ESRT to Sell 250 West 57th Street to Namdar Realty Group for $280M
By Amanda Schiavo April 7, 2026 3:09 pm
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Empire State Realty Trust has entered a contract to sell its 26-story office building at 250 West 57th Street to Namdar Realty Group for roughly $280 million, according to sources close to the deal.
The 540,000-square-foot building is along Billionaires’ Row in Midtown and is currently 84 percent leased, according to The Real Deal, which first reported the news. Apparel retailer T.J. Maxx anchors the retail portion of the building, while corporate tenants include commercial real estate platform Hanover Street Capital, and music recording and publishing company Concord Music Group.
Led by Igal Namdar, Namdar Realty will acquire the Midtown building at a bit of a discount from what ESRT originally asked for when it put the building up for sale in February at an asking price of $350 million. Namdar is set to buy the property along with frequent partner Empire Capital, TRD reported.
ESRT had been in possession of the full-block building between Eighth Avenue and Broadway since before the firm’s October 2013 IPO. The company has invested about $140 in capital improvements to the building since then, according to TRD.
Spokespeople for ESRT and Namdar did not immediately respond to Commercial Observer’s requests for comment.
The sale was brokered by Newmark’s Adam Spies, Adam Doneger, Joshua King and Marcella Fasulo. Newmark declined to comment on the sale.
Namdar CEO Igal Namdar has made a name for himself acquiring distressed and aging mall properties, sometimes converting them into other uses. The firm’s acquisitions include Connecticut-based Enfield Square, Crystal Mall and Trumbull Mall. This acquisition strategy earned Namdar a nickname: the billionaire “bottom feeder.”
ESRT’s sale of 250 West 57th Street also comes after it bought a new commercial property over in Williamsburg, Brooklyn, this week. The real estate investment trust purchased a commercial condo unit at the base of 127 Kent Avenue for $46 million, with plans to divide the space into eight retail stores, Commercial Observer reported.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
