Anthony Malkin

Empire State Realty sold off its sole asset outside of New York City in late 2025. Was going all-in on New York City an easy decision?

After a lot of internal discussion and review with our board, we made the decision to exit our suburban office assets and transition into properties with strong long-term cash flow growth prospects. It took a few years, and we are glad we made the move.

You reported office portfolio gains for the 20th consecutive quarter in July. What’s the key to attracting sustained demand right now?

That is 20 consecutive quarters of mark-to-market rent gains. We have continued to focus our portfolio through sales and acquisitions on properties and locations which tenants want, and on which they are prepared to pay higher rents. 

We operate with a service-first, hospitality-oriented approach. We consistently transact with better credit quality tenants at higher rents over longer terms, and our commercial portfolio was approximately 95 percent leased at the end of the second quarter.

How’s the lease-up at 130 Mercer going, and what does it tell you about this year’s office market? 

Great! We acquired 130 Mercer in December 2025, and we are ahead of our underwriting on the pace of lease-up. If we had more floors available, we could lease them as demand is strongest for modernized, amenitized, transit-oriented buildings, and our financial stability, ownership reputation, and proven operations fit the broker and tenant target points. 130 Mercer’s SoHo address, amenities and large, efficient floor plates have produced the winning combination we saw in our underwriting, and our team has executed ahead of plan.

You’ve planted your flag in the retail corridor of Brooklyn’s Williamsburg over the past several years. Are there particular trends or tenants today that signal retail success?

North Sixth Street is on trend to be right up there with SoHo and the Meatpacking District as one of New York City’s strongest retail corridors. Our conviction preceded broad market recognition. The tenant mix tells the story. Performance and lifestyle brands such as Hoka, Vuori, Salomon and Tecovas sit alongside luxury names such as Hermès, Chanel, Breitling and Bucherer. 

These brands recognize Williamsburg’s combination of affluent local customers, strong pedestrian traffic and limited prime supply, and that supports durable tenant demand and long-term cash flow growth.

With international tourism on the decline, how does an asset like the Empire State Building Observation Deck adapt? 

The Empire State Building remains the “World’s Most Famous Building,” the international symbol of New York City, and the Observation Deck was ranked the No. 1 attraction in the U.S. by TripAdvisor. The brand is strong. We recognized in the second quarter of 2026 that changes in the tourist trends and visitor sourcing required us to address anew how we execute at our Observation Deck and have made meaningful progress.  

The good news is that the headwinds of today may return as tailwinds in the future, and we will have built out a better business in the process. We know that the value of the Empire State Building brand to tenants and brokers relies on a well-run Observation Deck operation that does not detract from the quality of their experience. 

Lightning Round:

Your AI platform of choice? ChatGPT. Changes from use to use.

Who would play you in a movie? An extra.

One prompt you’d never give AI. Plan my day.

Jalen Brunson or Aaron Judge? Jalen Brunson — not even close competition.

“Oppenheimer” or “Odyssey”? “Oppenheimer.”

Have you ever eaten pizza with a knife and fork? Deep dish only.

Last book you read? I Regret Almost Everything by Keith McNally. 

Where’s your secret escape compound? (Think Peter Thiel’s New Zealand Plan B.) The conference room next to my desk.