Empire State Realty Trust Announces Acquisition and Financing Transactions Within Its NYC Retail Portfolio
Empire State Realty Trust, Inc. (NYSE:ESRT) (the "Company") acquired a newly constructed, prime retail asset located at 41-55 North 6th Street in Williamsburg, Brooklyn for $46 million at the end of the first quarter. The approximately 22,000 square foot property, currently vacant, is located between Kent and Wythe Avenues and in close proximity to the Company's existing 102,000 square foot portfolio of prime retail assets along North 6th Street.
This acquisition, together with the Company's purchase of 86-90 North 6th Street in mid-2025, completed the redeployment of investment capacity from the December 2025 disposition of Metro Center without a recognition of a taxable gain. These transactions were the final execution of ESRT's strategy to recycle capital from non-core suburban assets into high-quality NYC assets with stronger long-term cash flow growth prospects.
The Company also closed on a $53.5 million mortgage on 10 Union Square East, a 58,000 square foot prime retail asset anchored by a long-term lease with Target. The 10-year interest-only loan carries a fixed interest rate of 5.3% and replaces a $50.0 million loan that matured on April 1, 2026.
Ethan Stanton, Michael Mazzara and Brendan Maddigan of Jones Lang LaSalle (NYSE:JLL) represented the seller of 41-55 North 6th Street. Jordan Roeschlaub, Nick Scribani, Tim Polglase, and Niv Shahmoon of Newmark (NASDAQ:NMRK) arranged the financing of 10 Union Square East on behalf of the Company.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE:ESRT) is a NYC-focused 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 December 31, 2025, ESRT's portfolio is comprised of approximately 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn.
Source: Empire State Realty Trust, Inc.
Category: Financial
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