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Item 2. Properties

2025-02-28 compared with 2024-02-28 · 98 added, 112 removed, 168 unchanged (56% of the section changed)

1 unchanged sentence

As of December 31, 2024 , our office and retail portfolio was comprised of approximately 7.8 million rentable square feet of office space and 0.8 million rentable square feet of retail space and was approximately 88.6% occupied and 93.5% leased, yielding approximately $544.0 million of annualized rent.

We have 11 office properties and our retail properties are comprised of retail space at the base of our New York City office and multifamily properties, and five standalone retail properties predominantly located in Manhattan.

We have 10 office properties and our retail properties are comprised of retail space at the base of our New York City office and multifamily properties, four standalone retail properties located in Manhattan and a portfolio of retail assets on North 6th Street (the "North Sixth Street Collection") in Williamsburg, Brooklyn.

All properties are located in dynamic retail corridors with convenient access to mass transportation, a diverse te nant base and high pedestrian traffic.

Our real estate segment includes all activities related to the ownership, management, operation, acquisition, repositioning and disposition of all of our real estate assets other than the 86th and 102nd floor observatories at the Empire State Building, which are operated by our Observatory segment.

Our real estate segment includes all activities related to the ownership, management, operation, acquisition, repositioning and disposition of all of our real estate assets other than the observatory at the Empire State Building, which is included in our Observatory segment.

The tables below present an overview as of December 31, 2024 .

Rentable Rent per

Square Percent Percent Annualized Occupied Number of

Rentable Percent Percent Rent per

Square Occupied Leased Annualized Occupied Number of

Property Name Location or Sub-Market Feet (1)

11 unchanged sentences

250 West 57th Street Columbus Circle - West Side 474,790 83.5 % 84.8 % 26,300,689 66.45 30

501 Seventh Avenue Penn Station -Times Sq.

South 461,209 88.4 % 88.4 % 20,432,035 50.09 19

1359 Broadway Penn Station -Times Sq.

South 456,567 80.7 % 90.8 % 23,022,570 62.51 29

501 Seventh Avenue Penn Station -Times Sq.

South 454,788 90.7 % 90.7 % 22,376,790 54.39 19

1350 Broadway (10)

5 unchanged sentences

Office - Greater New York Metropolitan Area

First Stamford Place (10)

Stamford, CT 781,731 78.7 % 82.3 % 26,691,177 43.38 48

Metro Center Stamford, CT 282,276 73.2 % 74.9 % 11,727,761 56.76 20

7 unchanged sentences

South 88,445 77.4 % 78.7 % 7,856,065 114.72 11

North Sixth Street Collection Williamsburg - Brooklyn 87,880 77.3 % 90.4 % 8,964,050 131.99 15

One Grand Central Place Grand Central 70,810 100.0 % 100.0 % 7,866,157 111.09 12

5 unchanged sentences

1010 Third Avenue Upper East Side 38,235 100.0 % 100.0 % 3,421,053 89.47 2

1359 Broadway Penn Station -Times Sq.

South 29,247 99.4 % 99.4 % 2,221,959 76.40 5

501 Seventh Avenue Penn Station -Times Sq.

South 27,213 73.1 % 89.4 % 1,433,160 72.08 6

77 West 55th Street Midtown 25,388 100.0 % 100.0 % 2,083,627 82.07 3

1350 Broadway (10)

1 unchanged sentence

South 19,511 44.0 % 100.0 % 2,161,613 251.94 4

1359 Broadway Penn Station -Times Sq.

South 29,247 83.0 % 100.0 % 1,668,652 68.73 5

561 10th Avenue (11)

Hudson Yards 28,266 100.0 % 100.0 % 2,007,748 71.03 3

77 West 55th Street Midtown 25,388 100.0 % 100.0 % 1,978,407 77.93 3

1400 Broadway (8)

1 unchanged sentence

South 17,017 82.2 % 82.2 % 1,670,565 119.50 6

298 Mulberry Street (12)

NoHo 10,365 100.0 % 100.0 % 1,802,507 173.90 1

Williamsburg Retail (13)

Brooklyn 6,538 100.0 % 100.0 % 1,158,422 177.18 3

345 East 94th Street (14)

Upper East Side 3,700 100.0 % 100.0 % 263,134 71.12 1

561 10th Avenue Hudson Yards 11,822 100.0 % 100.0 % 1,618,301 136.89 2

298 Mulberry Street NoHo 10,365 100.0 % 100.0 % 1,981,708 191.19 1

345 East 94th Street Upper East Side 3,700 100.0 % 100.0 % 254,444 68.77 1

Total/Weighted Average Retail Properties 766,439 90.4 % 94.1 % 96,366,558 139.02 94

Portfolio Total 8,616,284 88.6 % 93.5 % $ 543,963,188 $ 71.52 580

(1) Excludes (i) 189,148 square feet of space across the Company's portfolio attributable to building management use and tenant amenities and (ii) 83,190 square feet of space attributable to the Company's Observatory.

(1) Excludes (i) 195,410 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.

(2) Based on leases signed and commenced as of December 31, 2024 .

(3) Percent occupied and percent leased exclude 110,035 rentable square feet of broadcasting and storage space.

(4) Includes occupied space plus leases signed but not commenced as of December 31, 2024.

6 unchanged sentences

(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 26 years (expiring July 31, 2050).

(10) First Stamford Place consists of three buildings.

(11) Does not include the square footage related to the 417 residential units at this property.

(12) Does not include the square footage related to the 96 residential units at this property.

(13) Does not include the square footage related to the 6 residential units at this property.

(14) Does not include the square footage related to the 208 residential units at this property.

Tenant Diversification

5 unchanged sentences

Consumer goods 16.2 %

Finance, insurance, real estate 16.9 %

Finance, insurance and real estate 15.0 %

Government entity 2.1 %

7 unchanged sentences

(1) Based on annualized rent.

The following table sets forth information regarding the 20 largest tenants in our commercial portfolio based on annualized rent as of December 31, 2023.

Weighted Percent of

Average Total Portfolio Percent of

Remaining Occupied Rentable Portfolio

Lease Lease Square Square Annualized Annualized

Tenant Property Expiration (1)

LinkedIn Empire State Building Aug.

2036 12.7 years 501,409 5.4 % $ 33,465,435 6.2 %

The following tables set forth information regarding the 10 largest office tenants and 10 largest retail tenants in our commercial portfolio based on the respective annualized rent as of December 31, 2024 .

Top 10 Office Tenants Percent of Occupied Rentable Square Feet (2)

Percent of Office Annualized Rent (3)

Tenant Property Lease Expiration (1)

LinkedIn Empire State Building Mar.

2036 6.7 % 7.4 %

Flagstar Bank 1400 Broadway Aug.

2039 15.7 years 313,109 3.3 % 18,285,046 3.4 %

2039 4.5 % 4.3 %

Centric Brands Inc.

Empire State Building Oct.

2028 4.8 years 221,365 2.4 % 11,952,833 2.2 %

501 Seventh Avenue Oct.

2028 4.8 years 237,281 2.5 % 11,519,383 2.1 %

Sephora 112 West 34th Street Jan.

2029 5.1 years 11,334 0.1 % 10,533,585 2.0 %

Target 112 West 34th St., 10 Union Sq.

2038 14.1 years 81,340 0.9 % 9,341,224 1.7 %

2028 3.7 % 3.1 %

501 Seventh Avenue Jan.

2028 3.4 % 3.0 %

Institutional Capital Network, Inc.

One Grand Central Place Dec.

2041 2.0 % 2.3 %

Empire State Building Jan.

2030 6.1 years 156,187 1.7 % 8,497,458 1.6 %

Macy's 111 West 33rd Street May 2030 6.4 years 131,117 1.4 % 8,451,562 1.6 %

Urban Outfitters 1333 Broadway Sept.

2029 5.8 years 56,730 0.6 % 8,185,595 1.5 %

2030 2.3 % 2.0 %

Macy's 111 West 33rd Street May 2030 1.9 % 2.0 %

Li & Fung 1359 Broadway, ESB Oct.

2028 4.5 years 149,061 1.6 % 7,954,806 1.5 %

Footlocker 112 West 34th Street Sept.

2031 7.8 years 34,192 0.4 % 7,745,828 1.4 %

Federal Deposit Insurance Corp.

Empire State Building Dec.

2025 2.0 years 119,226 1.3 % 7,578,004 1.4 %

HNTB Corporation Empire State Building Feb.

2029 5.2 years 105,143 1.1 % 7,000,733 1.3 %

Institutional Capital Network, Inc.

One Grand Central Place Feb.

2035 10.6 years 94,331 1.0 % 6,351,680 1.2 %

The Michael J.

Fox Foundation 111 West 33rd Street Nov.

2029 5.9 years 86,492 0.9 % 6,267,495 1.2 %

Shutterstock Empire State Building Apr.

2029 5.3 years 104,386 1.1 % 6,096,096 1.1 %

Fragomen 1400 Broadway Feb.

2035 11.2 years 107,680 1.2 % 5,959,656 1.1 %

Burlington Merchandising Corp.

1400 Broadway Jan.

2038 14.1 years 102,898 1.1 % 5,932,832 1.1 %

ASCAP 250 West 57th Street Aug.

2034 10.7 years 87,943 0.9 % 5,384,628 1.0 %

Duane Reade Empire State Building, 1350 Broadway May 2025 - Sept.

2027 2.5 years 39,142 0.4 % 4,941,165 0.9 %

Total 2,740,366 29.3 % $ 191,445,044 35.5 %

2028 2.2 % 1.9 %

FDIC Empire State Building Dec.

2025 1.7 % 1.7 %

Shutterstock, Inc.

Empire State Building Apr.

2029 1.6 % 1.7 %

Top 10 Retail Tenants Percent of Occupied Rentable Square Feet (4)

Percent of Retail Annualized Rent (5)

Tenant Property Lease Expiration (1)

Sephora USA, Inc.

112 West 34th Street Jan.

2029 1.6 % 11.0 %

Target Corporation 112 West 34th St., 10 Union Sq.

2038 11.7 % 9.8 %

URBAN OUTFITTERS 1333 Broadway Sep.

2029 8.2 % 8.7 %

Foot Locker, Inc.

112 West 34th Street Sep.

2031 4.9 % 8.1 %

The TJX Companies, Inc.

250 West 57th Street Nov.

2030 6.7 % 4.8 %

CVS Albany, L.L.C.

298 Mulberry Street Jan.

2040 3.1 % 3.7 %

New Cingular Wireless PCS, LLC 250 West 57th Street, ESB, 10 Union Sq.

2033 1.3 % 3.4 %

JP Morgan Chase Bank One Grand Central Place Dec.

2027 3.1 % 3.2 %

The New York City School Construction Authority 1010 Third Avenue Mar.

2039 4.1 % 3.1 %

Starbucks 1542 Third Avenue, 1350 Broadway, 1359 Broadway, 10 Union Sq., ESB Jun.

2032 4.7 % 3.0 %

(1) Expiration dates are per lease and do not assume exercise of renewal or extension options.

For tenants with more than two leases, the lease expiration is shown as a range.

(2) Represents the weighted average remaining lease term, based on annualized rent.

(3) Based on leases signed and commenced as of December 31, 2023.

(4) Represents the percentage of rentable square feet of the Company's office and retail portfolios in the aggregate.

(5) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.

(6) Represents the percentage of annualized rent of the Company's office and retail portfolios in the aggregate.

(2) Represents the percentage of occupied rentable square feet of the Company's office portfolio.

(3) Represents the percentage of annualized rent, including base rent and base rent and current reimbursement for operating expenses and real estate taxes, of the Company's office portfolio.

(4) Represents the percentage of occupied rentable square feet of the Company's retail portfolio.

(5) Represents the percentage of annualized rent, including base rent and base rent and current reimbursement for operating expenses and real estate taxes, of the Company's retail portfolio.

Lease Expirations

The following table sets forth new and renewal leases entered into at our properties, the weighted average annualized cash rent per square foot for new and renewal leases executed during the year, the previous weighted average annualized cash rent prior to the renewal or re-leasing of these leases and the percent increase (decrease) in mark-to-market rent.

Year Ended December 31,

2023 2022 2021

New and renewal leases entered into during the year (square feet) 1,324,824 981,907 1,223,325

1 unchanged sentence

Weighted average annualized cash rent per square foot for previous leases $ 69.66 $ 61.46 $ 59.50

Increase (decrease) in mark-to-market rent 6.6 % 1.4 % (0.8) %

Increase in mark-to-market rent 3.5 % 6.5 % 3.0 %

(1) Beginning in 2024, the number of leases signed include "Early Renewals" which are leases signed over two years prior to the lease expiration.

Amounts for number of leases signed, total square feet, leasing commission costs per square foot and tenant improvement costs per square foot have been adjusted to include the impact of early renewals for the twelve months ended December 31, 2023 and December 31, 2022 .

The following tables set forth a summary schedule of expirations for leases in place as of December 31, 2024 plus available space for each of the ten calendar years beginning with the year ended December 31, 2025 at the office and retail properties in our commercial portfolio.

The information set forth in the table assumes that tenants exercise no renewal options and all early termination rights.

The information set forth in the table assumes that tenants exercise no renewal options and/or all early termination rights.

Office and Retail Portfolio

Rentable Portfolio Annualized

Number Square Rentable Percent of Rent Per

of Leases Feet Square Feet Annualized Annualized Rentable

Year of Lease Expiration Expiring (1)

Expiring Rent (3)

Rent Square Foot

Year of Lease Expiration Number of Leases Expiring (1)

Rentable Square Feet Expiring (2)

Percent of Portfolio Rentable Square Feet Expiring Annualized Rent (3)

Percent of Annualized Rent Annualized Rent Per Rentable Square Foot

Available — 592,749 6.9 % $ — — % $ —

15 unchanged sentences

Manhattan Office Properties (5)

Rentable Portfolio Annualized

Number Square Rentable Percent of Rent Per

of Leases Feet Square Feet Annualized Annualized Rentable

Year of Lease Expiration Expiring (1)

Expiring Rent (3)

Rent Square Foot

Year of Lease Expiration Number of Leases Expiring (1)

Rentable Square Feet Expiring (2)

Percent of Portfolio Rentable Square Feet Expiring Annualized Rent (3)

Percent of Annualized Rent Annualized Rent Per Rentable Square Foot

Available — 476,851 6.3 % $ — — % $ —

15 unchanged sentences

Greater New York Metropolitan Area Office Properties

Rentable Portfolio Annualized

Number Square Rentable Percent of Rent Per

of Leases Feet Square Feet Annualized Annualized Rentable

Year of Lease Expiration Expiring (1)

Expiring Rent (3)

Rent Square Foot

Year of Lease Expiration Number of Leases Expiring (1)

Rentable Square Feet Expiring (2)

Percent of Portfolio Rentable Square Feet Expiring Annualized Rent (3)

Percent of Annualized Rent Annualized Rent Per Rentable Square Foot

Available — 70,732 25.1 % $ — — % $ —

15 unchanged sentences

Retail Properties

Rentable Portfolio Annualized

Number Square Rentable Percent of Rent Per

of Leases Feet Square Feet Annualized Annualized Rentable

Year of Lease Expiration Expiring (1)

Expiring Rent (3)

Rent Square Foot

Year of Lease Expiration Number of Leases Expiring (1)

Rentable Square Feet Expiring (2)

Percent of Portfolio Rentable Square Feet Expiring Annualized Rent (3)

Percent of Annualized Rent Annualized Rent Per Rentable Square Foot

Available — 45,166 5.9 % $ — — % $ —

15 unchanged sentences

(1) If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.

(2) Excludes (i) 189,148 rentable square feet across the Company's portfolio attributable to building management use and tenant amenities and (ii)

83,190 square feet of space attributable to the Company's Observatory.

(2) Excludes (i) 195,410 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 85,334 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.

(3) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.

1 unchanged sentence

(5) Excludes (i) retail space in our Manhattan office properties and (ii) the Empire State Building broadcasting licenses and Observatory operations.

(6) Represents a telecom lease with no square footage.

(6) Includes a telecom lease with no square footage.

Portfolio Transaction Activity

On February 1, 2023, we closed on the sale of 69-97 and 103-107 Main Street in Westport, Connecticut at a gross asset valuation of $40.0 million.

Refer to "Financial Statements - Note 11 Related Party Transactions" in this Annual Report on Form 10-K.

On April 5, 2023, we closed on the sale of 500 Mamaroneck Avenue in Harrison, New York at a gross asset valuation of $53.0 million.

On September 14, 2023, we closed on the acquisition of a Williamsburg retail property located on the corner of North 6 th Street and Wythe Avenue in Brooklyn, New York, for a purchase price of $26.4 million.

On March 28, 2024, we executed a buyout of the 10% non-controlling interest in two of our multifamily properties located at 561 10 th Avenue and 345 East 94 th Street in Manhattan for $14.2 million in cash and the assumption of $18.0 million of in-place debt and now own 100% of the ownership interests in these assets.

In September and October 2024, we closed on the acquisition of a portfolio of retail properties on North 6 th Street in Williamsburg, Brooklyn for a purchase price of $195.0 million.

In September 2024, we entered into an agreement to acquire an additional retail asset on North 6 th Street in Williamsburg, Brooklyn for approximately $30.0 million.

This acquisition is subject to customary closing conditions.

The acquisition is anticipated to close in mid-2025.

Net Operating Income ("NOI") from our office, retail, multifamily, and Observatory operations were approximately 58%, 12%, 5%, and 25% of total NOI, respectively, after the effect of the 2024 acquisitions, annualized based on fourth quarter results, and the removal of First Stamford Place NOI.

See Part II, ITEM 7, "Management's Discussion and Analysis of Financial Condition of Results of Operations — Net Operating Income" for the definition of NOI and a reconciliation to net income, the most directly comparable GAAP measure, to NOI.

Refer to "Financial Statements — Note 3 Acquisitions and Dispositions" in this Annual Report on Form 10-K.

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties