Item 2. Properties
ITEM 2. PROPERTIES
Summary of Office, Retail, and Multifamily Portfolio
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. 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 observatory at the Empire State Building, which is included in our Observatory segment.
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The tables below present an overview as of December 31, 2025 .
Annualized
Rentable Percent Percent Rent per
Square Occupied Leased Annualized Occupied Number of
Property Name Location or Sub-Market Feet (1)
(2),(3)
(3),(4)
Rent (5)
Square Foot (6)
Leases (7)
Office (8)
The Empire State Building Penn Station -Times Sq. South 2,711,351 91.8 % 96.0 % $ 172,538,871 $ 69.96 148
One Grand Central Place Grand Central 1,227,813 84.6 % 93.1 % 66,643,364 64.30 116
1400 Broadway (9)
Penn Station -Times Sq. South 917,281 92.9 % 96.8 % 54,120,027 63.57 17
111 West 33rd Street (10)
Penn Station -Times Sq. South 639,629 93.1 % 94.3 % 42,126,994 70.69 21
250 West 57th Street Columbus Circle - West Side 476,847 82.9 % 84.2 % 28,124,627 71.27 28
1359 Broadway Penn Station -Times Sq. South 456,634 87.1 % 87.1 % 23,777,747 59.87 29
501 Seventh Avenue Penn Station -Times Sq. South 455,432 89.2 % 89.2 % 22,687,884 55.89 15
1350 Broadway (11)
Penn Station -Times Sq. South 384,128 93.4 % 94.2 % 22,468,237 62.74 48
1333 Broadway Penn Station -Times Sq. South 297,126 89.8 % 89.8 % 15,463,555 57.98 11
Total/Weighted Average Office Properties 7,566,241 89.9 % 93.5 % 447,951,306 66.14 433
Retail Properties (8)
112 West 34th Street (10)
Penn Station -Times Sq. South 93,057 100.0 % 100.0 % 26,022,498 279.64 4
The Empire State Building Penn Station -Times Sq. South 88,143 78.3 % 78.3 % 7,989,316 115.79 11
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
1333 Broadway Penn Station -Times Sq. South 67,001 100.0 % 100.0 % 10,507,517 156.83 4
250 West 57th Street Columbus Circle - West Side 63,443 93.2 % 94.8 % 9,237,589 156.30 6
1542 Third Avenue Upper East Side 58,161 100.0 % 100.0 % 3,093,298 53.19 4
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. South 27,213 85.3 % 85.3 % 1,656,260 71.37 7
77 West 55th Street Midtown 25,388 100.0 % 100.0 % 2,112,538 83.21 3
1350 Broadway (11)
Penn Station -Times Sq. South 19,511 100.0 % 100.0 % 4,140,247 212.20 6
1400 Broadway (9)
Penn Station -Times Sq. South 17,017 100.0 % 100.0 % 2,078,883 122.17 7
561 10th Avenue Hudson Yards 11,822 100.0 % 100.0 % 1,626,620 137.59 2
298 Mulberry Street NoHo 10,365 100.0 % 100.0 % 1,986,316 191.64 1
345 East 94th Street Upper East Side 3,700 100.0 % 100.0 % 261,359 70.64 1
Total/Weighted Average Retail Properties 758,525 94.4 % 95.3 % 104,085,542 145.30 98
Portfolio Total 8,324,766 90.3 % 93.6 % $ 552,036,848 $ 73.71 531
(1) Excludes (i) 186,226 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, 2025 .
(3) Percent occupied and percent leased exclude 109,456 rentable square feet of broadcasting and storage space.
(4) Includes occupied space plus leases signed but not commenced as of December 31, 2025.
(5) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(6) Represents annualized rent under leases commenced as of December 31, 2025 divided by occupied square feet.
(7) Represents the number of leases at each property or on a portfolio basis. 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).
(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 51 years (expiring June 10, 2077).
(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.
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Tenant Diversification
As of December 31, 2025 , our office and retail portfolios were leased to a diverse tenant base consisting of approximately 537 leases. Our tenants represent a broad array of industries as follows:
Diversification by Industry Percent (1) (2)
Arts & entertainment 3.2 %
Broadcast 1.0 %
Consumer goods 18.4 %
Finance, insurance, real estate 12.6 %
Government entity 2.2 %
Healthcare 2.0 %
Legal services 5.5 %
Non-profit 4.5 %
Professional services 8.8 %
Retail 20.1 %
Technology, media and advertising 16.0 %
Other 5.7 %
Total 100.0 %
(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 (1)
Percent of Occupied Rentable Square Feet (3)
Percent of Office Annualized Rent (4)
Tenant Property Lease Expiration (2)
LinkedIn Empire State Building Feb. 2026 - Aug. 2036 6.0 % 6.9 %
Flagstar Bank 1400 Broadway Aug. 2039 4.5 % 4.2 %
Scholastic Inc. 130 Mercer Street Dec. 2040 3.2 % 3.9 %
Centric Brands Inc. Empire State Building Oct. 2028 3.6 % 3.1 %
PVH Corp. 501 Seventh Avenue Jan. 2026 - Oct. 2028 3.4 % 2.9 %
Institutional Capital Network, Inc. One Grand Central Place Dec. 2041 2.2 % 2.4 %
Burlington Merchandising Corporation 1400 Broadway Dec. 2042 2.4 % 2.3 %
Macy's 111 West 33rd Street May 2030 1.9 % 2.0 %
Coty Inc. Empire State Building Jan. 2030 2.2 % 2.0 %
Li & Fung 1359 Broadway, ESB Oct. 2027 - Oct. 2028 2.1 % 1.8 %
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Top 10 Retail Tenants (1)
Percent of Occupied Rentable Square Feet (5)
Percent of Retail Annualized Rent (6)
Tenant Property Lease Expiration (2)
Sephora USA, Inc. 112 West 34th Street, 130 Mercer Street Jan. 2029 - Jan. 2034 2.9 % 14.7 %
Target Corporation 112 West 34th St., 10 Union Sq. Jan. 2038 10.9 % 8.3 %
Foot Locker, Inc. 112 West 34th Street Sep. 2031 4.6 % 7.5 %
URBAN OUTFITTERS 1333 Broadway Sep. 2029 7.6 % 7.3 %
The TJX Companies, Inc. 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, 561 10th Avenue Jan. 2030 - Dec. 2040 2.9 % 3.1 %
New Cingular Wireless PCS, LLC 250 West 57th Street, ESB, 10 Union Sq. Jan. 2029 - Apr. 2033 1.2 % 2.9 %
The New York City School Construction Authority 1010 Third Avenue Mar. 2039 3.8 % 2.7 %
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.
(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,
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
Weighted average annualized cash rent per square foot for previous leases $ 71.40 $ 69.66 $ 61.46
Increase in mark-to-market rent 5.2 % 3.5 % 6.5 %
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 early termination rights.
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Office and Retail Portfolio (1)
Year of Lease Expiration Number of Leases Expiring (2)
Rentable Square Feet Expiring (3)
Percent of Portfolio Rentable Square Feet Expiring Annualized Rent (4)
Percent of Annualized Rent Annualized Rent Per Rentable Square Foot
Available — 680,169 7.8 % $ — — % $ —
Signed leases not commenced 20 282,664 3.2 % — — % —
Fourth quarter 2025 (5)
7 137,688 1.6 % 8,983,175 1.5 % 65.24
2026 58 438,754 5.1 % 27,327,321 4.6 % 62.28
2027 77 637,739 7.3 % 43,493,933 7.4 % 68.20
2028 61 861,251 9.9 % 52,878,916 9.1 % 61.40
2029 67 744,680 8.5 % 65,659,565 11.2 % 88.17
2030 55 697,240 8.0 % 52,285,897 9.0 % 74.99
2031 41 246,641 2.8 % 28,524,653 4.9 % 115.65
2032 30 383,114 4.4 % 29,289,194 5.0 % 76.45
2033 39 294,059 3.4 % 26,057,091 4.5 % 88.61
2034 25 385,204 4.4 % 35,475,299 6.1 % 92.09
2035 24 466,371 5.3 % 32,847,860 5.6 % 70.43
Thereafter 53 2,479,235 28.3 % 181,172,820 31.1 % 73.08
Total 557 8,734,809 100.0 % $ 583,995,724 100.0 % $ 75.14
Office Properties (1),(6)
Year of Lease Expiration Number of Leases Expiring (2)
Rentable Square Feet Expiring (3)
Percent of Portfolio Rentable Square Feet Expiring Annualized Rent (4)
Percent of Annualized Rent Annualized Rent Per Rentable Square Foot
Available — 637,194 6.9 % $ — — % $ —
Signed leases not commenced 17 268,943 3.6 % — — % —
Fourth quarter 2025 (5)
6 137,335 1.8 % 8,947,459 2.0 % 65.15
2026 55 422,156 5.6 % 26,174,557 5.8 % 133.68
2027 71 577,734 7.6 % 35,215,245 7.9 % 60.95
2028 57 849,841 11.2 % 51,044,781 11.4 % 60.06
2029 55 619,338 8.2 % 40,904,165 9.1 % 66.05
2030 44 666,742 8.8 % 45,008,542 10.0 % 67.51
2031 30 171,927 2.3 % 12,659,300 2.8 % 73.63
2032 23 344,120 4.5 % 25,255,254 5.6 % 73.39
2033 25 236,815 3.1 % 15,284,089 3.4 % 64.54
2034 16 343,749 4.5 % 24,217,107 5.4 % 70.45
2035 20 458,489 6.1 % 31,568,132 7.0 % 68.85
Thereafter 34 2,199,624 25.8 % 152,046,970 29.6 % 147.60
Total 453 7,934,007 100.0 % $ 468,325,601 100.0 % $ 66.64
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Retail Properties (1)
Year of Lease Expiration Number of Leases Expiring (2)
Rentable Square Feet Expiring (3)
Percent of Portfolio Rentable Square Feet Expiring Annualized Rent (4)
Percent of Annualized Rent Annualized Rent Per Rentable Square Foot
Available — 42,975 4.7 % $ — — % $ —
Signed leases not commenced 3 13,721 0.9 % — — % —
Fourth quarter 2025 (5)
1 353 — % 35,716 — % 101.18
2026 3 16,598 2.2 % 1,152,764 1.1 % 69.45
2027 6 60,005 7.9 % 8,278,688 8.0 % 137.97
2028 4 11,410 1.5 % 1,834,135 1.8 % 160.75
2029 12 125,342 16.5 % 24,755,400 23.8 % 197.50
2030 11 30,498 4.0 % 7,277,355 7.0 % 238.62
2031 11 74,714 9.8 % 15,865,353 15.2 % 212.35
2032 7 38,994 5.1 % 4,033,940 3.9 % 103.45
2033 14 57,244 5.8 % 10,773,002 6.6 % 448.40
2034 9 41,455 3.6 % 11,258,192 3.4 % 666.25
2035 4 7,882 1.0 % 1,279,728 1.2 % 162.36
Thereafter 19 279,611 37.0 % 29,125,850 28.0 % 104.17
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.
(3) Excludes (i) 186,226 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 .
(4) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.
(5) Represents leases that are included in occupancy as of December 31, 2025 and expire on December 31, 2025 .
(6) Excludes (i) retail space in our Manhattan office properties and (ii) the Empire State Building broadcasting licenses and Observatory operations.
Portfolio Transaction Activity
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
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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 for additional information.
ITEM 3. LEGAL PROCEEDINGS
Refer to “Financial Statements — Note 9 Commitments and Contingencies” in this Annual Report on Form 10-K for a description of any pending legal proceedings.
ITEM 4. MINE SAFETY DISCLOSURE
Not applicable.
PART II