Connect with us

Hi, what are you looking for?

Jewish Business News


Malkin Holdings’ Empire State adding residential to its portfolio

Empire State Building
Empire State Building

Peter Malkin’s Empire State Realty Trust (ESRT), which owns more than  10.1 million square feet of space in its office and retail portfolio, including the Empire State Building, has entered into conditional agreements to acquire two multifamily properties in Manhattan totaling 625 apartments for $307 million. This is according to a filing with the United States Securities and Exchange Commission (SEC).

ESRT has revealed neither the organization that is selling the properties nor the locations of the properties. It did, however, reveal that the purchase price of the new properties includes the assumption of $186 million in debt.

“An affiliate of one of the properties’ primary current owners would retain a 10% ownership position and would continue to function as property manager,” reads the SEC filing.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

ESRT President and CEO Anthony Malkin, told investors in a conference call “We enjoy the multifamily asset class and have a strong institutional history of investing in it through our predecessor organizations and Malkin Holdings.”

“There is still work to be done before we close, and at that point, we will make an additional remark,” Malkin added. “In the meanwhile, our investment team is aggressively seeking new office, retail, and multifamily purchase opportunities, and our flexible balance sheet positions us well as we continue to seek ways to deploy our capital through disciplined external expansion prospects.”

Outside of New York City, according to its 2020 annual report filed with the Securities and Exchange Commission, ESRT owns First Stamford Place and the Metro Center in Stamford, as well as 381 Main St. in Norwalk. Additionally, it owns White Plains’ 10 Bank St. and Harrison’s 500 Mamaroneck Ave.

ESRT said that 83.5 percent of its overall office and retail property was occupied as of the third quarter of 2021, including 84.5 percent of Manhattan office space and 79.8 percent of office space outside of Manhattan. It has cash on hand of $582 million and a revolving credit facility of $850 million. It owed around $2.2 billion in debt.

ESRT’s overall revenue for the nine months ended September 30 was $463.8 million, down from $457.8 million in the same time last year. It lost $8.9 million in the nine months ended Sept. 30, compared to a loss of $23.6 million in the same period last year.

The Empire State Building Observatory’s revenue grew to $12.8 million in the third quarter of 2021, as domestic tourist and local activity began to recover from the Covid closure. It was an almost 52 percent increase over the $8.4 million in sales generated in the second quarter.

Malkin is exited that the U.S. is reopening for international tourists which will mean increased revenue for the Empire State Building. He said on this, “New York City’s recovery is progressing slowly but steadily; schools have reopened, trains and subways are more full, and traffic has resumed. Apartment occupancies have increased, and rentals have returned to or above 2019 levels in several instances,” Malkin added. “Restaurants and entertainment venues are open and bustling with activity. Make an attempt to secure a reservation on a Wednesday, Thursday, or Saturday night, or for Sunday brunch, and prepare to be disappointed.”



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.

Copyright © 2021 Jewish Business News