Empire State Realty Trust (ESRT) is a NYC-focused REIT that owns and operates office, retail, and multifamily properties across Manhattan and Brooklyn, and runs the Empire State Building Observatory. The real estate portfolio spans approximately 7.9M square feet of office space and 0.8M square feet of retail across 10 Manhattan properties, including the Empire State Building and One Grand Central Place, plus 743 multifamily units. ESRT self-manages its office and retail assets and positions them as fully modernized, amenity-rich, transit-adjacent, and sustainability-certified — priced below the newest trophy towers but above commodity office. Real estate revenue comes from base rent, contractual escalations, and tenant expense reimbursements. The Observatory operates the 86th and 102nd floor observation decks at the Empire State Building on a reservations-only, dynamic pricing model, generating roughly $90M of NOI annually. ESRT has shifted Observatory strategy toward higher revenue per visitor over pure volume. On the real estate side, ESRT has exited all suburban assets and redeployed capital into Manhattan multifamily, Williamsburg retail, and most recently 130 Mercer Street in SoHo — a 396,000 square foot office and retail asset anchored by a long-term Scholastic lease that ESRT intends to lease up to a stabilized ~8% yield. ESRT's broader capital allocation priorities include NYC acquisitions, opportunistic share buybacks, and maintaining a low-leverage balance sheet.