What changed in this filing

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Item 2. Properties

2026-03-02 compared with 2025-02-28 · 56 added, 68 removed, 198 unchanged (39% of the section changed)

Summary of Office, Retail, and Multifamily Portfolio

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.

As of December 31, 2025 , our portfolio was comprised of approximately 7.9 million rentable square feet of office space and 0.8 million rentable square feet of retail space.

Our portfolio was approximately 90.3% occupied and 93.6% leased, excluding properties that are under redevelopment, yielding approximately $552.0 million of annualized rent.

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.

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Square Foot (6)

Office - Manhattan

The Empire State Building Penn Station -Times Sq.

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South 297,126 89.8 % 89.8 % 15,463,555 57.98 11

Office - Manhattan 7,567,569 89.0 % 94.2 % 435,868,869 65.00 466

Office - Greater New York Metropolitan Area

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

Office - Greater New York Metropolitan Area 282,276 73.2 % 74.9 % 11,727,761 56.76 20

Total/Weighted Average Office Properties 7,566,241 89.9 % 93.5 % 447,951,306 66.14 433

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South 88,143 78.3 % 78.3 % 7,989,316 115.79 11

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

North Sixth Street Collection (12)

Williamsburg - Brooklyn 87,355 91.2 % 97.5 % 11,408,527 143.17 16

One Grand Central Place Grand Central 70,810 100.0 % 100.0 % 8,673,298 122.49 12

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250 West 57th Street Columbus Circle - West Side 63,443 93.2 % 94.8 % 9,237,589 156.30 6

10 Union Square Union Square 57,094 91.8 % 91.8 % 8,290,772 158.25 9

1542 Third Avenue Upper East Side 58,161 100.0 % 100.0 % 3,093,298 53.19 4

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

10 Union Square Union Square 58,049 88.2 % 88.2 % 7,962,960 155.51 8

1359 Broadway Penn Station -Times Sq.

South 29,247 99.4 % 99.4 % 2,250,533 77.39 5

1010 Third Avenue Upper East Side 28,243 100.0 % 100.0 % 3,077,783 108.98 1

501 Seventh Avenue Penn Station -Times Sq.

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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.

(8) Excludes approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, which will be redeveloped.

As of December 31, 2025, the percent occupied and percent leased were 70.6%, which was comprised of 68.3% for office space and 100% for retail space.

(9) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 38 years (expiring December 31, 2063).

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(11) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 25 years (expiring July 31, 2050).

(12) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6 th Street, which is under redevelopment.

As of December 31, 2025, the percent occupied and percent leased were 0% and 49.5%, respectively.

Tenant Diversification

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Diversification by Industry Percent (1) (2)

Arts and entertainment 3.1 %

Arts & entertainment 3.2 %

Broadcast 1.0 %

Consumer goods 18.4 %

Finance, insurance and real estate 15.0 %

Finance, insurance, real estate 12.6 %

Government entity 2.2 %

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Non-profit 4.5 %

Professional services (not including legal services) 9.7 %

Professional services 8.8 %

Retail 20.1 %

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(1) Based on annualized rent.

(2) Includes in-place tenants at 130 Mercer Street which was acquired in December 2025 and will be redeveloped.

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, 2025 .

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

Top 10 Office Tenants (1)

Percent of Occupied Rentable Square Feet (3)

Percent of Office Annualized Rent (4)

Tenant Property Lease Expiration (2)

LinkedIn Empire State Building Mar.

LinkedIn Empire State Building Feb.

2036 6.0 % 6.9 %

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2039 4.5 % 4.2 %

Scholastic Inc.

130 Mercer Street Dec.

2040 3.2 % 3.9 %

Centric Brands Inc.

6 unchanged sentences

2041 2.2 % 2.4 %

Empire State Building Jan.

Burlington Merchandising Corporation 1400 Broadway Dec.

2042 2.4 % 2.3 %

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

Li & Fung 1359 Broadway, ESB Oct.

2028 2.2 % 1.9 %

FDIC Empire State Building Dec.

Empire State Building Jan.

2030 2.2 % 2.0 %

Shutterstock, Inc.

Empire State Building Apr.

Li & Fung 1359 Broadway, ESB Oct.

2028 2.1 % 1.8 %

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

Top 10 Retail Tenants (1)

Percent of Occupied Rentable Square Feet (5)

Percent of Retail Annualized Rent (6)

1 unchanged sentence

Sephora USA, Inc.

112 West 34th Street Jan.

112 West 34th Street, 130 Mercer Street Jan.

2034 2.9 % 14.7 %

1 unchanged sentence

2038 10.9 % 8.3 %

URBAN OUTFITTERS 1333 Broadway Sep.

2029 8.2 % 8.7 %

Foot Locker, Inc.

1 unchanged sentence

2031 4.6 % 7.5 %

URBAN OUTFITTERS 1333 Broadway Sep.

2029 7.6 % 7.3 %

The TJX Companies, Inc.

250 West 57th Street Nov.

250 West 57th Street Feb.

2041 6.3 % 4.6 %

Capital One, National Association 130 Mercer Street Nov.

2033 1.8 % 3.4 %

CVS Albany, L.L.C.

298 Mulberry Street Jan.

298 Mulberry Street, 561 10th Avenue Jan.

2040 2.9 % 3.1 %

1 unchanged sentence

2033 1.2 % 2.9 %

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 3.8 % 2.7 %

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

JP Morgan Chase Bank One Grand Central Place Dec.

2027 2.9 % 2.6 %

(1) Includes in-place tenants at 130 Mercer Street which was acquired in December 2025 and will be redeveloped.

(2) 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 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

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

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

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

(6) Represents the percentage of retail 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 Activity and 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 in mark-to-market rent.

Year Ended December 31,

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

2025 2024 2023

New and renewal leases, including Early Renewals, entered into during the year (square feet) 1,009,009 1,324,824 981,907

Weighted average annualized cash rent per square foot for new and renewal leases executed during the year $ 75.10 $ 72.12 $ 65.43

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Increase in mark-to-market rent 5.2 % 3.5 % 6.5 %

(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, 2025 plus available space for each of the ten calendar years beginning with the year ended December 31, 2026 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/or all early termination rights.

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

Office and Retail Portfolio (1)

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Total 557 8,734,809 100.0 % $ 583,995,724 100.0 % $ 75.14

Manhattan Office Properties (5)

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 % $ — — % $ —

Signed leases not commenced 23 385,303 5.1 % — — %

Fourth quarter 2024 (4)

12 62,705 0.8 % 3,815,250 0.9 % 60.84

2025 64 527,068 7.0 % 35,958,524 8.2 % 68.22

2026 64 602,635 8.0 % 37,033,613 8.5 % 61.45

2027 77 615,168 8.1 % 37,904,393 8.7 % 61.62

2028 55 840,106 11.1 % 49,175,905 11.3 % 58.54

2029 49 643,455 8.5 % 42,161,109 9.7 % 65.52

2030 39 662,664 8.8 % 43,478,449 10.0 % 65.61

2031 17 122,021 1.6 % 8,840,245 2.0 % 72.45

2032 22 326,723 4.3 % 24,101,729 5.5 % 73.77

2033 18 194,949 2.6 % 12,324,950 2.8 % 63.22

2034 16 307,701 4.1 % 21,263,418 4.9 % 69.10

Thereafter 33 1,800,220 23.7 % 119,811,284 27.5 % 66.55

Total 489 7,567,569 100.0 % $ 435,868,869 100.0 % $ 65.00

Greater New York Metropolitan Area Office Properties

Office Properties (1),(6)

Year of Lease Expiration Number of Leases Expiring (2)

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Total 104 800,802 100.0 % $ 115,670,123 100.0 % $ 155.45

(1) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and will be redeveloped.

(2) 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.

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

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

Portfolio Transaction Activity

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.

In December 2025, we closed on the sale of an office property, Metro Center, in Stamford, Connecticut at a sale price of $64.0 million in addition to a release to us of approximately $6.2 million of restricted cash previously held in escrow.

In connection with this sale we repaid the related $71.6 million mortgage.

In December 2025, we closed on the acquisition of 130 Mercer Street (555-557 Broadway, "The Scholastic Building"), located in the SoHo submarket of Manhattan, for a purchase price of $386.0 million.

In June 2025, we closed on the acquisition of two retail properties on North 6 th Street in Williamsburg, Brooklyn for a purchase price of $31.0 million.

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 an aggregate purchase price of $195.0 million.

In March 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 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 .

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

In February 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 .

Net Operating Income ("NOI") from our office, retail, multifamily, and Observatory operations were approximately

57%, 16%, 5%, and 22% of total NOI, respectively, after the effect of the 2025 acquisitions and disposition, through an implied annualized NOI for 130 Mercer derived from its purchase price and Asset Value calculated in accordance with our credit facility agreement, and the removal of Metro Center 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.

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

LEGAL PROCEEDINGS

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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