Empire State Realty Trust (ESRT) is a NYC-focused REIT that owns and operates office, retail, and multifamily properties in Manhattan, alongside the Empire State Building Observatory. The real estate segment is the dominant business, comprising roughly 7.9M sq ft of office space across 10 Manhattan properties, plus retail and 743 residential units. ESRT self-manages its office and retail portfolio through an in-house leasing and management team, collecting rent under multi-year leases with built-in escalations and tenant expense reimbursements. ESRT's pitch to tenants is quality space near transit at rents it argues are below comparable alternatives — a "flight to quality" value proposition. The Observatory segment operates the 86th and 102nd floor observatories at the Empire State Building, selling tickets directly to consumers. After COVID, ESRT shifted to a reservations-only model focused on revenue per visitor rather than maximizing volume. The Observatory is capital-light relative to real estate but meaningfully exposed to international tourism trends and seasonality. ESRT's growth strategy centers on two levers: driving occupancy and rents higher across the existing portfolio, and recycling capital out of non-core suburban assets into NYC properties, including multifamily and mixed-use acquisitions in Manhattan and Brooklyn.