By Howard Morrel & Leslie Hirsch
Tony Malkin’s REIT looks to sell 250 West 57th Street as part of an ongoing strategic pivot toward multifamily and retail assets.
Empire State Realty Trust (ESRT) is officially testing the market on Billionaires Row. The real estate investment trust, led by CEO Tony Malkin, has listed its 540,000-square-foot office building at 250 West 57th Street with an expected valuation of approximately $350 million.
The move highlights ESRT’s broader, multi-year strategy to trim its office footprint and aggressively rebalance its portfolio into high-performing Manhattan multifamily and prime retail sectors.
The Asset: 250 West 57th Street
The 26-story, full-block property sits prominently between Eighth Avenue and Broadway, offering highly coveted, direct in-building subway access. Originally constructed in 1921, ESRT has owned the asset since before its 2013 IPO and has since poured $140 million into capital improvements.
Upgrades to the property include:
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A fully redesigned modern lobby
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A state-of-the-art tenant wellness center
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Comprehensive elevator and mechanical modernization
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Revamped ground-floor retail storefronts
The building enters the market on solid financial footing, boasting an 84% occupancy rate and an average remaining lease term of seven years. Crucially for prospective buyers in a volatile interest rate environment, the property comes with assumable fixed-rate debt locked in at 2.83% through December 2030.
The retail portion of the building is anchored by clothing giant T.J. Maxx, which recently expanded its footprint and is locked into a long-term lease extending through 2041. The remaining 83,000 square feet of vacant office space features highly flexible floor plates ranging from 9,200 to 27,000 square feet.
ESRT’s Strategic Shift
Under Malkin’s direction, ESRT has been systematically overhauling its portfolio since 2020. The firm has actively shed suburban office assets—such as handing over the keys to the First Stamford Place office complex in Connecticut to its lender in 2024—and recycled that capital into Manhattan residential and trendy urban retail spaces.
Recent high-profile acquisitions by ESRT include:
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The Scholastic Building (Soho): Acquired in January 2026 for $386 million.
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Williamsburg Retail Portfolio: Purchased two prime assets in late 2024 for $195 million, alongside eight buildings along North 6th Street over the past two years (including the long-term Hermès flagship location).
The Brokerage Team
A Newmark team consisting of Adam Spies, Joshua King, and Marcella Fasulo has been retained to market the property and spearhead the sales process. Both Newmark and ESRT have declined to comment on the active listing.
Want to learn more? Let’s talk!
All the best,
Howard Morrel & Leslie Hirsch
Christie’s International Real Estate Group
(212) 956-4823
mha@christiesrealestategroup.com
