Tony Malkin.
Anthony E. Malkin
Chairman, President and CEO at Empire State Realty Trust
In 2021, will you buy or sell any real estate? What kind?
Would be nice to buy. Our targets are office, resi and retail. We think the beginning of the year will still be early.
How f@*$ed is retail?
There will always be demand for well-located retail. There will also always be a demand for street-front real estate for other uses. Owners have lost track of the fact that the question is not ‘what rents do I need to get to justify my investment?’ it is ‘what rents can a user pay to justify the use of street front?’
How flexible are you with negotiating rents?
As flexible as we must be to get the right tenants on the right term. We have seen our demand grow as our price point below trophy/Class A for our fully modernized, energy-efficient buildings, with our leadership in indoor environmental quality makes our great locations even more desirable.
Has your “dead to me” list grown?
Anyone who expressed violence toward the police has been deleted from my contacts and social. Other than that … heck, I was able to be constructive with Leona Helmsley; I can get along with anyone.
Are you in the market for financing?
We always stay current on market pricing for financing and might opportunistically take advantage of the same. That said, we have $1.1 billion availability on our line of credit, $350 million of cash, and no debt maturity until 2024, and we have
no current financing need.
What would be the signs that things are NOT going to improve in 2021?
Look, you can’t fall off the floor … 2020 has already improved, and 2021 will improve more. That does not mean back to normal in 2021. I think we see a stabilized bottom in Q1 2022.
What do you think will NOT go back to normal?
The shared-office, mismatched obligations/revenue streams model is dead. Like a lobster on a hot grill, it may continue to twitch … People have too much invested in it not to try to nurse it along, but it is dead.
Who do you like for mayor in 2021?
The most electable person who will bring what all New Yorkers of every color, religion and class want: safe streets and schools which prioritize teaching over social engineering.
What do you think the city and/or state should do to help both real estate and the city?
Recognize that when you politicize safe streets, good schools and social justice, you damage New York City’s brand.
How do you think the November election will affect real estate? How do you see a Trump win? How do you see a Biden win?
Functioning mayor and City Council offices, and a unified state and city, are more important than the outcome of the presidential election for New York City real estate.
Where’s your apocalypse bunker? No bunker
Favorite at-home quarantine foods? Rotisserie chicken
Did you gain or lose weight during quarantine? Same weight
Sourdough bread, banana bread, other? Banana bread with overripe bananas and no other sweetener.
Which TV show have you binged? “Big Bang Theory,” “The Marvelous Mrs. Maisel,” and “The Last Kingdom” start to finish.
What restaurant did you go to when restaurants reopened? NoMad rooftop
Best work-from-home hack? I have the same workstation, chair and technology at home as I do at the office … right down to the side of the desk on which the phone is placed, the type of headphone, and where I put my scrap paper.
Where did you quarantine? Home
Biden, Trump or Kanye? Split executive and congressional control.
