time-based LTIPs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Granted (in shares) | shares         1,881,176    
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 | Median              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award vesting period (in years)         4 years    
Time-based LTIPs | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award vesting period (in years)         5 years    
Restricted Stock              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Granted (in shares) | shares         293,924    
Market-based LTIPs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Granted (in shares) | shares         1,679,320    
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]              
Grant date fair value         $ 29,400,000    
Granted (in USD per share) | $ / shares         $ 5.91    
Director | Time-based LTIPs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Granted (in shares) | shares   14,215          
Grant date fair value   $ 100,000          
Certain Other Employees | Restricted Stock              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Granted (in shares) | shares     48,308        
Grant date fair value     $ 400,000        
2024 Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares authorized under the plan (in shares) | shares             11,000,000
Number of shares that remain available for future issuance (in shares) | shares 6,000,000.0   6,000,000.0   6,000,000.0    
v3.25.3
Equity - Schedule of Weighted Average Assumptions Used to Determine Fair Value of Options Granted (Details) - Long-Term Incentive Plan Unit and Restricted Stock
 9 Months Ended
Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Dividend rate 1.70%
Risk-free interest rate, minimum (as a percent) 3.90%
Risk-free interest rate, maximum (as a percent) 4.00%
Expected price volatility, minimum (as a percent) 35.00%
Expected price volatility, maximum (as a percent) 44.00%
Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected life 2 years
Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected life 5 years 3 months 18 days
v3.25.3
Equity - Schedule of Restricted Stock and Long-Term Incentive Plan Unit Activity (Details)
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
Weighted Average Grant Fair Value  
Beginning balance, unvested (in USD per share) | $ / shares $ 6.87
Vested (in USD per share) | $ / shares 7.49
Granted (in USD per share) | $ / shares 5.91
Forfeited or unearned (in USD per share) | $ / shares 8.08
Ending balance, unvested (in USD per share) | $ / shares $ 6.33
Restricted Stock  
Restricted Stock and LTIP Units  
Beginning balance, unvested (in shares) 612,416
Vested (in shares) (215,382)
Granted (in shares) 293,924
Forfeited or unearned (in shares) (56,657)
Ending balance, unvested (in shares) 634,301
Time-based LTIPs  
Restricted Stock and LTIP Units  
Beginning balance, unvested (in shares) 3,615,771
Vested (in shares) (1,361,704)
Granted (in shares) 1,881,176
Forfeited or unearned (in shares) 0
Ending balance, unvested (in shares) 4,135,243
Market-based LTIPs  
Restricted Stock and LTIP Units  
Beginning balance, unvested (in shares) 2,629,002
Vested (in shares) (340,736)
Granted (in shares) 1,679,320
Forfeited or unearned (in shares) 0
Ending balance, unvested (in shares) 3,967,586
Performance-based LTIPs  
Restricted Stock and LTIP Units  
Beginning balance, unvested (in shares) 2,078,099
Vested (in shares) (229,162)
Granted (in shares) 1,112,709
Forfeited or unearned (in shares) (46,846)
Ending balance, unvested (in shares) 2,914,800
v3.25.3
Equity - Schedule of Computation of Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator - Basic:        
Net income $ 13,645 $ 22,796 $ 40,808 $ 61,566
Private perpetual preferred unit distributions (1,050) (1,050) (3,151) (3,151)
Net income attributable to non-controlling interests (4,610) (8,205) (13,933) (22,142)
Net income attributable to common stockholders – basic 7,985 13,541 23,724 36,273
Numerator - Diluted:        
Net income 13,645 22,796 40,808 61,566
Private perpetual preferred unit distributions (1,050) (1,050) (3,151) (3,151)
Net income attributable to non-controlling interests in other partnerships 0 0 0 (4)
Net income attributable to common stockholders – diluted $ 12,595 $ 21,746 $ 37,657 $ 58,411
Denominator:        
Weighted average shares outstanding – basic (in shares) 169,250,000 164,880,000 168,103,000 164,453,000
Operating partnership units (in shares) 97,713,000 99,907,000 98,875,000 100,222,000
Effect of dilutive securities:        
Stock-based compensation plans (in shares) 3,394,000 4,826,000 2,967,000 3,933,000
Weighted average shares outstanding – diluted (in shares) 270,357,000 269,613,000 269,945,000 268,608,000
Earnings per share:        
Basic (in USD per share) $ 0.05 $ 0.08 $ 0.14 $ 0.22
Diluted (in USD per share) $ 0.05 $ 0.08 $ 0.14 $ 0.22
Antidilutive securities (in shares) 0 0 0 0
v3.25.3
Related Party Transactions (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
ft²
property
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
ft²
property
Sep. 30, 2024
USD ($)
Related Party Transaction [Line Items]        
Revenues $ 197,730 $ 199,599 $ 569,046 $ 570,321
Undivided Interest        
Related Party Transaction [Line Items]        
Area of real estate property (in square feet) | ft² 5,447   5,447  
Supervisory Fee Revenue | Affiliated Entities        
Related Party Transaction [Line Items]        
Revenues $ 400 200 $ 1,100 600
Property Management Fee Revenue | Affiliated Entities        
Related Party Transaction [Line Items]        
Revenues 100 100 200 200
Leased Space Rental | Affiliated Entities        
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  
Leased Space Rental | Chairman Emeritus and Employee        
Related Party Transaction [Line Items]        
Percentage of lease space occupied by chairman emeritus and employee     15.00%  
Annualized Rental | Affiliated Entities        
Related Party Transaction [Line Items]        
Annualized rent     $ 3,500  
v3.25.3
Segment Reporting - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.3
Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Revenues:          
Revenue, excluding third-party management and other fees $ 197,326 $ 199,328 $ 567,803 $ 569,409  
Intercompany rental revenue 0 0 0 0  
Total revenues, excluding third-party management and other fees 197,326 199,328 567,803 569,409  
Segment operating expenses:          
Property operating expenses 46,957 45,954 136,897 132,530  
Observatory expenses 9,510 9,715 27,450 27,104  
Other segment expenses 35,572 34,313 105,892 103,100  
Total segment operating expenses 92,039 89,982 270,239 262,734  
Net operating income 105,287 109,346 297,564 306,675  
Segment assets 4,106,279 4,436,937 4,106,279 4,436,937 $ 4,510,287
Intersegment Elimination          
Revenues:          
Revenue, excluding third-party management and other fees 0 0 0 0  
Intercompany rental revenue (20,185) (23,461) (56,011) (60,508)  
Total revenues, excluding third-party management and other fees (20,185) (23,461) (56,011) (60,508)  
Segment operating expenses:          
Property operating expenses 0 0 0 0  
Observatory expenses 0 0 0 0  
Other segment expenses (20,185) (23,461) (56,011) (60,508)  
Total segment operating expenses (20,185) (23,461) (56,011) (60,508)  
Net operating income 0 0 0 0  
Segment assets 0 0 0 0  
Real Estate | Operating Segments          
Revenues:          
Revenue, excluding third-party management and other fees 161,289 159,946 474,706 471,307  
Intercompany rental revenue 20,185 23,461 56,011 60,508  
Total revenues, excluding third-party management and other fees 181,474 183,407 530,717 531,815  
Segment operating expenses:          
Property operating expenses 46,957 45,954 136,897 132,530  
Observatory expenses 0 0 0 0  
Other segment expenses 35,572 34,313 105,892 103,100  
Total segment operating expenses 82,529 80,267 242,789 235,630  
Net operating income 98,945 103,140 287,928 296,185  
Segment assets 3,840,603 4,174,754 3,840,603 4,174,754  
Observatory | Operating Segments          
Revenues:          
Revenue, excluding third-party management and other fees 36,037 39,382 93,097 98,102  
Intercompany rental revenue 0 0 0 0  
Total revenues, excluding third-party management and other fees 36,037 39,382 93,097 98,102  
Segment operating expenses:          
Property operating expenses 0 0 0 0  
Observatory expenses 9,510 9,715 27,450 27,104  
Other segment expenses 20,185 23,461 56,011 60,508  
Total segment operating expenses 29,695 33,176 83,461 87,612  
Net operating income 6,342 6,206 9,636 10,490  
Segment assets $ 265,676 $ 262,183 $ 265,676 $ 262,183  
v3.25.3
Segment Reporting - Schedule of Reconciliation of Net income to Net operating Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting [Abstract]        
Net income $ 13,645 $ 22,796 $ 40,808 $ 61,566
Add:        
General and administrative expenses 18,743 18,372 54,368 52,364
Depreciation and amortization 47,615 45,899 144,196 139,453
Interest expense 25,189 27,408 77,253 77,859
Interest expense associated with property in receivership 0 1,922 647 2,550
Loss on early extinguishment of debt 0 0 0 553
Income tax expense 1,645 1,442 1,504 1,537
Less:        
Gain on disposition of property 0 (1,262) (13,170) (12,065)
Third-party management and other fees (404) (271) (1,243) (912)
Interest income (1,146) (6,960) (6,799) (16,230)
Net operating income $ 105,287 $ 109,346 $ 297,564 $ 306,675