Malkin’s Empire State Realty Trust listed its 540,000-square-foot office building at 250 West 57th Street, The real deal has learned, with a price tag of about $350 million in mind.
The 26-story property, which spans an entire block between Eighth Avenue and Broadway and has built-in subway service, is 84 percent leased, according to a listing note from Newmark. Clothing store TJ Maxx anchors the retail part of the renovated 1921 building under a lease that runs until 2041.
ESRT purchased the property in 2013 for $170 million and has invested approximately $140 million in capital improvements, including a new lobby and wellness center, elevator upgrades and updated storefronts. The 83,000 square feet of free space includes floor plates ranging from approximately 9,200 to 27,000 square feet.
The building has an average lease term of seven years and an acceptable fixed interest rate of 2.83 percent until December 2030.
A Newmark team led by Adam Spies, Joshua King and Marcella Fasulo is overseeing the sales process.
ESRT is in the process of rebalancing its portfolio away from office buildings and toward areas such as multifamily and retail. In January, the owner of the Empire State Building bought the Scholastic Building in Soho for $386 million. Last year it bought two retail properties in Williamsburg for $195 million.
Malkin overhauled the REIT in 2020 when he took over as president. The company has since sold off suburban office buildings and reinvested that money in apartments in Manhattan. In 2024, the company turned over the keys to the First Stamford Place office building in Connecticut back to its lender to satisfy a foreclosure process.
Nieuwmark declined to comment. ESRT did not immediately respond to a request for comment.
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