Empire State Realty OP (FISK) 10-Q 8 Oct 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Oct. 03, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36106
Entity Registrant Name	EMPIRE STATE REALTY OP, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-4685158
Entity Address, Address Line One	111 West 33rd Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10120
City Area Code	212
Local Phone Number	687-8700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001553079
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Series ES Operating Partnership Units Limited Partners
Document Information [Line Items]
Title of 12(b) Security	Series ES operating partnership units
Trading Symbol	ESBA
Security Exchange Name	NYSEArca
Entity Common Stock, Shares Outstanding		18,539,439
Series 60 Operating Partnership Units Limited Partners
Document Information [Line Items]
Title of 12(b) Security	Series 60 operating partnership units
Trading Symbol	OGCP
Security Exchange Name	NYSEArca
Entity Common Stock, Shares Outstanding		4,730,822
Series 250 operating partnership units
Document Information [Line Items]
Title of 12(b) Security	Series 250 operating partnership units
Trading Symbol	FISK
Security Exchange Name	NYSEArca
Entity Common Stock, Shares Outstanding		2,461,112

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commercial real estate properties, at cost:
Land	$ 341,499	$ 366,357
Development costs	8,187	8,178
Building and improvements	3,153,616	3,280,657
Commercial real estate properties, at cost	3,503,302	3,655,192
Less: accumulated depreciation	(1,206,039)	(1,250,062)
Commercial real estate properties, net	2,297,263	2,405,130
Contract asset	166,955	0
Cash and cash equivalents	535,533	346,620
Restricted cash	41,015	60,336
Tenant and other receivables	34,665	39,836
Deferred rent receivables	242,940	255,628
Prepaid expenses and other assets	105,438	98,167
Deferred costs, net	172,318	172,457
Acquired below-market ground leases, net	317,326	321,241
Right of use assets	28,318	28,439
Goodwill	491,479	491,479
Total assets	4,433,250	4,219,333
Liabilities:
Mortgage notes payable, net	700,348	877,388
Senior unsecured notes, net	1,196,831	973,872
Unsecured term loan facilities, net	268,580	389,286
Unsecured revolving credit facility	120,000	0
Debt associated with property in receivership	177,667	0
Accrued interest associated with property in receivership	1,589	0
Accounts payable and accrued expenses	90,908	99,756
Acquired below-market leases, net	11,872	13,750
Ground lease liabilities	28,318	28,439
Deferred revenue and other liabilities	61,890	70,298
Tenants’ security deposits	24,031	35,499
Total liabilities	2,682,034	2,488,288
Commitments and contingencies
Capital:
Total Empire State Realty OP, L.P.'s capital	1,751,216	1,715,638
Non-controlling interest in other partnerships	0	15,407
Total capital	1,751,216	1,731,045
Total liabilities and capital	4,433,250	4,219,333
Private perpetual preferred units, series 2019
Capital:
Private perpetual preferred units	21,936	21,936
Private perpetual preferred units, series 2014
Capital:
Private perpetual preferred units	8,004	8,004
Series PR Operating Partnership Units
Capital:
ESRT partner's capital (2,742 and 2,709 general partner operating partnership units and 162,723 and 160,337 limited partner operating partnership units outstanding in 2024 and 2023, respectively)	1,011,279	985,518
Limited partner operating partnership units	701,933	694,512
Series ES Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units	6,116	4,427
Series 60 Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units	1,236	779
Series 250 Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units	$ 712	$ 462

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Private perpetual preferred units, series 2019
Capital:
Private perpetual preferred units, liquidation preference (in USD per share)	$ 13.52	$ 13.52
Private perpetual preferred units, issued (in shares)	4,664,038	4,664,000
Private perpetual preferred units, outstanding (in shares)	4,664,000	4,664,000
Private perpetual preferred units, series 2014
Capital:
Private perpetual preferred units, liquidation preference (in USD per share)	$ 16.62	$ 16.62
Private perpetual preferred units, issued (in shares)	1,560,000	1,560,000
Private perpetual preferred units, outstanding (in shares)	1,560,000	1,560,000
Series PR Operating Partnership Units
Capital:
Limited partner operating partnership units, outstanding (in shares)	82,238,000	80,189,000
Series ES Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units, outstanding (in shares)	19,048,000	19,947,000
Series 60 Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units, outstanding (in shares)	4,889,000	5,144,000
Series 250 Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units, outstanding (in shares)	2,537,000	2,619,000
ESRT | Series PR Operating Partnership Units
Capital:
General partner operating partnership units, outstanding (in shares)	2,742,000	2,709,000
Limited partner operating partnership units, outstanding (in shares)	162,723,000	160,337,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Rental revenue	$ 152,470	$ 154,603	$ 306,352	$ 294,694
Observatory revenue	34,124	33,433	58,720	55,587
Third-party management and other fees	376	381	641	808
Other revenue and fees	2,573	2,125	5,009	4,075
Total revenues	189,543	190,542	370,722	355,164
Operating expenses:
Property operating expenses	41,516	39,519	86,576	81,563
Ground rent expenses	2,332	2,332	4,663	4,663
General and administrative expenses	18,020	16,075	33,992	31,783
Observatory expenses	8,958	8,657	17,389	16,512
Real estate taxes	31,883	31,490	64,124	63,278
Depreciation and amortization	47,473	46,280	93,554	93,688
Total operating expenses	150,182	144,353	300,298	291,487
Total operating income	39,361	46,189	70,424	63,677
Other income (expense):
Interest income	5,092	3,339	9,270	5,934
Interest expense	(25,323)	(25,405)	(50,451)	(50,709)
Interest expense associated with property in receivership	(628)	0	(628)	0
Loss on early extinguishment of debt	0	0	(553)	0
Gain on disposition of property	10,803	13,565	10,803	29,261
Income before income taxes	29,305	37,688	38,865	48,163
Income tax (expense) benefit	(750)	(733)	(95)	486
Net income	28,555	36,955	38,770	48,649
Private perpetual preferred unit distributions	(1,051)	(1,051)	(2,101)	(2,101)
Net (income) loss attributable to non-controlling interests in other partnerships	0	(1)	(4)	42
Net income attributable to common unitholders	$ 27,504	$ 35,903	$ 36,665	$ 46,590
Total weighted average units:
Basic (in shares)	264,676	262,903	264,619	263,694
Diluted (in shares)	268,716	264,196	268,105	264,736
Earnings per unit attributable to common unitholders:
Basic (in USD per share)	$ 0.10	$ 0.14	$ 0.14	$ 0.18
Diluted (in USD per share)	0.10	0.14	0.14	0.18
Dividends per unit ((in USD per share)	$ 0.035	$ 0.035	$ 0.070	$ 0.070

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 28,555	$ 36,955	$ 38,770	$ 48,649
Other comprehensive income (loss):
Unrealized gain on valuation of interest rate swap agreements	2,853	11,935	11,051	6,533
Amount reclassified into interest expense	(667)	(1,882)	(2,991)	(3,154)
Other comprehensive income	2,186	10,053	8,060	3,379
Comprehensive income	30,741	47,008	46,830	52,028
Net (income) loss attributable to non-controlling interests in other partnerships	0	(1)	(4)	42
Other comprehensive (income) loss attributable to non-controlling interest in other partnerships	0	(285)	0	96
Comprehensive income attributable to OP unitholders	$ 30,741	$ 46,722	$ 46,826	$ 52,166

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 1,724,734	$ 1,677,066	$ 1,731,045	$ 1,683,091
Conversion of operating partnership units to ESRT Partner's Capital	$ 0	0	$ 0	0
Repurchases of common shares (in shares)	0		0
Repurchases of common units	$ 0	(7,411)	$ 0	(13,105)
Acquisition of non-controlling interests in other partnerships			(15,297)
Contributions from consolidated joint ventures		94		112
Equity compensation	6,388	5,369	9,837	9,743
Distributions	(10,647)	(10,514)	(21,199)	(20,257)
Net income (loss)	28,555	36,955	38,770	48,649
Other comprehensive income (loss)	2,186	10,053	8,060	3,379
Ending balance	$ 1,751,216	$ 1,711,612	1,751,216	$ 1,711,612
General Partner
Increase (Decrease) in Partners' Capital [Roll Forward]
Acquisition of non-controlling interests in other partnerships			$ 114
General Partner | Series PR Operating Partnership Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)	164,798,000	161,329,000	163,046,000	161,129,000
Beginning balance	$ 996,122	$ 948,251	$ 985,518	$ 954,375
Conversion of operating partnership units to ESRT Partner's Capital (in shares)	697,000	726,000	2,263,000	1,532,000
Conversion of operating partnership units to ESRT Partner's Capital	$ 1,966	$ 2,475	$ 9,098	$ 5,019
Repurchases of common shares (in shares)	0	(1,218,000)	0	(2,151,000)
Repurchases of common units	$ 0	$ (7,411)	$ 0	$ (13,105)
Equity compensation (in shares)	(30,000)	(7,000)	156,000	320,000
Equity compensation	$ 541	$ 448	$ 281	$ 469
Distributions	(5,787)	(5,622)	(11,552)	(11,297)
Net income (loss)	17,071	21,854	22,732	28,373
Other comprehensive income (loss)	$ 1,366	$ 5,955	$ 5,088	$ 2,116
Ending balance (in shares)	165,465,000	160,830,000	165,465,000	160,830,000
Ending balance	$ 1,011,279	$ 965,950	$ 1,011,279	$ 965,950
Limited Partners | Series PR Operating Partnership Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)	82,266,000	81,712,000	80,189,000	80,475,000
Beginning balance	$ 692,575	$ 682,972	$ 694,512	$ 681,827
Conversion of operating partnership units to ESRT Partner's Capital (in shares)	(220,000)	(297,000)	(1,027,000)	(579,000)
Conversion of operating partnership units to ESRT Partner's Capital	$ (1,849)	$ (2,474)	$ (8,830)	$ (4,907)
Equity compensation (in shares)	192,000	196,000	3,076,000	1,715,000
Equity compensation	$ 5,847	$ 4,921	$ 9,556	$ 9,274
Distributions	(2,878)	(2,840)	(5,671)	(4,846)
Net income (loss)	7,636	10,099	10,192	13,092
Other comprehensive income (loss)	$ 602	$ 2,738	$ 2,174	$ 976
Ending balance (in shares)	82,238,000	81,611,000	82,238,000	81,611,000
Ending balance	$ 701,933	$ 695,416	$ 701,933	$ 695,416
Limited Partners | Series ES Operating Partnership Units Limited Partners
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)	19,387,000	20,684,000	19,947,000	21,081,000
Beginning balance	$ 4,722	$ 925	$ 4,427	$ 1,391
Conversion of operating partnership units to ESRT Partner's Capital (in shares)	(339,000)	(258,000)	(899,000)	(655,000)
Conversion of operating partnership units to ESRT Partner's Capital	$ (89)	$ (6)	$ (210)	$ (95)
Distributions	(670)	(718)	(1,349)	(1,442)
Net income (loss)	1,999	2,837	2,677	3,681
Other comprehensive income (loss)	$ 154	$ 772	$ 571	$ 275
Ending balance (in shares)	19,048,000	20,426,000	19,048,000	20,426,000
Ending balance	$ 6,116	$ 3,810	$ 6,116	$ 3,810
Limited Partners | Series 60 Operating Partnership Units Limited Partners
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)	4,991,000	5,503,000	5,144,000	5,558,000
Beginning balance	$ 863	$ (94)	$ 779	$ 16
Conversion of operating partnership units to ESRT Partner's Capital (in shares)	(102,000)	(123,000)	(255,000)	(178,000)
Conversion of operating partnership units to ESRT Partner's Capital	$ (20)	$ 5	$ (42)	$ (4)
Distributions	(172)	(189)	(347)	(382)
Net income (loss)	523	754	697	978
Other comprehensive income (loss)	$ 42	$ 205	$ 149	$ 73
Ending balance (in shares)	4,889,000	5,380,000	4,889,000	5,380,000
Ending balance	$ 1,236	$ 681	$ 1,236	$ 681
Limited Partners | Series 250 Operating Partnership Units Limited Partners
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)	2,573,000	2,717,000	2,619,000	2,789,000
Beginning balance	$ 512	$ 12	$ 462	$ 76
Conversion of operating partnership units to ESRT Partner's Capital (in shares)	(36,000)	(48,000)	(82,000)	(120,000)
Conversion of operating partnership units to ESRT Partner's Capital	$ (8)	$ 0	$ (16)	$ (13)
Distributions	(89)	(94)	(179)	(189)
Net income (loss)	275	359	367	466
Other comprehensive income (loss)	$ 22	$ 98	$ 78	$ 35
Ending balance (in shares)	2,537,000	2,669,000	2,537,000	2,669,000
Ending balance	$ 712	$ 375	$ 712	$ 375
Private Perpetual Preferred Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)	6,224,000	6,224,000	6,224,000	6,224,000
Beginning balance	$ 29,940	$ 29,940	$ 29,940	$ 29,940
Distributions	(1,051)	(1,051)	(2,101)	(2,101)
Net income (loss)	$ 1,051	$ 1,051	$ 2,101	$ 2,101
Ending balance (in shares)	6,224,000	6,224,000	6,224,000	6,224,000
Ending balance	$ 29,940	$ 29,940	$ 29,940	$ 29,940
Non-controlling Interest in Other Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	0	15,060	15,407	15,466
Acquisition of non-controlling interests in other partnerships			(15,411)
Contributions from consolidated joint ventures		94		112
Net income (loss)	0	1	4	(42)
Other comprehensive income (loss)	0	285	0	(96)
Ending balance	$ 0	$ 15,440	$ 0	$ 15,440

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities
Net income	$ 38,770	$ 48,649
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	93,554	93,688
Gain on disposition of property	(10,803)	(29,261)
Amortization of non-cash items within interest expense	4,289	4,521
Amortization of acquired above- and below-market leases, net	(1,027)	(1,378)
Amortization of acquired below-market ground leases	3,916	3,916
Straight-lining of rental revenue	(4,961)	(12,415)
Equity based compensation	9,837	9,743
Loss on early extinguishment of debt	553	0
Increase (decrease) in cash flows due to changes in operating assets and liabilities:
Security deposits	(9,639)	15,326
Tenant and other receivables	3,648	(8,708)
Deferred leasing costs	(14,377)	(9,316)
Prepaid expenses and other assets	(7,163)	957
Accounts payable and accrued expenses	4,328	(9,324)
Deferred revenue and other liabilities	(2,875)	(492)
Net cash provided by operating activities	108,050	105,906
Cash Flows From Investing Activities
Acquisition of non-controlling interests in other partnerships	(14,226)	0
Reduction of cash from derecognition of assets	(12,876)	0
Net proceeds from disposition of property	0	88,910
Post-closing costs from a prior period sale of property	(4,034)	0
Development costs	(9)	0
Additions to building and improvements	(96,517)	(76,166)
Net cash (used in) provided by investing activities	(127,662)	12,744
Cash Flows From Financing Activities
Repayment of mortgage notes payable	(2,961)	(4,270)
Proceeds from unsecured senior notes	225,000	0
Proceeds from unsecured term loan	95,000	0
Repayment of unsecured term loan	(215,000)	0
Proceeds from unsecured revolving credit facility	120,000	0
Deferred financing costs	(11,636)	0
Contributions from consolidated joint ventures	0	112
Repurchases of common units	0	(13,105)
Distributions	(21,199)	(20,257)
Net cash provided by (used in) financing activities	189,204	(37,520)
Net increase (decrease) in cash and cash equivalents and restricted cash	169,592	81,130
Cash and cash equivalents and restricted cash—beginning of period	406,956	314,678
Cash and cash equivalents and restricted cash—end of period	576,548	395,808
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	346,620	264,434
Restricted cash at beginning of period	60,336	50,244
Cash and cash equivalents at end of period	535,533	315,357
Restricted cash at end of period	41,015	80,451
Cash and cash equivalents and restricted cash	576,548	395,808
Supplemental disclosures of cash flow information:
Cash paid for interest	43,392	46,116
Cash paid for income taxes	1,260	405
Non-cash investing and financing activities:
Building and improvements included in accounts payable and accrued expenses	48,510	38,677
Write-off of fully depreciated assets	5,359	21,182
Derivative instruments at fair values included in prepaid expenses and other assets	16,239	19,329
Contract asset	166,955	0
Debt associated with property in receivership	177,667	0
Accrued interest associated with property in receivership	1,589	0
Conversion of operating partnership units to ESRT partner's capital	$ 9,098	$ 5,019

Description of Business and Org

Description of Business and Organization	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Organization	Description of Business and Organization As used in these condensed consolidated financial statements, unless the context otherwise requires, “we,” “us,” “our,” and the “Company,” mean Empire State Realty OP, L.P. and its consolidated subsidiaries. Empire State Realty OP, L.P. (the "Operating Partnership") is the entity through which Empire State Realty Trust, Inc. (NYSE: ESRT), a NYC-focused real estate investment trust ("REIT") that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets, conducts all of its business and owns (either directly or through subsidiaries) substantially all of its assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory that was declared the #1 Attraction in the World - and the #1 Attraction in the U.S. for the third consecutive year – in Tripadvisor’s 2024 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of June 30, 2024, our portfolio was comprised of approximately 7.9 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 727 residential units. Our office portfolio included 10 properties (including three long-term ground leasehold interests). Nine of these office properties are located in midtown Manhattan and encompass approximately 7.6 million rentable square feet of office space and 0.5 million rentable square feet of retail space, including the Empire State Building. The remaining office property encompasses approximately 0.3 million rentable square feet and is located in Stamford, Connecticut, with immediate access to mass transportation. Additionally, we have entitled land adjacent to the Stamford office property that can support the development of either office or residential per local zoning. Our multifamily portfolio included 727 residential units in New York City. We were organized as a Delaware limited partnership on November 28, 2011, and commenced operations upon completion of the initial public offering of ESRT’s Class A common stock and related formation transactions on October 7, 2013 (the "IPO"). ESRT's Class A common stock, par value $0.01 per share, is listed on the New York Stock Exchange under the symbol "ESRT." ESRT, as the sole general partner in our Company, has responsibility and discretion in the management and control of our Company, and our limited partners, in such capacity, have no authority to transact business for, or participate in the management activities, of our Company. As of June 30, 2024, ESRT owned approximately 60.3% of our operating partnership units.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no material changes to the summary of significant accounting policies included in the "Summary of Significant Accounting Policies" section in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”). Basis of Quarterly Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments and eliminations (including intercompany balances and transactions), consisting of normal recurring adjustments, considered necessary for the fair presentation of the financial statements have been included. The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the corresponding full years. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the financial statements for the year ended December 31, 2023 contained in our Annual Report. Our Observatory business is subject to tourism trends and the weather, and therefore does experience some seasonality. For the year ended December 31, 2023, approximately 17% of our annual Observatory revenue was realized in the first quarter, 26% was realized in the second quarter, 29% was realized in the third quarter, and 28% was realized in the fourth quarter. Our multifamily business experiences some seasonality based on general market trends in New York City – the winter months (November through January) are slower in terms of lease activity. We seek to mitigate this by staggering lease terms such that lease expirations are matched with seasonal demand. We do not consider the balance of our business to be subject to material seasonal fluctuations. We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members. For variable interest entities ("VIE"), we consolidate the entity if we are deemed to have a variable interest in the entity and through that interest we are deemed the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The primary beneficiary is required to consolidate the VIE. We had no VIEs as of June 30, 2024 and December 31, 2023. We will assess the accounting treatment for each investment we may have in the future. This assessment will include a review of each entity’s organizational agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we will review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance and benefit. In situations where we or our partner could approve, among other things, the annual budget, or leases that cover more than a nominal amount of space relative to the total rentable space at each property, we would not consolidate the investment as we consider these to be substantive participation rights that result in shared power of the activities that would most significantly impact the performance and benefit of such joint venture investment. A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests are required to be presented as a separate component of equity in the condensed consolidated balance sheets and in the condensed consolidated statements of operations by requiring earnings and other comprehensive income to be attributed to controlling and non-controlling interests. Accounting Estimates The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to use estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Significant items subject to such estimates and assumptions include allocation of the purchase price of acquired real estate properties among tangible and intangible assets, determination of the useful life of real estate properties and other long-lived assets, valuation and impairment analysis of commercial real estate properties, goodwill, right-of-use assets and other long-lived and indefinite-lived assets, estimate of tenant expense reimbursements, valuation of the allowance for doubtful accounts, and valuation of derivative instruments, ground lease liabilities, senior unsecured notes, mortgage notes payable, unsecured revolving credit and term loan facilities, and equity-based compensation. These estimates are prepared using management’s best judgment, after considering past, current, and expected events and economic conditions. Actual results could differ from those estimates.

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2024
Business Combination and Dispositions [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Property Acquisitions In September 2023, we closed on the acquisition of a retail property in Williamsburg, Brooklyn, located on the corner of North 6 th Street and Wythe Avenue for a purchase price of $26.4 million. The purchase price is the fair value at the date of acquisition. The following table summarizes properties acquired during the six and twelve months ended June 30, 2024 and December 31, 2023, respectively (amounts in thousands): Intangibles Property Date Acquired Land Building and Improvements Assets Liabilities Total* Williamsburg Retail, Brooklyn 9/14/2023 $ 4,851 $ 20,936 $ 1,573 $ (300) $ 27,060 *Includes total capitalized transaction costs of $0.7 million. In March 2024, we executed a buyout of our partner's 10% interest in two of our multifamily properties located at 561 10 th Avenue and 345 East 94 th Street in Manhattan for $14.2 million in cash and the assumption of $18.0 million of in-place debt. As of June 30, 2024, we own 100% of the interests in these assets. As there was no change in control, we accounted for this acquisition as an equity transaction in accordance with Accounting Standards Codification 810-10 and no gain or loss was recognized. Subsequent to quarter-end, in July 2024, we entered into two purchase agreements, each relating to the acquisition of separate prime retail portfolios located on North 6 th Street in the Williamsburg neighborhood of Brooklyn, New York for $103 million and $92 million, respectively. These acquisitions are subject to customary closing conditions and are anticipated to close in the third quarter of 2024. Property Dispositions The following table summarizes properties disposed of during the six and twelve months ended June 30, 2024 and December 31, 2023, respectively (amounts in thousands): Property Date of Disposal Sales Price Gain on Disposition First Stamford Place, Stamford, Connecticut 5/22/2024 N/A $ 10,803 500 Mamaroneck Avenue, Harrison, New York* 4/5/2023 $ 53,000 $ 11,075 69-97 and 103-107 Main Street, Westport, Connecticut 2/1/2023 $ 40,000 $ 15,689 *The gain is net of approximately $4.5 million of post-closing costs we accrued related to our commitment to reimburse the buyer for a lease that did not occur. We funded the buyer for these costs and we have no further obligations or contingencies related to this property. In April 2024, we worked with the First Stamford Place mortgage lender to structure a consensual foreclosure. On May 22, 2024, a receiver was appointed and we ended our management of the property. In connection with this, we removed the related assets and liabilities from our condensed consolidated balance sheet as of June 30, 2024 and recognized a gain of $10.8 million that is reflected in the condensed consolidated statements of operations for the three and six months ended June 30, 2024. We also recorded a contract asset of $167.0 million and the related debt associated with property under receivership and accrued interest associated with property under receivership of $177.7 million and $1.6 million, respectively, are included in our condensed consolidated balance sheet as of June 30, 2024. This contract asset represents our right to debt extinguishment once the foreclosure process on the First Stamford Place property is completed.

Deferred Costs, Acquired Lease

Deferred Costs, Acquired Lease Intangibles and Goodwill	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, Acquired Lease Intangibles and Goodwill	Deferred Costs, Acquired Lease Intangibles and Goodwill Deferred costs, net, consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands): June 30, 2024 December 31, 2023 Leasing costs $ 220,917 $ 224,295 Acquired in-place lease value and deferred leasing costs 145,627 158,267 Acquired above-market leases 21,565 23,918 Total deferred costs, excluding net deferred financing costs 388,109 406,480 Less: accumulated amortization (225,683) (236,900) Total deferred costs, net, excluding net deferred financing costs $ 162,426 $ 169,580 At June 30, 2024 and December 31, 2023, $9.9 million and $2.9 million, respectively, of net deferred financing costs associated with the unsecured revolving credit facility was included in deferred costs, net on the condensed consolidated balance sheets. Amortization expense related to deferred leasing costs and acquired deferred leasing costs was $5.2 million and $11.0 million for the three and six months ended June 30, 2024, respectively, and $6.1 million and $11.9 million for the three and six months ended June 30, 2023, respectively. Amortization expense related to acquired lease intangibles was $1.2 million and $2.5 million for the three and six months ended June 30, 2024, respectively, and $2.3 million and $4.6 million for the three and six months ended June 30, 2023, respectively. Amortizing acquired intangible assets and liabilities consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands): June 30, 2024 December 31, 2023 Acquired below-market ground leases $ 396,916 $ 396,916 Less: accumulated amortization (79,590) (75,675) Acquired below-market ground leases, net $ 317,326 $ 321,241 June 30, 2024 December 31, 2023 Acquired below-market leases $ (51,883) $ (55,155) Less: accumulated amortization 40,011 41,405 Acquired below-market leases, net $ (11,872) $ (13,750) Rental revenue related to the amortization of below-market leases, net of above-market leases, was $0.5 million and $1.0 million for the three and six months ended June 30, 2024, respectively, and $0.7 million and $1.4 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2024 and December 31, 2023, we had goodwill of $491.5 million. Goodwill was allocated $227.5 million to the Observatory reportable segment and $264.0 million to the real estate reportable segment. We performed our annual goodwill testing in October 2023, where we bypassed the optional qualitative goodwill impairment assessment and proceeded directly to a quantitative assessment of the Observatory reportable segment and engaged a third-party valuation consulting firm to perform the valuation process. The quantitative analysis used a combination of the discounted cash flow method (a form of the income approach) utilizing Level 3 unobservable inputs and the guideline company method (a form of the market approach). Significant assumptions under the former included revenue and cost projections, weighted average cost of capital, long-term growth rate and income tax considerations while the latter included guideline company enterprise values, revenue multiples, EBITDA multiples and control premium rates. Our methodology to review goodwill impairment, which included a significant amount of judgment and estimates, provided a reasonable basis to determine whether impairment had occurred. The quantitative analysis performed concluded the fair value of the reporting unit exceeds its carrying value. We also perform quarterly qualitative assessments and have not identified any events which would indicate, on a more likely than not basis, that the goodwill allocated to the reporting unit was impaired. Many of the factors employed in determining whether or not goodwill is impaired are outside of our control, and it is reasonably likely that assumptions and estimates will change in future periods. We will continue to assess the impairment of the Observatory reporting unit goodwill going forward.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands): Principal Balance As of June 30, 2024 June 30, 2024 December 31, 2023 Stated Effective (1) Maturity (2) Fixed rate mortgage debt Metro Center (3) $ 78,774 $ 80,070 3.59 % 3.67 % 11/5/2024 10 Union Square 50,000 50,000 3.70 % 3.97 % 4/1/2026 1542 Third Avenue 30,000 30,000 4.29 % 4.53 % 5/1/2027 First Stamford Place (4) — 175,860 — — — 1010 Third Avenue and 77 West 55th Street 34,508 34,958 4.01 % 4.21 % 1/5/2028 250 West 57th Street 180,000 180,000 2.83 % 3.21 % 12/1/2030 1333 Broadway 160,000 160,000 4.21 % 4.29 % 2/5/2033 345 East 94th Street - Series A 43,600 43,600 70% of SOFR plus 0.95% 3.56 % 11/1/2030 345 East 94th Street - Series B 6,857 7,209 SOFR plus 2.24% 3.56 % 11/1/2030 561 10th Avenue - Series A 114,500 114,500 70% of SOFR plus 1.07% 3.85 % 11/1/2033 561 10th Avenue - Series B 14,938 15,801 SOFR plus 2.45% 3.85 % 11/1/2033 Total mortgage debt 713,177 891,998 Senior unsecured notes: (5) Series A 100,000 100,000 3.93 % 3.96 % 3/27/2025 Series B 125,000 125,000 4.09 % 4.12 % 3/27/2027 Series C 125,000 125,000 4.18 % 4.21 % 3/27/2030 Series D 115,000 115,000 4.08 % 4.11 % 1/22/2028 Series E 160,000 160,000 4.26 % 4.27 % 3/22/2030 Series F 175,000 175,000 4.44 % 4.45 % 3/22/2033 Series G 100,000 100,000 3.61 % 4.89 % 3/17/2032 Series H 75,000 75,000 3.73 % 5.00 % 3/17/2035 Series I 155,000 — 7.20 % 7.39 % 6/17/2029 Series J 45,000 — 7.32 % 7.46 % 6/17/2031 Series K 25,000 — 7.41 % 7.52 % 6/17/2034 Unsecured term loan facility (5) 175,000 175,000 SOFR plus 1.50% 4.61 % 12/31/2026 Unsecured term loan facility (5) 95,000 215,000 SOFR plus 1.50% 4.48 % 3/8/2029 Unsecured revolving credit facility (5) 120,000 — SOFR plus 1.30% 4.04 % 3/8/2029 Total principal 2,303,177 2,256,998 Deferred financing costs, net (10,844) (9,488) Unamortized debt discount (6,574) (6,964) Total $ 2,285,759 $ 2,240,546 ______________ (1) The effective rate is the yield as of June 30, 2024 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements. (2) Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty. (3) In July 2024, this loan was refinanced and commencing in November 2024 the new principal balance of $71.6 million will be interest only at the same interest rate of 3.59%, with a maturity of November 2029, inclusive of a one-year extension option. (4) In April 2024, we worked with the First Stamford P lace mortgage lender to structure a consensual foreclosure. In May 2024, the First Stamford Place property was placed in receivership and accordingly, we reclassified the related debt to be included in debt associated with property under receivership in our condensed consolidated balance sheet as of June 30, 2024, consisting of a $164 million mortgage loan bearing interest at 4.09% and a $11.9 million loan bearing interest at 6.25%. See also Note 3 Acquisitions and Dispositions. (5) At June 30, 2024, we were in compliance with all debt covenants. Principal Payments Aggregate required principal payments at June 30, 2024 are as follows (amounts in thousands): Year Amortization Maturities Total 2024 $ 2,827 $ 77,675 $ 80,502 2025 3,664 100,000 103,664 2026 3,957 225,000 228,957 2027 4,276 155,000 159,276 2028 3,556 146,092 149,648 Thereafter 18,523 1,562,607 1,581,130 Total $ 36,803 $ 2,266,374 $ 2,303,177 Deferred Financing Costs Deferred financing costs, net, consisted of the following at June 30, 2024 and December 31, 2023 (amounts in thousands): June 30, 2024 December 31, 2023 Financing costs $ 52,498 $ 43,473 Less: accumulated amortization (31,761) (31,108) Total deferred financing costs, net $ 20,737 $ 12,365 Amortization expense related to deferred financing costs was $1.0 million and $2.1 million for the three and six months ended June 30, 2024, respectively, and $1.1 million and $2.2 million for the three and six months ended June 30, 2023, respectively. Unsecured Revolving Credit and Term Loan Facilities On March 8, 2024, through our Operating Partnership, we entered into a second amended and restated credit agreement with Bank of America, N.A., as administrative agent and the other lenders party thereto, that amends and restates the amended and restated credit agreement, dated August 29, 2017 which governs our senior unsecured revolving credit facility and term loan facility (collectively, the “BofA Credit Facilities”). The BofA Credit Facilities are comprised of a $620 million senior unsecured revolving credit facility (the “Revolving Credit Facility”) and a $95 million term loan facility (the “BofA Term Loan Facility”). We may request that the BofA Credit Facilities be increased through one or more increases in the Revolving Credit Facility or one or more increases in the BofA Term Loan Facility or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount under the second amended and restated credit agreement not to exceed $1.5 billion. The Revolving Credit Facility matures on March 8, 2029, inclusive of two six-month extension periods and replaced the existing revolving credit facility that was due to mature in March 2025. The BofA Term Loan Facility matures on March 8, 2029, inclusive of two twelve-month extension periods and replaced the existing term loan facility that was due to mature in March 2025. Initial interest rates on the BofA Credit Facilities, which may change based on our leverage levels, are SOFR plus a benchmark adjustment of 10.0 basis points ("adjusted SOFR") plus 130 basis points for any drawn portion of the Revolving Credit Facility and adjusted SOFR plus 150 basis points for the BofA Term Loan Facility. In addition, the BofA Credit Facilities have a sustainability-linked pricing mechanism that reduces the borrowing spread if certain benchmarks are achieved each year. As of June 30, 2024 , we had $120.0 million borrowings drawn on the Revolving Credit Facility and $95.0 million under the BofA Term Loan Facility. On March 13, 2024, through our Operating Partnership, we entered into a third amendment to our credit agreement dated March 19, 2020 with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto, which governs a senior unsecured term loan facility (the “Wells Term Loan Facility”). The Wells Term Loan Facility is in the original principal amount of $175.0 million and matures on December 31, 2026. The third amendment provides for, among other things, certain conforming changes to the BofA Credit Facilities agreement, including increases to the capitalization rate for certain of our properties. No other changes were made to the amount of the commitments, the maturity date of the outstanding loans or the covenants. We may request the Wells Term Loan Facility be increased through one or more increases or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount not to exceed $225 million. As of June 30, 2024 , our borrowings amounted to $175.0 million under the Wells Term Loan Facility. The terms of both the BofA Credit Facilities and the Wells Term Loan Facility include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. Both facilities also require compliance with financial ratios including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unsecured leverage ratio. The agreements governing both facilities also contain customary events of default (subject in certain cases to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, invalidity of loan documents, loss of REIT qualification, and occurrence of a change of control. As of June 30, 2024, we were in compliance with these covenants. Senior Unsecured Notes On April 10, 2024, we entered into a Purchase Agreement pursuant to which we issued and sold an aggregate $225 million principal amount of notes, consisting of (a) $155 million aggregate principal amount of 7.20% Series I Green Guaranteed Senior Notes due June 17, 2029, (b) $45 million aggregate principal amount of 7.32% Series J Green Guaranteed Senior Notes due June 17, 2031 and (c) $25 million aggregate principal amount of 7.41% Series K Green Guaranteed Senior Notes due June 17, 2034. The sale of the Series I-K notes closed on June 17, 2024. The issue price for the notes was 100% of the aggregate principal amount thereof. Pursuant to the terms of the Purchase Agreement, we may prepay all or a portion of the notes upon notice to the holders at a price equal to 100% of the principal amount plus a make-whole premium as set forth in the Purchase Agreement. The terms of our senior unsecured notes, including the Series I-K notes, include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. The terms also require compliance with financial ratios including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unsecured leverage ratio. The agreements also contain customary events of default (subject in certain cases to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, the occurrence of certain change of control transactions and loss of REIT qualification. As of June 30, 2024, we were in compliance with these covenants.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands): June 30, 2024 December 31, 2023 Capital expenditures included in accounts payable and accrued expenses $ 48,510 $ 51,815 Accounts payable and accrued expenses 38,050 44,169 Interest rate swap agreements liability — 85 Accrued interest payable 4,348 3,687 Total accounts payable and accrued expenses $ 90,908 $ 99,756

Financial Instruments and Fair

Financial Instruments and Fair Values	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Values	Financial Instruments and Fair Values Derivative Financial Instruments We use derivative financial instruments primarily to manage interest rate risk and such derivatives are not considered speculative. These derivative instruments are typically in the form of interest rate swap and forward agreements, and the primary objective is to minimize interest rate risks associated with investing and financing activities. The counterparties of these arrangements are major financial institutions with which we may also have other financial relationships. We are exposed to credit risk in the event of non-performance by these counterparties; however, we currently do not anticipate that any of the counterparties will fail to meet their obligations. We have agreements with our derivative counterparties that contain a provision where if we either default or are capable of being declared in default on any of our indebtedness, then we could also be declared in default on our derivative obligations. As of June 30, 2024, we did not have derivatives in a net liability position. As of June 30, 2024 and December 31, 2023, we had interest rate swaps and caps with an aggregate notional value of $585.8 million and $573.2 million, respectively. The notional value does not represent exposure to credit, interest rate or market risks. As of June 30, 2024, the fair value of our derivative instruments in an asset position amounted to $16.2 million, which is included in prepaid expenses and other assets on the condensed consolidated balance sheet. As of December 31, 2023, the fair value of our derivative instruments amounted to $11.8 million which is included in prepaid expenses and other assets, and ($0.1 million) which is included in accounts payable and accrued expenses on the condensed consolidated balance sheet. These interest rate swaps have been designated as cash flow hedges and hedge the variability in future cash flows associated with our existing variable-rate term loan facilities. Interest rate caps not designated as hedges are not speculative and are used to manage our exposure to interest rate movements, but do not meet the strict hedge accounting requirements. As of June 30, 2024 and 2023, our cash flow hedges are deemed highly effective and a net unrealized gain (loss) of $2.2 million and $8.1 million for the three and six months ended June 30, 2024, respectively, and a net unrealized gain of $10.1 million and $3.4 million for the three and six months ended June 30, 2023, respectively, relating to both active and terminated hedges of interest rate risk, are reflected in the condensed consolidated statements of comprehensive income. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the debt. We estimate that $6.3 million net gain of the current balance held in accumulated other comprehensive income (loss) will be reclassified into interest expense within the next 12 months. The table below summarizes the terms of agreements and the fair values of our derivative financial instruments as of June 30, 2024 and December 31, 2023 (amounts in thousands): June 30, 2024 December 31, 2023 Derivative Notional Amount Receive Rate Pay Rate Effective Date Expiration Date Asset Liability Asset Liability Interest rate swap $ 36,820 70% of 1 Month SOFR 2.5000% December 1, 2021 November 1, 2030 $ 785 $ — $ 64 $ — Interest rate swap 103,790 70% of 1 Month SOFR 2.5000% December 1, 2021 November 1, 2033 2,480 — — (85) Interest rate swap 10,710 70% of 1 Month SOFR 1.7570% December 1, 2021 November 1, 2033 751 — 546 — Interest rate swap 15,085 1 Month SOFR 2.2540% December 1, 2021 November 1, 2030 932 — 782 — Interest rate cap 6,780 70% of 1 Month SOFR 4.5000% December 1, 2021 October 1, 2024 — — — — Interest rate cap 9,188 1 Month SOFR 5.5000% December 1, 2021 October 1, 2024 1 — 4 — Interest rate swap 175,000 SOFR Compound 2.5620% August 31, 2022 December 31, 2026 7,437 — 5,637 — Interest rate swap 107,500 SOFR Compound 2.6260% August 19, 2022 March 19, 2025 1,863 — 2,384 — Interest rate swap 107,500 SOFR OIS Compound 2.6280% August 19, 2022 March 19, 2025 1,861 — 2,383 — Interest rate cap 6,780 70% of 1 Month SOFR 4.5000% October 1, 2024 November 1, 2030 40 — — — Interest rate cap 6,676 1 Month SOFR 5.5000% October 1, 2024 November 1, 2030 89 — — — $ 16,239 $ — $ 11,800 $ (85) The table below shows the effect of our derivative financial instruments designated as cash flow hedges on accumulated other comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023 (amounts in thousands): Three Months Ended Six Months Ended Effects of Cash Flow Hedges June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Amount of gain recognized in other comprehensive income (loss) $ 2,853 $ 11,935 $ 11,051 $ 6,533 Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense 667 1,882 2,991 3,154 The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 (amounts in thousands): Three Months Ended Six Months Ended Effects of Cash Flow Hedges June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded $ (25,323) $ (25,405) $ (50,451) $ (50,709) Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense 667 1,882 2,991 3,154 Fair Valuation The estimated fair values at June 30, 2024 and December 31, 2023 were determined by management, using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The fair value of derivative instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Although the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. The impact of such credit valuation adjustments, determined based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all our derivatives were classified as Level 2 of the fair value hierarchy. The fair values of our mortgage notes payable, senior unsecured notes (Series A, B, C, D, E, F, G, H, I, J, and K), unsecured term loan facilities and unsecured revolving credit facility which are determined using Level 3 inputs are estimated by discounting the future cash flows using current interest rates at which similar borrowings could be made by us. The following tables summarize the carrying and estimated fair values of our financial instruments as of June 30, 2024 and December 31, 2023 (amounts in thousands): June 30, 2024 Estimated Fair Value Carrying Total Level 1 Level 2 Level 3 Interest rate swaps and caps included in prepaid expenses and other assets $ 16,239 $ 16,239 $ — $ 16,239 $ — Mortgage notes payable 700,348 609,545 — — 609,545 Senior unsecured notes - Series A, B, C, D, E, F, G, H, I, J, and K 1,196,831 1,106,300 — — 1,106,300 Unsecured term loan facilities 268,580 270,000 — — 270,000 Unsecured revolving credit facility 120,000 120,000 — — 120,000 December 31, 2023 Estimated Fair Value Carrying Total Level 1 Level 2 Level 3 Interest rate swaps and caps included in prepaid expenses and other assets $ 11,800 $ 11,800 $ — $ 11,800 $ — Interest rate swaps included in accounts payable and accrued expenses 85 85 — 85 — Mortgage notes payable 877,388 774,280 — — 774,280 Senior unsecured notes - Series A, B, C, D, E, F, G and H 973,872 882,242 — — 882,242 Unsecured term loan facilities 389,286 390,000 — — 390,000 The fair value of debt associated with property in receivership, which has a carrying value of $177.7 million as of June 30, 2024, and categorized as Level 3 of the fair value hierarchy, was $156.7 million as of June 30, 2024. Disclosure about the fair value of financial instruments is based on pertinent information available to us as of June 30, 2024 and December 31, 2023. Although we are not aware of any factors that would significantly affect the reasonable fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases Lessor We lease various spaces to tenants over terms ranging from one Rental revenue includes fixed and variable payments. Fixed payments primarily relate to base rent and variable payments primarily relate to tenant expense reimbursements for certain property operating costs. The components of rental revenue for the three and six months ended June 30, 2024 and 2023 are as follows (amounts in thousands): Three Months Ended Six Months Ended Rental revenue June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Fixed payments 136,235 138,318 272,588 262,882 Variable payments 16,235 16,285 33,764 31,812 Total rental revenue $ 152,470 $ 154,603 $ 306,352 $ 294,694 As of June 30, 2024, we were entitled to the following future contractual minimum lease payments (excluding operating expense reimbursements) on non-cancellable operating leases to be received which expire on various dates through 2054 (amounts in thousands): Remainder of 2024 $ 243,042 2025 497,504 2026 460,783 2027 440,768 2028 402,365 Thereafter 1,910,486 $ 3,954,948 The above future minimum lease payments exclude tenant recoveries and the net accretion of above-market leases and below-market lease intangibles. Some leases are subject to termination options generally upon payment of a termination fee. The preceding table is prepared assuming such options are not exercised. Lessee We determine if an arrangement is a lease at inception. Our operating lease agreements relate to three ground lease assets and are reflected in right-of-use assets of $28.3 million and lease liabilities of $28.3 million in our condensed consolidated balance sheets as of June 30, 2024. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the right-of-use assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The ground leases are due to expire between the years 2050 and 2077, inclusive of extension options, and have no variable payments or residual value guarantees. As our leases do not provide an implicit rate, we determined our incremental borrowing rate based on information available at the date of adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842), in determining the present value of lease payments. The weighted average incremental borrowing rate used to calculate the right-of-use assets and lease liabilities as of June 30, 2024 was 4.5%. Rent expense for lease payments related to our operating leases is recognized on a straight-line basis over the non-cancellable term of the leases. The weighted average remaining lease term as of June 30, 2024 was 46.0 years. As of June 30, 2024, the following table summarizes our future minimum lease payments discounted by our incremental borrowing rates to calculate the lease liabilities of our leases (amounts in thousands): Remainder of 2024 $ 760 2025 1,518 2026 1,503 2027 1,482 2028 1,482 Thereafter 60,795 Total undiscounted cash flows 67,540 Present value discount (39,222) Ground lease liabilities $ 28,318
Leases	Leases Lessor We lease various spaces to tenants over terms ranging from one Rental revenue includes fixed and variable payments. Fixed payments primarily relate to base rent and variable payments primarily relate to tenant expense reimbursements for certain property operating costs. The components of rental revenue for the three and six months ended June 30, 2024 and 2023 are as follows (amounts in thousands): Three Months Ended Six Months Ended Rental revenue June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Fixed payments 136,235 138,318 272,588 262,882 Variable payments 16,235 16,285 33,764 31,812 Total rental revenue $ 152,470 $ 154,603 $ 306,352 $ 294,694 As of June 30, 2024, we were entitled to the following future contractual minimum lease payments (excluding operating expense reimbursements) on non-cancellable operating leases to be received which expire on various dates through 2054 (amounts in thousands): Remainder of 2024 $ 243,042 2025 497,504 2026 460,783 2027 440,768 2028 402,365 Thereafter 1,910,486 $ 3,954,948 The above future minimum lease payments exclude tenant recoveries and the net accretion of above-market leases and below-market lease intangibles. Some leases are subject to termination options generally upon payment of a termination fee. The preceding table is prepared assuming such options are not exercised. Lessee We determine if an arrangement is a lease at inception. Our operating lease agreements relate to three ground lease assets and are reflected in right-of-use assets of $28.3 million and lease liabilities of $28.3 million in our condensed consolidated balance sheets as of June 30, 2024. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the right-of-use assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The ground leases are due to expire between the years 2050 and 2077, inclusive of extension options, and have no variable payments or residual value guarantees. As our leases do not provide an implicit rate, we determined our incremental borrowing rate based on information available at the date of adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842), in determining the present value of lease payments. The weighted average incremental borrowing rate used to calculate the right-of-use assets and lease liabilities as of June 30, 2024 was 4.5%. Rent expense for lease payments related to our operating leases is recognized on a straight-line basis over the non-cancellable term of the leases. The weighted average remaining lease term as of June 30, 2024 was 46.0 years. As of June 30, 2024, the following table summarizes our future minimum lease payments discounted by our incremental borrowing rates to calculate the lease liabilities of our leases (amounts in thousands): Remainder of 2024 $ 760 2025 1,518 2026 1,503 2027 1,482 2028 1,482 Thereafter 60,795 Total undiscounted cash flows 67,540 Present value discount (39,222) Ground lease liabilities $ 28,318

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings Except as described below, as of June 30, 2024, we were not involved in any material litigation, nor, to our knowledge, was any material litigation threatened against us or our properties, other than routine litigation arising in the ordinary course of business such as disputes with tenants. We believe that the costs and related liabilities, if any, which may result from such actions will not materially affect our condensed consolidated financial position, operating results or liquidity. As previously disclosed, in October 2014, 12 former investors (the "Claimants") in Empire State Building Associates L.L.C. (“ESBA”), which, prior to the IPO, owned the fee title to the Empire State Building, filed an arbitration with the American Arbitration Association against Peter L. Malkin, Anthony E. Malkin, Thomas N. Keltner, Jr., and our subsidiary ESRT MH Holdings LLC, the former supervisor of ESBA, (the "Respondent s "). The statement of claim (also filed later in federal court in New York for the expressed purpose of tolling the statute of limitations) alleged breach of fiduciary duty and related claims in connection with the IPO and formation transactions and sought monetary damages and declaratory relief. Claimants had opted out of a prior class action bringing similar claims that were settled with court approval. Respondents filed an answer and counterclaims. In March 2015, the federal court action was stayed on consent of all parties pending the arbitration. Arbitration hearings started in May 2016 and concluded in August 2018. On August 26, 2020, the arbitration panel issued an award that denied all Claimants’ claims with one exception, on which it awarded the Claimants approximately $1.2 million, inclusive of seven years of interest through October 2, 2020. This amount was recorded as an IPO litigation expense in the consolidated statements of operations for the year ended December 31, 2020. Respondents believe that such award in favor of the Claimants is entirely without merit and sought to vacate that portion of the award. On July 31, 2023, the New York State court denied the Respondents’ petition to vacate in part and confirmed the award. On January 22, 2024, that court entered judgment in favor of the Claimants (save for one Claimant, whose petition to confirm is still pending in New York state court) in an amount of approximately $1.26 million, inclusive of interest. The Respondents believe those rulings are incorrect and have appealed them. In addition, certain of the Claimants in the federal court action brought to toll the statute of limitations and sought to pursue claims in that case against the Respondents. Respondents believe that any such claims are meritless. The magistrate judge assigned to the action has issued a Report and Recommendation rejecting the Claimants’ claims; the district judge will decide whether to adopt the Report and Recommendation. Pursuant to indemnification agreements which were made with our directors, executive officers and chairman emeritus as part of our formation transactions, Anthony E. Malkin, Peter L. Malkin and Thomas N. Keltner, Jr. have defense and indemnity rights from us with respect to this arbitration. Unfunded Capital Expenditures At June 30, 2024, we estimate that we will incur approximately $111.6 million of capital expenditures (including tenant improvements and leasing commissions) on our properties pursuant to existing lease agreements. We expect to fund these capital expenditures with operating cash flow, cash on hand and other borrowings. Future property acquisitions may require substantial capital investments for refurbishment and leasing costs. We expect that these financing requirements will be met in a similar fashion. Concentration of Credit Risk Financial instruments that subject us to credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments, tenant and other receivables and deferred rent receivables. At June 30, 2024, we held on deposit at various major financial institutions cash and cash equivalents and restricted cash balances in excess of amounts insured by the Federal Deposit Insurance Corporation. Asset Retirement Obligations We are required to accrue costs that we are legally obligated to incur on retirement of our properties which result from acquisition, construction, development and/or normal operation of such properties. Retirement includes sale, abandonment or disposal of a property. Under that standard, a conditional asset retirement obligation represents a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement is conditional on a future event that may or may not be within a company’s control and a liability for a conditional asset retirement obligation must be recorded if the fair value of the obligation can be reasonably estimated. Environmental site assessments and investigations have identified asbestos or asbestos-containing building materials in certain of our properties. As of June 30, 2024, management has no plans to remove or alter these properties in a manner that would trigger federal and other applicable regulations for asbestos removal, and accordingly, the obligations to remove the asbestos or asbestos-containing building materials from these properties have indeterminable settlement dates. As such, we are unable to reasonably estimate the fair value of the associated conditional asset retirement obligation. However ongoing asbestos abatement, maintenance programs and other required documentation are carried out as required and related costs are expensed as incurred. Other Environmental Matters Under various federal, state and/or local laws, ordinances and regulations, as a current or former owner or operator of real property, we may be liable for costs and damages resulting from the presence or release of hazardous substances, waste, or petroleum products at, on, in, under or from such property, including costs for investigation or remediation, natural resource damages, or third-party liability for personal injury or property damage. These laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence or release of such materials, and the liability may be joint and several. Some of our properties have been or may be impacted by contamination arising from current or prior uses of the property or adjacent properties for commercial, industrial or other purposes. Such contamination may arise from spills of petroleum or hazardous substances or releases from tanks used to store such materials. We also may be liable for the costs of remediating contamination at off-site disposal or treatment facilities when we arrange for disposal or treatment of hazardous substances at such facilities, regardless of whether we comply with environmental laws in doing so. The presence of contamination or the failure to remediate contamination on our properties may adversely affect our ability to attract and/or retain tenants, and our ability to develop or sell or borrow against those properties. In addition to potential liability for cleanup costs, private plaintiffs may bring claims for personal injury, property damage or for similar reasons. Environmental laws also may create liens on contaminated sites in favor of the government for damages and costs it incurs to address such contamination. Moreover, if contamination is discovered on our properties, environmental laws may impose restrictions on the manner in which that property may be used or how businesses may be operated on that property. Some of our properties are adjacent to or near other properties which are used for industrial or commercial purposes or have contained or currently contain underground storage tanks used to store petroleum products or other hazardous or toxic substances. Releases from these properties could impact our properties. In addition, some of our properties have previously been used by former owners or tenants for commercial or industrial activities, e.g., gas stations and dry cleaners, and a portion of the Metro Tower site is currently used for automobile parking and was formerly leased to a fueling facility that may release petroleum products or other hazardous or toxic substances at such properties or to surrounding properties. While certain properties contain or contained uses that could have or have impacted our properties, we are not aware of any liabilities related to environmental contamination that we believe will have a material adverse effect on our operations. We have post-closing obligations related to the 69-97 and 103-107 Main Street, Westport, Connecticut properties that we sold in February 2023 to (i) close out a voluntary remediation program at 69-97 Main Street to address residual impacts of prior presence of underground storage tanks and (ii) comply with a consent order issued by the Connecticut Department of Environmental Protection to investigate soil conditions at 103-107 Main Street. We believe any expenses incurred to close out and comply with the remediation program and consent order, respectively, will be immaterial to the results of our operations. In addition, our properties are subject to various federal, state and local environmental and health and safety laws and regulations. Noncompliance with these laws and regulations could subject us or our tenants to liability. These liabilities could affect a tenant’s ability to make rental payments to us. Moreover, changes in laws could increase the potential costs of compliance with such laws and regulations or increase liability for noncompliance. This may result in significant unanticipated expenditures. We sometimes require our tenants to comply with environmental and health and safety laws and regulations and to indemnify us for any related liabilities in our leases with them. But in the event of the bankruptcy or inability of any of our tenants to satisfy such obligations, we may be required to satisfy such obligations. We are not presently aware of any instances of material non-compliance with environmental or health and safety laws or regulations at our properties, and we believe that we and/or our tenants have all material permits and approvals necessary under current laws and regulations to operate our properties. In addition, we may become subject to new compliance requirements and/or new costs or taxes associated with natural resource or energy usage and related emissions (such as a carbon tax), which could increase our operating costs. In particular, as the owner of large commercial buildings in New York City, we are subject to Local Law 97 passed by the New York City Council in April 2019, which for each such building establishes annual limits for greenhouse gas emissions, requires yearly emissions reports beginning in May 2025, and imposes penalties for emissions above such limits. Based upon our present understanding of the law and calculations related thereto, we expect to pay no fine on any building in our commercial portfolio in the 2024-2029 first period of enforcement. As the owner or operator of real property, we may also incur liability based on various building conditions. For example, environmental site assessments and investigations have identified asbestos or asbestos-containing material ("ACM") in certain of our properties, and it is possible that other properties that we currently own or operate or those we acquire or operate in the future contain, may contain, or may have contained ACM. Environmental and health and safety laws require that ACM be properly managed and maintained and may impose fines or penalties on owners, operators or employers for non-compliance with those requirements. These requirements include special precautions, such as removal, abatement or air monitoring, if ACM would be disturbed during maintenance, redevelopment or demolition of a building, potentially resulting in substantial costs. In addition, we may be subject to liability for personal injury or property damage sustained as a result of releases of ACM into the environment. We are not presently aware of any material liabilities related to building conditions, including any instances of material non-compliance with asbestos requirements or any material liabilities related to asbestos. Our properties may contain or develop harmful mold or suffer from other indoor air quality issues, which could lead to liability for adverse health effects or property damage or costs for remediation. When excessive moisture accumulates in buildings or on building materials, mold growth may occur, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Some molds may produce airborne toxins or irritants. Indoor air quality issues can also stem from inadequate ventilation, chemical contamination from indoor or outdoor sources, and other biological contaminants such as pollen, viruses and bacteria. Indoor exposure to airborne toxins or irritants above certain levels can be alleged to cause a variety of adverse health effects and symptoms, including allergic or other reactions. As a result, the presence of significant mold or other airborne contaminants at any of our properties could require us to undertake a costly remediation program to contain or remove the mold or other airborne contaminants from the affected property or increase indoor ventilation. In addition, the presence of significant mold or other airborne contaminants could expose us to liability from our tenants, employees of our tenants or others if property damage or personal injury occurs. We are not presently aware of any material adverse indoor air quality issues at our properties. As of June 30, 2024, with the exception of the Westport assets, management believes that there are no obligations related to environmental remediation other than maintaining the affected sites in conformity with the relevant authority’s mandates and filing the required documents. All such maintenance costs are expensed as incurred. However, we cannot be certain that we have identified all environmental liabilities at our properties, that all necessary remediation actions have been or will be undertaken at our properties or that we will be indemnified, in full or at all, in the event that such environmental liabilities arise. Insurance Coverage We carry insurance coverage on our properties of types and in amounts with deductibles that we believe are in line with coverage customarily obtained by owners of similar properties.

Capital

Capital	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Capital	Capital As of June 30, 2024, there were 164,483,385 shares of Class A common stock, 981,779 shares of Class B common stock and 108,713,642 operating partnership units outstanding. The controlling interest of 60.3% is owned by ESRT. The other 39.7% non-controlling interest in the OP is diversified among various limited partners, some of whom include Company directors, senior management and employees. ESRT has two classes of common stock as a means to give its OP Unit holders voting rights in the public company that correspond to their economic interest in the combined entity. A one-time option was created at our formation transactions for any pre-IPO OP Unit holder to exchange one OP Unit out of every 50 OP Units they owned for one ESRT Class B share, and such ESRT Class B share carries 50 votes per share. Stock and Publicly Traded Operating Partnership Unit Repurchase Program ESRT's Board of Directors authorized the repurchase of up to $500 million of ESRT Class A common stock and our Series ES, Series 250 and Series 60 operating partnership units from January 1, 2024 through December 31, 2025. Under the program, ESRT may purchase ESRT Class A common stock and we may purchase our Series ES, Series 250 and Series 60 operating partnership units in accordance with applicable securities laws from time to time in the open market or in privately negotiated transactions. The timing, manner, price and amount of any repurchases will be determined by ESRT and us at our discretion and will be subject to stock price, availability, trading volume, general market conditions, and applicable securities laws. The authorization does not obligate ESRT or us to acquire any particular amount of securities, and the program may be suspended or discontinued at ESRT's and our discretion without prior notice. As of June 30, 2024, we had $500.0 million remaining of the authorized repurchase amount. There were no repurchases of equity securities during the three and six months ended June 30, 2024. Private Perpetual Preferred Units As of June 30, 2024, there were 4,664,038 Series 2019 Preferred Units ("Series 2019 Preferred Units") and 1,560,360 Series 2014 Private Perpetual Preferred Units ("Series 2014 Preferred Units") outstanding. The Series 2019 Preferred Units have a liquidation preference of $13.52 per unit and are entitled to receive cumulative preferential annual cash distributions of $0.70 per unit payable in arrears on a quarterly basis. The Series 2014 Preferred Units which have a liquidation preference of $16.62 per unit and are entitled to receive cumulative preferential annual cash distributions of $0.60 per unit payable in arrears on a quarterly basis. Both series are not redeemable at the option of the holders and are redeemable at our option only in the case of specific defined events. Distributions Total distributions paid to OP unitholders were $9.6 million and $19.1 million for the three and six months ended June 30, 2024, respectively, and $9.5 million and $18.2 million for the three and six months ended June 30, 2023, respectively. Total distributions paid to preferred unitholders were $1.1 million and $2.1 million for the three and six months ended June 30, 2024, respectively, and $1.1 million and $2.1 million for the three and six months ended June 30, 2023, respectively. Incentive and Share-Based Compensation On May 9, 2024, the Empire State Realty Trust, Inc. Empire State Realty OP, L.P. 2024 Equity Incentive Plan (the “2024 Plan”) was approved by our shareholders. The 2024 Plan provides for grants to directors, employees and consultants of ESRT and the Operating Partnership, including options, restricted stock, restricted stock units, stock appreciation rights, performance awards, dividend equivalents and other equity-based awards, and replaced the First Amended and Restated Empire State Realty Trust, Inc. and Empire State Realty OP, L.P. 2019 Equity Incentive Plan ("2019 Plan", and collectively with the 2024 Plan, the "Plans"). The shares of ESRT Class A common stock underlying any awards under the Plans that are forfeited, canceled or otherwise terminated, other than by exercise, will be added back to the shares of ESRT Class A common stock available for issuance under the 2024 Plan. Shares tendered or held back upon exercise of a stock option or settlement of an award under the Plans to cover the exercise price or tax withholding and shares subject to a stock appreciation right that are not issued in connection with the stock settlement of the stock appreciation right upon exercise thereof, will not be added back to the shares of ESRT Class A common stock available for issuance under the 2024 Plan. In addition, shares of ESRT Class A common stock repurchased on the open market will not be added back to the shares of ESRT Class A common stock available for issuance under the 2024 Plan. An aggregate of 11.0 million shares of ESRT common stock was authorized for issuance under awards granted pursuant to the 2024 Plan, and as of June 30, 2024 , 10.8 million shares of common stock remain available for future issuance. Long-term incentive plan ("LTIP") units are a special class of partnership interests. Each LTIP unit awarded will be deemed equivalent to an award of one share of ESRT stock under the Plans, reducing the availability for other equity awards on a one-for-one basis. The vesting period for LTIP units, if any, will be determined at the time of issuance. Under the terms of the LTIP units, we will revalue for tax purposes its assets upon the occurrence of certain specified events, and any increase in valuation from the time of one such event to the next such event will be allocated first to the holders of LTIP units to equalize the capital accounts of such holders with the capital accounts of unitholders. Subject to any agreed upon exceptions, once vested and having achieved parity with unitholders, LTIP units are convertible into Series PR operating partnership units on a one-for-one basis. LTIP units subject to time-based vesting, whether vested or not, receive the same per unit distributions as operating partnership units, which equal per share dividends (both regular and special) on our common stock. Market and performance- based LTIPs receive 10% of such distributions currently, unless and until such LTIP units are earned based on performance, at which time they will receive the accrued and unpaid 90% and will commence receiving 100% of such distributions thereafter. During the second quarter of 2024, we made grants of 27,473 LTIP units to an employee that are subject to performance-based vesting with a fair market value of $0.3 million and 164,112 LTIP units to our non-employee directors that are subject to time-based vesting with fair market values of $1.5 million. Share-based compensation for time-based equity awards is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the shorter of (i) the stated vesting period, which is generally three four three For the market-based LTIP units, the fair value of the awards was estimated using a Monte Carlo Simulation model and discounted for the restriction period during which the LTIP units cannot be redeemed or transferred and the uncertainty regarding if, and when, the book capital account of the LTIP units will equal that of the common units. Our stock price, along with the prices of the comparative indexes, is assumed to follow the Geometric Brownian Motion Process. Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on our stock price and the comparative indexes were estimated based on implied volatilities and historical volatilities using an appropriate look-back period. The expected growth rate of the stock prices over the performance period is determined with consideration of the risk-free rate as of the grant date. For LTIP unit awards that are time or performance based, the fair value of the awards was estimated based on the fair value of our stock at the grant date discounted for the restriction period during which the LTIP units cannot be redeemed or transferred and the uncertainty regarding if, and when, the book capital account of the LTIP units will equal that of the common units. For restricted stock awards, the fair value of the awards is based on the market price of ESRT stock at the grant date. LTIP units and ESRT restricted stock issued during the six months ended June 30, 2024 were valued at $27.8 million. The weighted average per unit or share fair value was $7.81 for grants issued for the six months ended June 30, 2024. The fair value per unit or share granted in 2024 was estimated on the respective dates of grant using the following assumptions: an expected life from 2.0 to 5.3 years, a dividend rate of 1.6%, a risk-free interest rate from 4.4% to 5.1%, and an expected price volatility from 37.0% to 48.0%. No other stock options, dividend equivalents, or stock appreciation rights were issued during the six months ended June 30, 2024. The following is a summary of ESRT restricted stock and LTIP unit activity for the six months ended June 30, 2024: Restricted Stock Time-based LTIPs Market-based LTIPs Performance-based LTIPs Weighted Average Grant Fair Value Unvested balance at December 31, 2023 598,289 3,297,550 2,738,812 1,276,363 $ 6.60 Vested (195,660) (1,161,942) (459,843) — 7.45 Granted 259,927 1,485,369 1,010,132 808,874 7.81 Forfeited or unearned (25,076) — (228,660) — 7.21 Unvested balance at June 30, 2024 637,480 3,620,977 3,060,441 2,085,237 $ 6.88 The time-based LTIPs and ESRT restricted stock awards are treated for accounting purposes as immediately vested upon the later of (i) the date the grantee attains the age of 60 or 65, as applicable, and (ii) the date on which grantee has first completed the requisite years of continuous service with our Company or its affiliates. For award agreements that qualify, we recognize noncash compensation expense on the grant date for the time-based awards and ratably over the vesting period for the market-based and performance-based awards, and accordingly, we recognized $1.7 million and $2.4 million for the three and six months ended June 30, 2024, respectively, and $1.0 million and $1.7 million for the three and six months ended June 30, 2023, respectively. Unrecognized compensation expense was $14.9 million at June 30, 2024, which will be recognized over a weighted average period of 2.5 years. For the remainder of the LTIP unit and ESRT restricted stock awards, we recognized noncash compensation expense ratably over the vesting period, and accordingly, we recognized noncash compensation expense of $5.5 million and $8.2 million for the three and six months ended June 30, 2024, respectively, and $4.4 million and $8.1 million for the three and six months ended June 30, 2023, respectively. Unrecognized compensation expense was $27.9 million at June 30, 2024, which will be recognized over a weighted average period of 2.5 years. Earnings Per Unit Earnings per unit is calculated by dividing the net income attributable to common unitholders by the weighted average number of units outstanding during the respective period. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Share-based payment awards are included in the calculation of diluted income using the treasury stock method if dilutive. For the three and six months ended June 30, 2024 and 2023, earnings per unit is computed as follows (amounts in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Numerator: Net income $ 28,555 $ 36,955 $ 38,770 $ 48,649 Private perpetual preferred unit distributions (1,051) (1,051) (2,101) (2,101) Net (income) loss attributable to non-controlling interests in other partnerships — (1) (4) 42 Net income attributable to common unitholders – basic and diluted $ 27,504 $ 35,903 $ 36,665 $ 46,590 Denominator: Weighted average units outstanding – basic 264,676 262,903 264,619 263,694 Effect of dilutive securities: Stock-based compensation plans 4,040 1,293 3,486 1,042 Weighted average units outstanding – diluted 268,716 264,196 268,105 264,736 Earnings per unit: Basic $ 0.10 $ 0.14 $ 0.14 $ 0.18 Diluted $ 0.10 $ 0.14 $ 0.14 $ 0.18 There were zero antidilutive shares and LTIP units for the three and six months ended June 30, 2024 and 2023, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Supervisory Fee Revenue Since we became a public company, we have earned supervisory fees from entities affiliated with Anthony E. Malkin, our Chairman and Chief Executive Officer. These fees were $0.2 million and $0.4 million for the three and six months ended June 30, 2024, respectively, and $0.3 million and $0.5 million for the three and six months ended June 30, 2023, respectively. These fees are included within third-party management and other fees. Property Management Fee Revenue Since we became a public company, we have earned property management fees from entities affiliated with Anthony E. Malkin. These fees were $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively, and $0.05 million and $0.2 million for the three and six months ended June 30, 2023, respectively. These fees are included within third-party management and other fees. Other We receive rent generally at the market rental rate for 5,447 square feet of leased space from an entity affiliated with Anthony E. Malkin at one of our properties. Under the lease, the tenant has the right to cancel such lease without special payment on 90 days’ notice. We also have a shared use agreement with such tenant, to occupy a portion of the leased premises as the office location for Peter L. Malkin, our chairman emeritus, utilizing approximately 15% of the space, for which we pay to such tenant an allocable pro rata share of the cost. We also have agreements with these entities and excluded properties and businesses to provide them with general computer-related support services. Total aggregate revenue was $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively, and $0.1 million and $0.2 million for the three and six months ended June 30, 2023, respectively. One of ESRT's directors, Hannah Yang, is sister to Heela Yang, who is Founder and Chief Executive Officer of Sol de Janerio USA, a tenant at One Grand Central Place — the lease is projected to commence on January 1, 2025 with a starting annualized rent of $3.5 million. Sol de Janerio is a subsidiary of L’Occitane, a tenant at 111 W. 33 rd Street.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We have identified two reportable segments: (1) real estate and (2) Observatory. Our real estate segment includes all activities related to the ownership, management, operation, acquisition, redevelopment, repositioning and disposition of our traditional real estate assets. Our Observatory segment operates the 86th and 102nd floor observatories at the Empire State Building. These two lines of businesses are managed separately because each business requires different support infrastructures, provides different services and has dissimilar economic characteristics such as investments needed, stream of revenues and marketing strategies. We account for intersegment sales and rents as if the sales or rents were to third parties, that is, at current market prices. The following tables provide components of segment net income for each segment for the three and six months ended June 30, 2024 and 2023 (amounts in thousands): Three Months Ended June 30, 2024 Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 152,470 $ — $ — $ 152,470 Intercompany rental revenue 20,980 — (20,980) — Observatory revenue — 34,124 — 34,124 Third-party management and other fees 376 — — 376 Other revenue and fees 2,573 — — 2,573 Total revenues 176,399 34,124 (20,980) 189,543 Operating expenses: Property operating expenses 41,516 — — 41,516 Intercompany rent expense — 20,980 (20,980) — Ground rent expenses 2,332 — — 2,332 General and administrative expenses 18,020 — — 18,020 Observatory expenses — 8,958 — 8,958 Real estate taxes 31,883 — — 31,883 Depreciation and amortization 47,441 32 — 47,473 Total operating expenses 141,192 29,970 (20,980) 150,182 Total operating income 35,207 4,154 — 39,361 Other income (expense): Interest income 5,011 81 — 5,092 Interest expense (25,323) — — (25,323) Interest expense associated with property in receivership (628) — — (628) Loss on early extinguishment of debt — — — — Gain on disposition of property 10,803 — — 10,803 Income before income taxes 25,070 4,235 — 29,305 Income tax expense (208) (542) — (750) Net income $ 24,862 $ 3,693 $ — $ 28,555 Segment assets $ 4,171,251 $ 261,999 $ — $ 4,433,250 Expenditures for segment assets $ 17,526 $ 105 $ — $ 17,631 Three Months Ended June 30, 2023 Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 154,603 $ — $ — $ 154,603 Intercompany rental revenue 20,942 — (20,942) — Observatory revenue — 33,433 — 33,433 Third-party management and other fees 381 — — 381 Other revenue and fees 2,125 — — 2,125 Total revenues 178,051 33,433 (20,942) 190,542 Operating expenses: Property operating expenses 39,519 — — 39,519 Intercompany rent expense — 20,942 (20,942) — Ground rent expenses 2,332 — — 2,332 General and administrative expenses 16,075 — — 16,075 Observatory expenses — 8,657 — 8,657 Real estate taxes 31,490 — — 31,490 Depreciation and amortization 46,237 43 — 46,280 Total operating expenses 135,653 29,642 (20,942) 144,353 Total operating income 42,398 3,791 — 46,189 Other income (expense): Interest income 3,289 50 — 3,339 Interest expense (25,405) — — (25,405) Gain on disposition of property 13,565 — — 13,565 Income before income taxes 33,847 3,841 — 37,688 Income tax expense (197) (536) — (733) Net income $ 33,650 $ 3,305 $ — $ 36,955 Segment assets $ 3,928,943 $ 255,825 $ — $ 4,184,768 Expenditures for segment assets $ 32,908 $ — $ — $ 32,908 Six Months Ended June 30, 2024 Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 306,352 $ — $ — $ 306,352 Intercompany rental revenue 37,047 — (37,047) — Observatory revenue — 58,720 — 58,720 Third-party management and other fees 641 — — 641 Other revenue and fees 5,009 — — 5,009 Total revenues 349,049 58,720 (37,047) 370,722 Operating expenses: Property operating expenses 86,576 — — 86,576 Intercompany rent expense — 37,047 (37,047) — Ground rent expenses 4,663 — — 4,663 General and administrative expenses 33,992 — — 33,992 Observatory expenses — 17,389 — 17,389 Real estate taxes 64,124 — — 64,124 Depreciation and amortization 93,485 69 — 93,554 Total operating expenses 282,840 54,505 (37,047) 300,298 Total operating income 66,209 4,215 — 70,424 Other income (expense): Interest income 9,151 119 — 9,270 Interest expense (50,451) — — (50,451) Interest expense associated with property in receivership (628) — — (628) Loss on early extinguishment of debt (553) — — (553) Gain on disposition of property 10,803 — — 10,803 Income before income taxes 34,531 4,334 — 38,865 Income tax (expense) benefit (321) 226 — (95) Net income $ 34,210 $ 4,560 $ — $ 38,770 Expenditures for segment assets $ 37,632 $ 144 $ — $ 37,776 Six Months Ended June 30, 2023 Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 294,694 $ — $ — $ 294,694 Intercompany rental revenue 36,856 — (36,856) — Observatory revenue — 55,587 — 55,587 Third-party management and other fees 808 — — 808 Other revenue and fees 4,075 — — 4,075 Total revenues 336,433 55,587 (36,856) 355,164 Operating expenses: Property operating expenses 81,563 — — 81,563 Intercompany rent expense — 36,856 (36,856) — Ground rent expenses 4,663 — — 4,663 General and administrative expenses 31,783 — — 31,783 Observatory expenses — 16,512 — 16,512 Real estate taxes 63,278 — — 63,278 Depreciation and amortization 93,601 87 — 93,688 Total operating expenses 274,888 53,455 (36,856) 291,487 Total operating income 61,545 2,132 — 63,677 Other income (expense): Interest income 5,847 87 — 5,934 Interest expense (50,709) — — (50,709) Gain on disposition of property 29,261 — — 29,261 Income before income taxes 45,944 2,219 — 48,163 Income tax (expense) benefit (395) 881 — 486 Net income $ 45,549 $ 3,100 $ — $ 48,649 Expenditures for segment assets $ 35,576 $ 58 $ — $ 35,634

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Quarterly Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments and eliminations (including intercompany balances and transactions), consisting of normal recurring adjustments, considered necessary for the fair presentation of the financial statements have been included.
Principles of Consolidation	The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the corresponding full years. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the financial statements for the year ended December 31, 2023 contained in our Annual Report. Our Observatory business is subject to tourism trends and the weather, and therefore does experience some seasonality.
Principles of Consolidation for Variable Interest Entities	We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members. For variable interest entities ("VIE"), we consolidate the entity if we are deemed to have a variable interest in the entity and through that interest we are deemed the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The primary beneficiary is required to consolidate the VIE. We had no VIEs as of June 30, 2024 and December 31, 2023. We will assess the accounting treatment for each investment we may have in the future. This assessment will include a review of each entity’s organizational agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we will review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance and benefit. In situations where we or our partner could approve, among other things, the annual budget, or leases that cover more than a nominal amount of space relative to the total rentable space at each property, we would not consolidate the investment as we consider these to be substantive participation rights that result in shared power of the activities that would most significantly impact the performance and benefit of such joint venture investment. A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests are required to be presented as a separate component of equity in the condensed consolidated balance sheets and in the condensed consolidated statements of operations by requiring earnings and other comprehensive income to be attributed to controlling and non-controlling interests.
Accounting Estimates	The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to use estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Significant items subject to such estimates and assumptions include allocation of the purchase price of acquired real estate properties among tangible and intangible assets, determination of the useful life of real estate properties and other long-lived assets, valuation and impairment analysis of commercial real estate properties, goodwill, right-of-use assets and other long-lived and indefinite-lived assets, estimate of tenant expense reimbursements, valuation of the allowance for doubtful accounts, and valuation of derivative instruments, ground lease liabilities, senior unsecured notes, mortgage notes payable, unsecured revolving credit and term loan facilities, and equity-based compensation. These estimates are prepared using management’s best judgment, after considering past, current, and expected events and economic conditions. Actual results could differ from those estimates.
Fair Valuation	The estimated fair values at June 30, 2024 and December 31, 2023 were determined by management, using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The fair value of derivative instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Although the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. The impact of such credit valuation adjustments, determined based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all our derivatives were classified as Level 2 of the fair value hierarchy. The fair values of our mortgage notes payable, senior unsecured notes (Series A, B, C, D, E, F, G, H, I, J, and K), unsecured term loan facilities and unsecured revolving credit facility which are determined using Level 3 inputs are estimated by discounting the future cash flows using current interest rates at which similar borrowings could be made by us.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination and Dispositions [Abstract]
Schedule of Allocation of Purchase Price for Assets and Liabilities Acquired	The following table summarizes properties acquired during the six and twelve months ended June 30, 2024 and December 31, 2023, respectively (amounts in thousands): Intangibles Property Date Acquired Land Building and Improvements Assets Liabilities Total* Williamsburg Retail, Brooklyn 9/14/2023 $ 4,851 $ 20,936 $ 1,573 $ (300) $ 27,060 *Includes total capitalized transaction costs of $0.7 million.
Schedule of Real Estate Properties	The following table summarizes properties disposed of during the six and twelve months ended June 30, 2024 and December 31, 2023, respectively (amounts in thousands): Property Date of Disposal Sales Price Gain on Disposition First Stamford Place, Stamford, Connecticut 5/22/2024 N/A $ 10,803 500 Mamaroneck Avenue, Harrison, New York* 4/5/2023 $ 53,000 $ 11,075 69-97 and 103-107 Main Street, Westport, Connecticut 2/1/2023 $ 40,000 $ 15,689 *The gain is net of approximately $4.5 million of post-closing costs we accrued related to our commitment to reimburse the buyer for a lease that did not occur. We funded the buyer for these costs and we have no further obligations or contingencies related to this property.

Deferred Costs, Acquired Leas_2

Deferred Costs, Acquired Lease Intangibles and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Costs, Net	Deferred costs, net, consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands): June 30, 2024 December 31, 2023 Leasing costs $ 220,917 $ 224,295 Acquired in-place lease value and deferred leasing costs 145,627 158,267 Acquired above-market leases 21,565 23,918 Total deferred costs, excluding net deferred financing costs 388,109 406,480 Less: accumulated amortization (225,683) (236,900) Total deferred costs, net, excluding net deferred financing costs $ 162,426 $ 169,580 Deferred financing costs, net, consisted of the following at June 30, 2024 and December 31, 2023 (amounts in thousands): June 30, 2024 December 31, 2023 Financing costs $ 52,498 $ 43,473 Less: accumulated amortization (31,761) (31,108) Total deferred financing costs, net $ 20,737 $ 12,365
Schedule of Amortizing Acquired Intangible Assets and Liabilities	Amortizing acquired intangible assets and liabilities consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands): June 30, 2024 December 31, 2023 Acquired below-market ground leases $ 396,916 $ 396,916 Less: accumulated amortization (79,590) (75,675) Acquired below-market ground leases, net $ 317,326 $ 321,241 June 30, 2024 December 31, 2023 Acquired below-market leases $ (51,883) $ (55,155) Less: accumulated amortization 40,011 41,405 Acquired below-market leases, net $ (11,872) $ (13,750)

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Debt consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands): Principal Balance As of June 30, 2024 June 30, 2024 December 31, 2023 Stated Effective (1) Maturity (2) Fixed rate mortgage debt Metro Center (3) $ 78,774 $ 80,070 3.59 % 3.67 % 11/5/2024 10 Union Square 50,000 50,000 3.70 % 3.97 % 4/1/2026 1542 Third Avenue 30,000 30,000 4.29 % 4.53 % 5/1/2027 First Stamford Place (4) — 175,860 — — — 1010 Third Avenue and 77 West 55th Street 34,508 34,958 4.01 % 4.21 % 1/5/2028 250 West 57th Street 180,000 180,000 2.83 % 3.21 % 12/1/2030 1333 Broadway 160,000 160,000 4.21 % 4.29 % 2/5/2033 345 East 94th Street - Series A 43,600 43,600 70% of SOFR plus 0.95% 3.56 % 11/1/2030 345 East 94th Street - Series B 6,857 7,209 SOFR plus 2.24% 3.56 % 11/1/2030 561 10th Avenue - Series A 114,500 114,500 70% of SOFR plus 1.07% 3.85 % 11/1/2033 561 10th Avenue - Series B 14,938 15,801 SOFR plus 2.45% 3.85 % 11/1/2033 Total mortgage debt 713,177 891,998 Senior unsecured notes: (5) Series A 100,000 100,000 3.93 % 3.96 % 3/27/2025 Series B 125,000 125,000 4.09 % 4.12 % 3/27/2027 Series C 125,000 125,000 4.18 % 4.21 % 3/27/2030 Series D 115,000 115,000 4.08 % 4.11 % 1/22/2028 Series E 160,000 160,000 4.26 % 4.27 % 3/22/2030 Series F 175,000 175,000 4.44 % 4.45 % 3/22/2033 Series G 100,000 100,000 3.61 % 4.89 % 3/17/2032 Series H 75,000 75,000 3.73 % 5.00 % 3/17/2035 Series I 155,000 — 7.20 % 7.39 % 6/17/2029 Series J 45,000 — 7.32 % 7.46 % 6/17/2031 Series K 25,000 — 7.41 % 7.52 % 6/17/2034 Unsecured term loan facility (5) 175,000 175,000 SOFR plus 1.50% 4.61 % 12/31/2026 Unsecured term loan facility (5) 95,000 215,000 SOFR plus 1.50% 4.48 % 3/8/2029 Unsecured revolving credit facility (5) 120,000 — SOFR plus 1.30% 4.04 % 3/8/2029 Total principal 2,303,177 2,256,998 Deferred financing costs, net (10,844) (9,488) Unamortized debt discount (6,574) (6,964) Total $ 2,285,759 $ 2,240,546 ______________ (1) The effective rate is the yield as of June 30, 2024 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements. (2) Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty. (3) In July 2024, this loan was refinanced and commencing in November 2024 the new principal balance of $71.6 million will be interest only at the same interest rate of 3.59%, with a maturity of November 2029, inclusive of a one-year extension option. (4) In April 2024, we worked with the First Stamford P lace mortgage lender to structure a consensual foreclosure. In May 2024, the First Stamford Place property was placed in receivership and accordingly, we reclassified the related debt to be included in debt associated with property under receivership in our condensed consolidated balance sheet as of June 30, 2024, consisting of a $164 million mortgage loan bearing interest at 4.09% and a $11.9 million loan bearing interest at 6.25%. See also Note 3 Acquisitions and Dispositions. (5) At June 30, 2024, we were in compliance with all debt covenants.
Schedule of Aggregate Required Principal Payments	Aggregate required principal payments at June 30, 2024 are as follows (amounts in thousands): Year Amortization Maturities Total 2024 $ 2,827 $ 77,675 $ 80,502 2025 3,664 100,000 103,664 2026 3,957 225,000 228,957 2027 4,276 155,000 159,276 2028 3,556 146,092 149,648 Thereafter 18,523 1,562,607 1,581,130 Total $ 36,803 $ 2,266,374 $ 2,303,177
Schedule of Deferred Costs, Net	Deferred costs, net, consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands): June 30, 2024 December 31, 2023 Leasing costs $ 220,917 $ 224,295 Acquired in-place lease value and deferred leasing costs 145,627 158,267 Acquired above-market leases 21,565 23,918 Total deferred costs, excluding net deferred financing costs 388,109 406,480 Less: accumulated amortization (225,683) (236,900) Total deferred costs, net, excluding net deferred financing costs $ 162,426 $ 169,580 Deferred financing costs, net, consisted of the following at June 30, 2024 and December 31, 2023 (amounts in thousands): June 30, 2024 December 31, 2023 Financing costs $ 52,498 $ 43,473 Less: accumulated amortization (31,761) (31,108) Total deferred financing costs, net $ 20,737 $ 12,365

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands): June 30, 2024 December 31, 2023 Capital expenditures included in accounts payable and accrued expenses $ 48,510 $ 51,815 Accounts payable and accrued expenses 38,050 44,169 Interest rate swap agreements liability — 85 Accrued interest payable 4,348 3,687 Total accounts payable and accrued expenses $ 90,908 $ 99,756

Financial Instruments and Fai_2

Financial Instruments and Fair Values (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of the Terms of Agreements and the Fair Value of Derivative Financial Instruments	The table below summarizes the terms of agreements and the fair values of our derivative financial instruments as of June 30, 2024 and December 31, 2023 (amounts in thousands): June 30, 2024 December 31, 2023 Derivative Notional Amount Receive Rate Pay Rate Effective Date Expiration Date Asset Liability Asset Liability Interest rate swap $ 36,820 70% of 1 Month SOFR 2.5000% December 1, 2021 November 1, 2030 $ 785 $ — $ 64 $ — Interest rate swap 103,790 70% of 1 Month SOFR 2.5000% December 1, 2021 November 1, 2033 2,480 — — (85) Interest rate swap 10,710 70% of 1 Month SOFR 1.7570% December 1, 2021 November 1, 2033 751 — 546 — Interest rate swap 15,085 1 Month SOFR 2.2540% December 1, 2021 November 1, 2030 932 — 782 — Interest rate cap 6,780 70% of 1 Month SOFR 4.5000% December 1, 2021 October 1, 2024 — — — — Interest rate cap 9,188 1 Month SOFR 5.5000% December 1, 2021 October 1, 2024 1 — 4 — Interest rate swap 175,000 SOFR Compound 2.5620% August 31, 2022 December 31, 2026 7,437 — 5,637 — Interest rate swap 107,500 SOFR Compound 2.6260% August 19, 2022 March 19, 2025 1,863 — 2,384 — Interest rate swap 107,500 SOFR OIS Compound 2.6280% August 19, 2022 March 19, 2025 1,861 — 2,383 — Interest rate cap 6,780 70% of 1 Month SOFR 4.5000% October 1, 2024 November 1, 2030 40 — — — Interest rate cap 6,676 1 Month SOFR 5.5000% October 1, 2024 November 1, 2030 89 — — — $ 16,239 $ — $ 11,800 $ (85)
Schedule of Effect of Derivative Financial Instruments Designated as Cash Flow Hedges on Accumulated Other Comprehensive Income (Loss)	The table below shows the effect of our derivative financial instruments designated as cash flow hedges on accumulated other comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023 (amounts in thousands): Three Months Ended Six Months Ended Effects of Cash Flow Hedges June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Amount of gain recognized in other comprehensive income (loss) $ 2,853 $ 11,935 $ 11,051 $ 6,533 Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense 667 1,882 2,991 3,154 The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 (amounts in thousands): Three Months Ended Six Months Ended Effects of Cash Flow Hedges June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded $ (25,323) $ (25,405) $ (50,451) $ (50,709) Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense 667 1,882 2,991 3,154
Schedule of the Carrying and Estimated Fair Values of Financial Instruments	The following tables summarize the carrying and estimated fair values of our financial instruments as of June 30, 2024 and December 31, 2023 (amounts in thousands): June 30, 2024 Estimated Fair Value Carrying Total Level 1 Level 2 Level 3 Interest rate swaps and caps included in prepaid expenses and other assets $ 16,239 $ 16,239 $ — $ 16,239 $ — Mortgage notes payable 700,348 609,545 — — 609,545 Senior unsecured notes - Series A, B, C, D, E, F, G, H, I, J, and K 1,196,831 1,106,300 — — 1,106,300 Unsecured term loan facilities 268,580 270,000 — — 270,000 Unsecured revolving credit facility 120,000 120,000 — — 120,000 December 31, 2023 Estimated Fair Value Carrying Total Level 1 Level 2 Level 3 Interest rate swaps and caps included in prepaid expenses and other assets $ 11,800 $ 11,800 $ — $ 11,800 $ — Interest rate swaps included in accounts payable and accrued expenses 85 85 — 85 — Mortgage notes payable 877,388 774,280 — — 774,280 Senior unsecured notes - Series A, B, C, D, E, F, G and H 973,872 882,242 — — 882,242 Unsecured term loan facilities 389,286 390,000 — — 390,000

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Components of Rental Revenue	The components of rental revenue for the three and six months ended June 30, 2024 and 2023 are as follows (amounts in thousands): Three Months Ended Six Months Ended Rental revenue June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Fixed payments 136,235 138,318 272,588 262,882 Variable payments 16,235 16,285 33,764 31,812 Total rental revenue $ 152,470 $ 154,603 $ 306,352 $ 294,694
Schedule of Future Contractual Minimum Lease Payments on Non-Cancellable Operating Leases to be Received	As of June 30, 2024, we were entitled to the following future contractual minimum lease payments (excluding operating expense reimbursements) on non-cancellable operating leases to be received which expire on various dates through 2054 (amounts in thousands): Remainder of 2024 $ 243,042 2025 497,504 2026 460,783 2027 440,768 2028 402,365 Thereafter 1,910,486 $ 3,954,948
Schedule of Future Minimum Lease Payments	As of June 30, 2024, the following table summarizes our future minimum lease payments discounted by our incremental borrowing rates to calculate the lease liabilities of our leases (amounts in thousands): Remainder of 2024 $ 760 2025 1,518 2026 1,503 2027 1,482 2028 1,482 Thereafter 60,795 Total undiscounted cash flows 67,540 Present value discount (39,222) Ground lease liabilities $ 28,318

Capital (Tables)

Capital (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of ERST Restricted Stock and LTIP Unit Activity	The following is a summary of ESRT restricted stock and LTIP unit activity for the six months ended June 30, 2024: Restricted Stock Time-based LTIPs Market-based LTIPs Performance-based LTIPs Weighted Average Grant Fair Value Unvested balance at December 31, 2023 598,289 3,297,550 2,738,812 1,276,363 $ 6.60 Vested (195,660) (1,161,942) (459,843) — 7.45 Granted 259,927 1,485,369 1,010,132 808,874 7.81 Forfeited or unearned (25,076) — (228,660) — 7.21 Unvested balance at June 30, 2024 637,480 3,620,977 3,060,441 2,085,237 $ 6.88
Schedule of Earnings Per Unit	For the three and six months ended June 30, 2024 and 2023, earnings per unit is computed as follows (amounts in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Numerator: Net income $ 28,555 $ 36,955 $ 38,770 $ 48,649 Private perpetual preferred unit distributions (1,051) (1,051) (2,101) (2,101) Net (income) loss attributable to non-controlling interests in other partnerships — (1) (4) 42 Net income attributable to common unitholders – basic and diluted $ 27,504 $ 35,903 $ 36,665 $ 46,590 Denominator: Weighted average units outstanding – basic 264,676 262,903 264,619 263,694 Effect of dilutive securities: Stock-based compensation plans 4,040 1,293 3,486 1,042 Weighted average units outstanding – diluted 268,716 264,196 268,105 264,736 Earnings per unit: Basic $ 0.10 $ 0.14 $ 0.14 $ 0.18 Diluted $ 0.10 $ 0.14 $ 0.14 $ 0.18

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Net Income (Loss) for Each Segment	The following tables provide components of segment net income for each segment for the three and six months ended June 30, 2024 and 2023 (amounts in thousands): Three Months Ended June 30, 2024 Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 152,470 $ — $ — $ 152,470 Intercompany rental revenue 20,980 — (20,980) — Observatory revenue — 34,124 — 34,124 Third-party management and other fees 376 — — 376 Other revenue and fees 2,573 — — 2,573 Total revenues 176,399 34,124 (20,980) 189,543 Operating expenses: Property operating expenses 41,516 — — 41,516 Intercompany rent expense — 20,980 (20,980) — Ground rent expenses 2,332 — — 2,332 General and administrative expenses 18,020 — — 18,020 Observatory expenses — 8,958 — 8,958 Real estate taxes 31,883 — — 31,883 Depreciation and amortization 47,441 32 — 47,473 Total operating expenses 141,192 29,970 (20,980) 150,182 Total operating income 35,207 4,154 — 39,361 Other income (expense): Interest income 5,011 81 — 5,092 Interest expense (25,323) — — (25,323) Interest expense associated with property in receivership (628) — — (628) Loss on early extinguishment of debt — — — — Gain on disposition of property 10,803 — — 10,803 Income before income taxes 25,070 4,235 — 29,305 Income tax expense (208) (542) — (750) Net income $ 24,862 $ 3,693 $ — $ 28,555 Segment assets $ 4,171,251 $ 261,999 $ — $ 4,433,250 Expenditures for segment assets $ 17,526 $ 105 $ — $ 17,631 Three Months Ended June 30, 2023 Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 154,603 $ — $ — $ 154,603 Intercompany rental revenue 20,942 — (20,942) — Observatory revenue — 33,433 — 33,433 Third-party management and other fees 381 — — 381 Other revenue and fees 2,125 — — 2,125 Total revenues 178,051 33,433 (20,942) 190,542 Operating expenses: Property operating expenses 39,519 — — 39,519 Intercompany rent expense — 20,942 (20,942) — Ground rent expenses 2,332 — — 2,332 General and administrative expenses 16,075 — — 16,075 Observatory expenses — 8,657 — 8,657 Real estate taxes 31,490 — — 31,490 Depreciation and amortization 46,237 43 — 46,280 Total operating expenses 135,653 29,642 (20,942) 144,353 Total operating income 42,398 3,791 — 46,189 Other income (expense): Interest income 3,289 50 — 3,339 Interest expense (25,405) — — (25,405) Gain on disposition of property 13,565 — — 13,565 Income before income taxes 33,847 3,841 — 37,688 Income tax expense (197) (536) — (733) Net income $ 33,650 $ 3,305 $ — $ 36,955 Segment assets $ 3,928,943 $ 255,825 $ — $ 4,184,768 Expenditures for segment assets $ 32,908 $ — $ — $ 32,908 Six Months Ended June 30, 2024 Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 306,352 $ — $ — $ 306,352 Intercompany rental revenue 37,047 — (37,047) — Observatory revenue — 58,720 — 58,720 Third-party management and other fees 641 — — 641 Other revenue and fees 5,009 — — 5,009 Total revenues 349,049 58,720 (37,047) 370,722 Operating expenses: Property operating expenses 86,576 — — 86,576 Intercompany rent expense — 37,047 (37,047) — Ground rent expenses 4,663 — — 4,663 General and administrative expenses 33,992 — — 33,992 Observatory expenses — 17,389 — 17,389 Real estate taxes 64,124 — — 64,124 Depreciation and amortization 93,485 69 — 93,554 Total operating expenses 282,840 54,505 (37,047) 300,298 Total operating income 66,209 4,215 — 70,424 Other income (expense): Interest income 9,151 119 — 9,270 Interest expense (50,451) — — (50,451) Interest expense associated with property in receivership (628) — — (628) Loss on early extinguishment of debt (553) — — (553) Gain on disposition of property 10,803 — — 10,803 Income before income taxes 34,531 4,334 — 38,865 Income tax (expense) benefit (321) 226 — (95) Net income $ 34,210 $ 4,560 $ — $ 38,770 Expenditures for segment assets $ 37,632 $ 144 $ — $ 37,776 Six Months Ended June 30, 2023 Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 294,694 $ — $ — $ 294,694 Intercompany rental revenue 36,856 — (36,856) — Observatory revenue — 55,587 — 55,587 Third-party management and other fees 808 — — 808 Other revenue and fees 4,075 — — 4,075 Total revenues 336,433 55,587 (36,856) 355,164 Operating expenses: Property operating expenses 81,563 — — 81,563 Intercompany rent expense — 36,856 (36,856) — Ground rent expenses 4,663 — — 4,663 General and administrative expenses 31,783 — — 31,783 Observatory expenses — 16,512 — 16,512 Real estate taxes 63,278 — — 63,278 Depreciation and amortization 93,601 87 — 93,688 Total operating expenses 274,888 53,455 (36,856) 291,487 Total operating income 61,545 2,132 — 63,677 Other income (expense): Interest income 5,847 87 — 5,934 Interest expense (50,709) — — (50,709) Gain on disposition of property 29,261 — — 29,261 Income before income taxes 45,944 2,219 — 48,163 Income tax (expense) benefit (395) 881 — 486 Net income $ 45,549 $ 3,100 $ — $ 48,649 Expenditures for segment assets $ 35,576 $ 58 $ — $ 35,634

Description of Business and O_2

Description of Business and Organization (Details) ft² in Millions	6 Months Ended
	Jun. 30, 2024 ft² property_unit office_property parcel $ / shares
Empire State Realty OP | Empire state realty trust
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
OP units owned by the company (as a percent)	60.30%
ESRT | Common Class A
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Par value (in dollars per share) | $ / shares	$ 0.01
Office Building
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	7.9
Number of offices and properties | office_property	10
Office Building | Manhattan
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	7.6
Number of offices and properties | office_property	9
Office Building | Stamford, Connecticut
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	0.3
Retail Site
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	0.7
Retail Site | Manhattan
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	0.5
Multifamily | New York City
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of property units | property_unit	727
Development Parcel
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of offices and properties | parcel	3

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Dec. 31, 2023
Accounting Policies [Abstract]
Observatory revenue realized during the first quarter, previous ten years (as a percent)	17%
Observatory revenue realized during the second quarter, previous ten years (as a percent)	26%
Observatory revenue realized during the third quarter, previous ten years (as a percent)	29%
Observatory revenue realized during the fourth quarter, previous ten years (as a percent)	28%

Acquisitions and Dispositions -

Acquisitions and Dispositions - Narrative (Details) $ in Thousands	1 Months Ended			3 Months Ended	6 Months Ended
	Jul. 31, 2024 USD ($) purchase_agreement	Mar. 31, 2024 USD ($) multifamily_asset	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Contract asset				$ 166,955	$ 166,955	$ 0
Debt associated with property in receivership				177,667	177,667	0
Accrued interest associated with property in receivership				1,589	1,589	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | First Stamford Place, Stamford, Connecticut
Business Acquisition [Line Items]
Recognized gain reflected in statement of operation				$ 10,800	$ 10,800
Subsequent Event
Business Acquisition [Line Items]
Number of purchase agreements | purchase_agreement	2
Williamsburg Retail
Business Acquisition [Line Items]
Consideration paid			$ 26,400
Victory (561 10th Avenue) and 345 East 94th Street
Business Acquisition [Line Items]
Consideration paid		$ 14,200
Proportion of interest acquired (as a percent)		10%
Number of businesses acquired | multifamily_asset		2
Business combination, in-place debt		$ 18,000
Ownership interest				100%	100%
North 6th Street, Brooklyn | Subsequent Event
Business Acquisition [Line Items]
Consideration paid	$ 103,000
North 6th Street, Brooklyn, Second Acquisition | Subsequent Event
Business Acquisition [Line Items]
Consideration paid	$ 92,000

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Schedule of Allocation of the Purchase Price for Assets and Liabilities Acquired (Details) - Williamsburg Retail, Brooklyn - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 14, 2023
Business Acquisition [Line Items]
Land		$ 4,851
Building and Improvements		20,936
Intangible Assets		1,573
Intangible Liabilities		(300)
Total		$ 27,060
Capitalized transaction costs	$ 700

Acquisitions and Dispositions_3

Acquisitions and Dispositions - Dispositions of Property (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended
	May 22, 2024	Apr. 05, 2023	Feb. 01, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Gain on Disposition				$ 10,803	$ 13,565	$ 10,803	$ 29,261
Disposal Group, Disposed of by Sale, Not Discontinued Operations | First Stamford Place, Stamford, Connecticut
Business Acquisition [Line Items]
Gain on Disposition	$ 10,803
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 500 Mamaroneck Avenue, Harrison, New York
Business Acquisition [Line Items]
Sales Price		$ 53,000
Gain on Disposition		11,075
Estimated post-closing obligations		$ 4,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 69-97 and 103-107 Main Street, Westport, Connecticut
Business Acquisition [Line Items]
Sales Price			$ 40,000
Gain on Disposition			$ 15,689

Deferred Costs, Acquired Leas_3

Deferred Costs, Acquired Lease Intangibles and Goodwill - Deferred Costs, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Leasing costs	$ 220,917	$ 224,295
Total deferred costs, excluding net deferred financing costs	388,109	406,480
Less: accumulated amortization	(225,683)	(236,900)
Total deferred costs, net, excluding net deferred financing costs	162,426	169,580
Acquired in-place lease value and deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets	145,627	158,267
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets	$ 21,565	$ 23,918

Deferred Costs, Acquired Leas_4

Deferred Costs, Acquired Lease Intangibles and Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Deferred Costs [Line Items]
Amortization expense related to deferred leasing costs	$ 5,200	$ 6,100	$ 11,000	$ 11,900
Rental revenue related to amortization of below-market leases, net of above-market leases	500	700	1,027	1,378
Goodwill	491,479		491,479		$ 491,479
Observatory
Deferred Costs [Line Items]
Goodwill	227,500		227,500		227,500
Real estate
Deferred Costs [Line Items]
Goodwill	264,000		264,000		264,000
Future Amortization Expense
Deferred Costs [Line Items]
Amortization expense related to acquired lease intangibles	1,200	$ 2,300	2,500	$ 4,600
Credit Facility - Revolving Credit Facility | Revolving Credit Facility
Deferred Costs [Line Items]
Net deferred financing costs	$ 9,900		$ 9,900		$ 2,900

Deferred Costs, Acquired Leas_5

Deferred Costs, Acquired Lease Intangibles and Goodwill - Amortizing Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Acquired below-market ground leases, net
Acquired below-market ground leases	$ 396,916	$ 396,916
Less: accumulated amortization	(79,590)	(75,675)
Acquired below-market ground leases, net	317,326	321,241
Acquired below-market leases, net
Acquired below-market leases	(51,883)	(55,155)
Less: accumulated amortization	40,011	41,405
Acquired below-market leases, net	$ (11,872)	$ (13,750)

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($)		6 Months Ended
	Mar. 08, 2024	Jun. 30, 2024	Jul. 31, 2024	Apr. 30, 2024	Apr. 10, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding borrowings		$ 120,000,000				$ 0
Total principal		2,303,177,000
Deferred financing costs, net		(20,737,000)				(12,365,000)
Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.10%
Senior unsecured notes
Debt Instrument [Line Items]
Face amount					$ 225,000,000
Mortgages, senior notes, and unsecured term loan facilities, not including unsecured revolving credit facility
Debt Instrument [Line Items]
Total principal		2,303,177,000				2,256,998,000
Deferred financing costs, net		(10,844,000)				(9,488,000)
Unamortized debt discount		(6,574,000)				(6,964,000)
Total		2,285,759,000				2,240,546,000
Metro Center | Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt		$ 78,774,000				80,070,000
Stated rate (as a percent)		3.59%
Effective Rate (as a percent)		3.67%
Metro Center | Fixed rate mortgage debt | Subsequent Event
Debt Instrument [Line Items]
Stated rate (as a percent)			3.59%
Face amount			$ 71,600,000
10 Union Square | Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt		$ 50,000,000				50,000,000
Stated rate (as a percent)		3.70%
Effective Rate (as a percent)		3.97%
1542 Third Avenue | Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt		$ 30,000,000				30,000,000
Stated rate (as a percent)		4.29%
Effective Rate (as a percent)		4.53%
First Stamford Place | Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt		$ 0				175,860,000
Stated rate (as a percent)		0%
Effective Rate (as a percent)		0%
First Stamford Place - First Lien | Fixed rate mortgage debt
Debt Instrument [Line Items]
Stated rate (as a percent)				4.09%
Face amount				$ 164,000,000
First Stamford Place - Second Lien | Fixed rate mortgage debt
Debt Instrument [Line Items]
Stated rate (as a percent)				6.25%
Face amount				$ 11,900,000
1010 Third Avenue and 77 West 55th Street | Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt		$ 34,508,000				34,958,000
Stated rate (as a percent)		4.01%
Effective Rate (as a percent)		4.21%
250 West 57th Street | Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt		$ 180,000,000				180,000,000
Stated rate (as a percent)		2.83%
Effective Rate (as a percent)		3.21%
1333 Broadway | Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt		$ 160,000,000				160,000,000
Stated rate (as a percent)		4.21%
Effective Rate (as a percent)		4.29%
345 East 94th Street - Series A | Revolving Credit Facility
Debt Instrument [Line Items]
Variable rate, effective percentage (as a percent)		70%
Basis spread on variable rate (as a percent)		0.95%
345 East 94th Street - Series A | Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt		$ 43,600,000				43,600,000
Effective Rate (as a percent)		3.56%
345 East 94th Street - Series B | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.24%
345 East 94th Street - Series B | Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt		$ 6,857,000				7,209,000
Effective Rate (as a percent)		3.56%
561 10th Avenue - Series A | Revolving Credit Facility
Debt Instrument [Line Items]
Variable rate, effective percentage (as a percent)		70%
Basis spread on variable rate (as a percent)		1.07%
561 10th Avenue - Series A | Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt		$ 114,500,000				114,500,000
Effective Rate (as a percent)		3.85%
561 10th Avenue - Series B | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.45%
561 10th Avenue - Series B | Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt		$ 14,938,000				15,801,000
Effective Rate (as a percent)		3.85%
Total mortgage debt | Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt		$ 713,177,000				891,998,000
Series A | Senior unsecured notes
Debt Instrument [Line Items]
Total		$ 100,000,000				100,000,000
Stated rate (as a percent)		3.93%
Effective Rate (as a percent)		3.96%
Series B | Senior unsecured notes
Debt Instrument [Line Items]
Total		$ 125,000,000				125,000,000
Stated rate (as a percent)		4.09%
Effective Rate (as a percent)		4.12%
Series C | Senior unsecured notes
Debt Instrument [Line Items]
Total		$ 125,000,000				125,000,000
Stated rate (as a percent)		4.18%
Effective Rate (as a percent)		4.21%
Series D | Senior unsecured notes
Debt Instrument [Line Items]
Total		$ 115,000,000				115,000,000
Stated rate (as a percent)		4.08%
Effective Rate (as a percent)		4.11%
Series E | Senior unsecured notes
Debt Instrument [Line Items]
Total		$ 160,000,000				160,000,000
Stated rate (as a percent)		4.26%
Effective Rate (as a percent)		4.27%
Series F | Senior unsecured notes
Debt Instrument [Line Items]
Total		$ 175,000,000				175,000,000
Stated rate (as a percent)		4.44%
Effective Rate (as a percent)		4.45%
Series G | Senior unsecured notes
Debt Instrument [Line Items]
Total		$ 100,000,000				100,000,000
Stated rate (as a percent)		3.61%
Effective Rate (as a percent)		4.89%
Series H | Senior unsecured notes
Debt Instrument [Line Items]
Total		$ 75,000,000				75,000,000
Stated rate (as a percent)		3.73%
Effective Rate (as a percent)		5%
Series I | Senior unsecured notes
Debt Instrument [Line Items]
Total		$ 155,000,000				0
Stated rate (as a percent)		7.20%			7.20%
Effective Rate (as a percent)		7.39%
Face amount					$ 155,000,000
Series J | Senior unsecured notes
Debt Instrument [Line Items]
Total		$ 45,000,000				0
Stated rate (as a percent)		7.32%			7.32%
Effective Rate (as a percent)		7.46%
Face amount					$ 45,000,000
Series K | Senior unsecured notes
Debt Instrument [Line Items]
Total		$ 25,000,000				0
Stated rate (as a percent)		7.41%			7.41%
Effective Rate (as a percent)		7.52%
Face amount					$ 25,000,000
Unsecured term loan facility | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings		$ 175,000,000				175,000,000
Basis spread on variable rate (as a percent)		1.50%
Effective Rate (as a percent)		4.61%
Unsecured term loan facility | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings		$ 95,000,000				215,000,000
Basis spread on variable rate (as a percent)	1.50%	1.50%
Effective Rate (as a percent)		4.48%
Unsecured revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings		$ 120,000,000				$ 0
Basis spread on variable rate (as a percent)		1.30%
Effective Rate (as a percent)		4.04%

Debt - Aggregate Required Princ

Debt - Aggregate Required Principal Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Amortization
2024	$ 2,827
2025	3,664
2026	3,957
2027	4,276
2028	3,556
Thereafter	18,523
Total	36,803
Maturities
2024	77,675
2025	100,000
2026	225,000
2027	155,000
2028	146,092
Thereafter	1,562,607
Total	2,266,374
Total
2024	80,502
2025	103,664
2026	228,957
2027	159,276
2028	149,648
Thereafter	1,581,130
Total	$ 2,303,177

Debt - Deferred Financing Costs

Debt - Deferred Financing Costs, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Disclosure [Abstract]
Financing costs	$ 52,498		$ 52,498		$ 43,473
Less: accumulated amortization	(31,761)		(31,761)		(31,108)
Total deferred financing costs, net	20,737		20,737		$ 12,365
Amortization expense related to deferred financing costs	$ 1,000	$ 1,100	$ 2,100	$ 2,200

Debt - Unsecured Revolving Cred

Debt - Unsecured Revolving Credit and Term Loan Facilities (Details)		6 Months Ended
	Mar. 08, 2024 USD ($) extension_option	Jun. 30, 2024 USD ($)	Mar. 13, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Outstanding borrowings		$ 120,000,000		$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.10%
Revolving Credit Facility | Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,500,000,000
Revolving Credit Facility | Credit Facility - Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 620,000,000
Number of extension periods | extension_option	2
Extension period	6 months
Basis spread on variable rate (as a percent)	1.30%
Outstanding borrowings		$ 120,000,000
Revolving Credit Facility | Unsecured term loan facilities
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 95,000,000
Number of extension periods | extension_option	2
Extension period	12 months
Basis spread on variable rate (as a percent)	1.50%	1.50%
Outstanding borrowings		$ 95,000,000		$ 215,000,000
Revolving Credit Facility | Unsecured term loan facilities
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 175,000,000
Outstanding borrowings		$ 175,000,000
Accordion feature, new maximum borrowing capacity			$ 225,000,000

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - Senior unsecured notes - USD ($)	Jun. 30, 2024	Apr. 10, 2024
Debt Instrument [Line Items]
Face amount		$ 225,000,000
Debt instrument, issue price as a percentage of principal		100%
Debt instrument, prepayment, percentage of principal amount		100%
Series I
Debt Instrument [Line Items]
Face amount		$ 155,000,000
Stated rate (as a percent)	7.20%	7.20%
Series J
Debt Instrument [Line Items]
Face amount		$ 45,000,000
Stated rate (as a percent)	7.32%	7.32%
Series K
Debt Instrument [Line Items]
Face amount		$ 25,000,000
Stated rate (as a percent)	7.41%	7.41%

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Capital expenditures included in accounts payable and accrued expenses	$ 48,510	$ 51,815
Accounts payable and accrued expenses	38,050	44,169
Interest rate swap agreements liability	0	85
Accrued interest payable	4,348	3,687
Total accounts payable and accrued expenses	$ 90,908	$ 99,756

Financial Instruments and Fai_3

Financial Instruments and Fair Values - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements liability	$ 0		$ 0		$ 85,000
Property In Receivership
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	177,700,000		177,700,000
Level 3 | Property In Receivership
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	156,700,000		156,700,000
Designated as hedging instrument | Cash flow hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gain to be reclassified into interest expense within the next 12 months			6,300,000
Interest Rate Swap And Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements liability	0		0
Interest Rate Swap And Interest Rate Cap | Designated as hedging instrument | Cash flow hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements liability					100,000
Aggregate notional value	585,800,000		585,800,000		573,200,000
Interest rate swaps and caps included in prepaid expenses and other assets	16,200,000		16,200,000		$ 11,800,000
Net unrealized gains on valuation of interest rate swap agreements	$ 2,200,000	$ 10,100,000	$ 8,100,000	$ 3,400,000

Financial Instruments and Fai_4

Financial Instruments and Fair Values - Summary of the Terms of Agreements and the Fair Value of Derivative Financial Instruments (Details) - Designated as hedging instrument - Cash flow hedging - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Asset	$ 16,239,000	$ 11,800,000
Liability	0	(85,000)
Interest Rate Swap, One Month SOFR, 2.5000 %, Swap Number One
Derivatives, Fair Value [Line Items]
Notional Amount	$ 36,820,000
Receive Rate (as a percent)	70%
Pay Rate	2.50%
Asset	$ 785,000	64,000
Liability	0	0
Interest Rate Swap, One Month SOFR, 2.5000 %, Swap Number Two
Derivatives, Fair Value [Line Items]
Notional Amount	$ 103,790,000
Receive Rate (as a percent)	70%
Pay Rate	2.50%
Asset	$ 2,480,000	0
Liability	0	(85,000)
Interest Rate Swap, One Month SOFR, 1.7570%, Interest Swap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 10,710,000
Receive Rate (as a percent)	70%
Pay Rate	1.757%
Asset	$ 751,000	546,000
Liability	0	0
Interest Rate Swap, One Month SOFR, 2.2540%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 15,085,000
Pay Rate	2.254%
Asset	$ 932,000	782,000
Liability	0	0
Interest Rate Cap, One Month SOFR, 4.5000%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 6,780,000
Receive Rate (as a percent)	70%
Pay Rate	4.50%
Asset	$ 0	0
Liability	0	0
Interest Rate Cap, One Month SOFR, 5.5000%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 9,188,000
Pay Rate	5.50%
Asset	$ 1,000	4,000
Liability	0	0
Interest Rate Swap, SOFR Compound, 2.5620%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 175,000,000
Pay Rate	2.562%
Asset	$ 7,437,000	5,637,000
Liability	0	0
Interest Rate Swap, SOFR Compound, 2.6260%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 107,500,000
Pay Rate	2.626%
Asset	$ 1,863,000	2,384,000
Liability	0	0
Interest Rate Swap, SOFR OIS Compound, 2.6280%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 107,500,000
Pay Rate	2.628%
Asset	$ 1,861,000	2,383,000
Liability	0	0
Interest Rate Cap, SOFR Lookback Days, 4.5000%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 6,780,000
Receive Rate (as a percent)	70%
Pay Rate	4.50%
Asset	$ 40,000	0
Liability	0	0
Interest Rate Cap, SOFR Lookback Days, 5.5000%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 6,676,000
Pay Rate	5.50%
Asset	$ 89,000	0
Liability	$ 0	$ 0

Financial Instruments and Fai_5

Financial Instruments and Fair Values - Effect of Derivative Financial Instruments Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain recognized in other comprehensive income (loss)	$ 2,853	$ 11,935	$ 11,051	$ 6,533
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense	(667)	(1,882)	(2,991)	(3,154)
Interest expense	(25,323)	(25,405)	(50,451)	(50,709)
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain recognized in other comprehensive income (loss)	2,853	11,935	11,051	6,533
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense	667	1,882	2,991	3,154
Interest rate swap | Reclassification out of accumulated other comprehensive income | Accumulated other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 667	$ 1,882	$ 2,991	$ 3,154

Financial Instruments and Fai_6

Financial Instruments and Fair Values - Schedule of the Carrying and Estimated Fair Values of Financial Instruments (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses	$ 0	$ 85,000
Interest Rate Swap And Interest Rate Cap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses	0
Carrying Value | Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	700,348,000	877,388,000
Carrying Value | Senior notes | Senior unsecured notes - Series A, B, C, D, E, F, G, H, I, J, and K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,196,831,000
Carrying Value | Senior notes | Senior unsecured notes - Series A, B, C, D, E, F, G, H, I, J, and K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		973,872,000
Carrying Value | Revolving Credit Facility | Unsecured term loan facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	268,580,000	389,286,000
Carrying Value | Revolving Credit Facility | Unsecured revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	120,000,000
Carrying Value | Interest Rate Swap And Interest Rate Cap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and caps included in prepaid expenses and other assets	16,239,000	11,800,000
Carrying Value | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses		85,000
Estimated Fair Value | Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	609,545,000	774,280,000
Estimated Fair Value | Senior notes | Senior unsecured notes - Series A, B, C, D, E, F, G, H, I, J, and K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,106,300,000
Estimated Fair Value | Senior notes | Senior unsecured notes - Series A, B, C, D, E, F, G, H, I, J, and K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		882,242,000
Estimated Fair Value | Revolving Credit Facility | Unsecured term loan facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	270,000,000	390,000,000
Estimated Fair Value | Revolving Credit Facility | Unsecured revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	120,000,000
Estimated Fair Value | Level 1 | Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value | Level 1 | Senior notes | Senior unsecured notes - Series A, B, C, D, E, F, G, H, I, J, and K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0
Estimated Fair Value | Level 1 | Senior notes | Senior unsecured notes - Series A, B, C, D, E, F, G, H, I, J, and K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		0
Estimated Fair Value | Level 1 | Revolving Credit Facility | Unsecured term loan facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value | Level 1 | Revolving Credit Facility | Unsecured revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0
Estimated Fair Value | Level 2 | Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value | Level 2 | Senior notes | Senior unsecured notes - Series A, B, C, D, E, F, G, H, I, J, and K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0
Estimated Fair Value | Level 2 | Senior notes | Senior unsecured notes - Series A, B, C, D, E, F, G, H, I, J, and K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		0
Estimated Fair Value | Level 2 | Revolving Credit Facility | Unsecured term loan facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value | Level 2 | Revolving Credit Facility | Unsecured revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0
Estimated Fair Value | Level 3 | Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	609,545,000	774,280,000
Estimated Fair Value | Level 3 | Senior notes | Senior unsecured notes - Series A, B, C, D, E, F, G, H, I, J, and K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,106,300,000
Estimated Fair Value | Level 3 | Senior notes | Senior unsecured notes - Series A, B, C, D, E, F, G, H, I, J, and K
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		882,242,000
Estimated Fair Value | Level 3 | Revolving Credit Facility | Unsecured term loan facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	270,000,000	390,000,000
Estimated Fair Value | Level 3 | Revolving Credit Facility | Unsecured revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	120,000,000
Estimated Fair Value | Interest Rate Swap And Interest Rate Cap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and caps included in prepaid expenses and other assets	16,239,000	11,800,000
Estimated Fair Value | Interest Rate Swap And Interest Rate Cap | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and caps included in prepaid expenses and other assets	0	0
Estimated Fair Value | Interest Rate Swap And Interest Rate Cap | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and caps included in prepaid expenses and other assets	16,239,000	11,800,000
Estimated Fair Value | Interest Rate Swap And Interest Rate Cap | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and caps included in prepaid expenses and other assets	$ 0	0
Estimated Fair Value | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses		85,000
Estimated Fair Value | Interest rate swap | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses		0
Estimated Fair Value | Interest rate swap | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses		85,000
Estimated Fair Value | Interest rate swap | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses		$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Operating Leases [Line Items]
Number of properties subject to ground leases | property	3
Right-of-use assets	$ 28,318	$ 28,439
Lease liabilities	$ 28,318	$ 28,439
Weighted average rate (as a percent)	4.50%
Weighted average lease term (in years)	46 years
Minimum
Operating Leases [Line Items]
Term of lease (in years)	1 year
Maximum
Operating Leases [Line Items]
Term of lease (in years)	30 years

Leases - Components of Rental R

Leases - Components of Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Fixed payments	$ 136,235	$ 138,318	$ 272,588	$ 262,882
Variable payments	16,235	16,285	33,764	31,812
Total rental revenue	$ 152,470	$ 154,603	$ 306,352	$ 294,694

Leases - Future Contractual Min

Leases - Future Contractual Minimum Lease Payments on Non-Cancellable Operating Leases to be Received (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
Remainder of 2024	$ 243,042
2025	497,504
2026	460,783
2027	440,768
2028	402,365
Thereafter	1,910,486
Total future minimum lease payments on non-cancellable operating leases to be received	$ 3,954,948

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments on Ground Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 760
2025	1,518
2026	1,503
2027	1,482
2028	1,482
Thereafter	60,795
Total undiscounted cash flows	67,540
Present value discount	(39,222)
Ground lease liabilities	$ 28,318	$ 28,439

Commitments and Contingencies -

Commitments and Contingencies - Legal Proceedings (Details) - New York State Supreme Court, New York County $ in Thousands			1 Months Ended
	Jan. 22, 2024 USD ($)	Aug. 26, 2020 USD ($)	Oct. 31, 2014 participant
Loss Contingencies [Line Items]
Number of plaintiffs opting out of settlement (participant) | participant			12
Amount awarded to claimants | $	$ 1,260	$ 1,200
Interest period (in years)		7 years

Commitments and Contingencies_2

Commitments and Contingencies - Unfunded Capital Expenditures (Details) $ in Millions	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Estimated capital expenditures to be incurred	$ 111.6

Capital - Additional Informatio

Capital - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 vote class shares
Operating Partnership
Shares and Units [Abstract]
OP units not owned by the Company (in shares)	108,713,642
Operating Partnership | Empire State Realty OP
Shares and Units [Abstract]
OP units not owned by the Company (as a percent)	39.70%
Empire State Realty Trust
Shares and Units [Abstract]
Number of classes of stock | class	2
Number of voting rights | vote	50
Exchange ratio	0.020
Empire State Realty Trust | Empire State Realty OP
Shares and Units [Abstract]
OP units owned by the company (as a percent)	60.30%
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding (in shares)	164,483,385
Common Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding (in shares)	981,779

Capital - Stock and Publicly Tr

Capital - Stock and Publicly Traded Operating Partnership Unit Repurchase Program (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchases of equity securities (in shares) | shares	0	0
January 2024 Through December 2025 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorized amount	$ 500,000,000	$ 500,000,000
Remaining of authorized repurchase amount	$ 500,000,000	$ 500,000,000

Capital - Private Perpetual Pre

Capital - Private Perpetual Preferred Units (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Preferred Units [Line Items]
Dividends declared (in USD per share)	$ 0.035	$ 0.035	$ 0.070	$ 0.070
Private perpetual preferred units, series 2019
Preferred Units [Line Items]
Private perpetual preferred units, issued (in shares)	4,664,038		4,664,038		4,664,000
Private perpetual preferred units, liquidation preference (in USD per share)	$ 13.52		$ 13.52		$ 13.52
Preferred units cumulative cash distributions (in USD per share)	$ 0.70		$ 0.70
Private perpetual preferred units, series 2014
Preferred Units [Line Items]
Private perpetual preferred units, issued (in shares)	1,560,000		1,560,000		1,560,000
Private perpetual preferred units issued during period (in shares)			1,560,360
Private perpetual preferred units, liquidation preference (in USD per share)	$ 16.62		$ 16.62		$ 16.62
Dividends declared (in USD per share)			$ 0.60

Capital - Distributions (Detail

Capital - Distributions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Distributions paid to OP unitholders	$ 9.6	$ 9.5	$ 19.1	$ 18.2
Distributions paid to preferred unitholders	$ 1.1	$ 1.1	$ 2.1	$ 2.1

Capital - Incentive and Share-b

Capital - Incentive and Share-based Compensation (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	May 09, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP unit, share of stock equivalent (in shares)	1		1
Conversion rate tor LTIP units to OP units	1		1
Dividends on common stock received until performance criteria met for LTIP units (as a percent)	10%		10%
Dividends on common stock received after performance criteria met for LTIP units (as a percent)	90%		90%
Dividends on common stock received in periods after performance criteria met for LTIP units (as a percent)	100%		100%
Granted (in USD per share) | $ / shares			$ 7.81
Awards that Meet Age and Service Requirements for Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncash share-based compensation expense recognized | $	$ 1.7	$ 1	$ 2.4	$ 1.7
Unrecognized compensation expense | $	14.9		$ 14.9
Unrecognized compensation expense, period for recognition (in years)			2 years 6 months
Awards that Do Not Meet Age and Service Requirements for Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncash share-based compensation expense recognized | $	5.5	$ 4.4	$ 8.2	$ 8.1
Unrecognized compensation expense | $	$ 27.9		$ 27.9
Unrecognized compensation expense, period for recognition (in years)			2 years 6 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Age of grantee at which LTIP unit and restricted stock awards immediately vest (in years)			60 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Age of grantee at which LTIP unit and restricted stock awards immediately vest (in years)			65 years
Granted In 2020 And After
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Retirement age (in years)			65 years
Granted Before 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Retirement age (in years)			60 years
Performance-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			808,874
Time-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,485,369
Time-based LTIPs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Time-based LTIPs | Median
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			4 years
Time-based LTIPs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			5 years
Market-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,010,132
Market-based LTIPs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Market-based LTIPs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			4 years
Long-Term Incentive Plan Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share-based awards granted in period | $			$ 27.8
Granted (in USD per share) | $ / shares			$ 7.81
Dividend rate (as a percent)			1.60%
Risk free interest rate, minimum (as a percent)			4.40%
Risk free interest rate, maximum (as a percent)			5.10%
Expected price volatility, minimum (as a percent)			37%
Expected price volatility, maximum (as a percent)			48%
Long-Term Incentive Plan Units and Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			2 years
Long-Term Incentive Plan Units and Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			5 years 3 months 18 days
2024 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under the plan (in shares)					11,000,000
Number of shares that remain available for future issuance (in shares)	10,800,000		10,800,000
2024 Plan | Time-based LTIPs | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	164,112
Fair value of share-based awards granted in period | $	$ 1.5
2019 Plan | Performance-based LTIPs | April 2024 | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	27,473
Fair value of share-based awards granted in period | $	$ 0.3

Capital - Summary of ESRT Restr

Capital - Summary of ESRT Restricted Stock and LTIP Unit Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Weighted Average Grant Fair Value
Beginning balance, Unvested (in USD per share) | $ / shares	$ 6.60
Vested (in USD per share) | $ / shares	7.45
Granted (in USD per share) | $ / shares	7.81
Forfeited or unearned (in USD per share) | $ / shares	7.21
Ending balance, Unvested (in USD per share) | $ / shares	$ 6.88
Restricted Stock
Restricted Stock and LTIP Units
Beginning balance, Unvested (in shares)	598,289
Vested (in shares)	(195,660)
Granted (in shares)	259,927
Forfeited or unearned (in shares)	(25,076)
Ending balance, Unvested (in shares)	637,480
Time-based LTIPs
Restricted Stock and LTIP Units
Beginning balance, Unvested (in shares)	3,297,550
Vested (in shares)	(1,161,942)
Granted (in shares)	1,485,369
Forfeited or unearned (in shares)	0
Ending balance, Unvested (in shares)	3,620,977
Market-based LTIPs
Restricted Stock and LTIP Units
Beginning balance, Unvested (in shares)	2,738,812
Vested (in shares)	(459,843)
Granted (in shares)	1,010,132
Forfeited or unearned (in shares)	(228,660)
Ending balance, Unvested (in shares)	3,060,441
Performance-based LTIPs
Restricted Stock and LTIP Units
Beginning balance, Unvested (in shares)	1,276,363
Vested (in shares)	0
Granted (in shares)	808,874
Forfeited or unearned (in shares)	0
Ending balance, Unvested (in shares)	2,085,237

Capital - Earnings Per Unit (De

Capital - Earnings Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 28,555	$ 36,955	$ 38,770	$ 48,649
Private perpetual preferred unit distributions	(1,051)	(1,051)	(2,101)	(2,101)
Net (income) loss attributable to non-controlling interests in other partnerships	0	(1)	(4)	42
Net income attributable to common unitholders - basic	27,504	35,903	36,665	46,590
Net income attributable to common unitholders - diluted	$ 27,504	$ 35,903	$ 36,665	$ 46,590
Denominator:
Weighted average units outstanding - basic (in shares)	264,676,000	262,903,000	264,619,000	263,694,000
Effect of dilutive securities:
Stock-based compensation plans (in share)	4,040,000	1,293,000	3,486,000	1,042,000
Weighted average units outstanding - diluted (in shares)	268,716,000	264,196,000	268,105,000	264,736,000
Earnings per unit:
Basic (in USD per share)	$ 0.10	$ 0.14	$ 0.14	$ 0.18
Diluted (in USD per share)	$ 0.10	$ 0.14	$ 0.14	$ 0.18
Antidilutive securities (in shares)			0	0

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) ft² property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) ft² property	Jun. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Total revenues	$ 189,543	$ 190,542	$ 370,722	$ 355,164
Affliliated entity | Supervisory fee revenue
Related Party Transaction [Line Items]
Total revenues	200	300	400	500
Affliliated entity | Property management fee revenue
Related Party Transaction [Line Items]
Total revenues	100	50	200	200
Affliliated entity | Leased space rental
Related Party Transaction [Line Items]
Total revenues	$ 100	$ 100	$ 200	$ 200
Number of properties | property	1		1
Lease cancellation, notice period (in days)			90 days
Affliliated entity | Annualized Rental
Related Party Transaction [Line Items]
Annualized rent			$ 3,500
Undivided Interest
Related Party Transaction [Line Items]
Area of real estate property (in square feet) | ft²	5,447		5,447
Chairman emeritus | Leased space rental
Related Party Transaction [Line Items]
Percentage of lease space occupied by Chairman emeritus and employee			15%

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting - Components

Segment Reporting - Components of Segment Net Income (Loss) for Each Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenues:
Rental revenue	$ 152,470	$ 154,603	$ 306,352	$ 294,694
Intercompany rental revenue	0	0	0	0
Observatory revenue	34,124	33,433	58,720	55,587
Third-party management and other fees	376	381	641	808
Other revenue and fees	2,573	2,125	5,009	4,075
Total revenues	189,543	190,542	370,722	355,164
Operating expenses:
Property operating expenses	41,516	39,519	86,576	81,563
Intercompany rent expense	0	0	0	0
Ground rent expenses	2,332	2,332	4,663	4,663
General and administrative expenses	18,020	16,075	33,992	31,783
Observatory expenses	8,958	8,657	17,389	16,512
Real estate taxes	31,883	31,490	64,124	63,278
Depreciation and amortization	47,473	46,280	93,554	93,688
Total operating expenses	150,182	144,353	300,298	291,487
Total operating income	39,361	46,189	70,424	63,677
Other income (expense):
Interest income	5,092	3,339	9,270	5,934
Interest expense	(25,323)	(25,405)	(50,451)	(50,709)
Interest expense		(25,405)		(50,709)
Interest expense associated with property in receivership	(628)	0	(628)	0
Loss on early extinguishment of debt	0	0	(553)	0
Gain on disposition of property	10,803	13,565	10,803	29,261
Income before income taxes	29,305	37,688	38,865	48,163
Income tax expense	(750)	(733)	(95)	486
Net income	28,555	36,955	38,770	48,649
Segment assets	4,433,250	4,184,768	4,433,250	4,184,768	$ 4,219,333
Expenditures for segment assets	17,631	32,908	37,776	35,634
Intersegment Elimination
Revenues:
Rental revenue	0	0	0	0
Intercompany rental revenue	(20,980)	(20,942)	(37,047)	(36,856)
Observatory revenue	0	0	0	0
Third-party management and other fees	0	0	0	0
Other revenue and fees	0	0	0	0
Total revenues	(20,980)	(20,942)	(37,047)	(36,856)
Operating expenses:
Property operating expenses	0	0	0	0
Intercompany rent expense	(20,980)	(20,942)	(37,047)	(36,856)
Ground rent expenses	0	0	0	0
General and administrative expenses	0	0	0	0
Observatory expenses	0	0	0	0
Real estate taxes	0	0	0	0
Depreciation and amortization	0	0	0	0
Total operating expenses	(20,980)	(20,942)	(37,047)	(36,856)
Total operating income	0	0	0	0
Other income (expense):
Interest income	0	0	0	0
Interest expense	0		0
Interest expense		0		0
Interest expense associated with property in receivership	0		0
Loss on early extinguishment of debt	0		0
Gain on disposition of property	0	0	0	0
Income before income taxes	0	0	0	0
Income tax expense	0	0	0	0
Net income	0	0	0	0
Segment assets	0	0	0	0
Expenditures for segment assets	0	0	0	0
Real Estate | Operating segments
Revenues:
Rental revenue	152,470	154,603	306,352	294,694
Intercompany rental revenue	20,980	20,942	37,047	36,856
Observatory revenue	0	0	0	0
Third-party management and other fees	376	381	641	808
Other revenue and fees	2,573	2,125	5,009	4,075
Total revenues	176,399	178,051	349,049	336,433
Operating expenses:
Property operating expenses	41,516	39,519	86,576	81,563
Intercompany rent expense	0	0	0	0
Ground rent expenses	2,332	2,332	4,663	4,663
General and administrative expenses	18,020	16,075	33,992	31,783
Observatory expenses	0	0	0	0
Real estate taxes	31,883	31,490	64,124	63,278
Depreciation and amortization	47,441	46,237	93,485	93,601
Total operating expenses	141,192	135,653	282,840	274,888
Total operating income	35,207	42,398	66,209	61,545
Other income (expense):
Interest income	5,011	3,289	9,151	5,847
Interest expense	(25,323)		(50,451)
Interest expense		(25,405)		(50,709)
Interest expense associated with property in receivership	(628)		(628)
Loss on early extinguishment of debt	0		(553)
Gain on disposition of property	10,803	13,565	10,803	29,261
Income before income taxes	25,070	33,847	34,531	45,944
Income tax expense	(208)	(197)	(321)	(395)
Net income	24,862	33,650	34,210	45,549
Segment assets	4,171,251	3,928,943	4,171,251	3,928,943
Expenditures for segment assets	17,526	32,908	37,632	35,576
Observatory | Operating segments
Revenues:
Rental revenue	0	0	0	0
Intercompany rental revenue	0	0	0	0
Observatory revenue	34,124	33,433	58,720	55,587
Third-party management and other fees	0	0	0	0
Other revenue and fees	0	0	0	0
Total revenues	34,124	33,433	58,720	55,587
Operating expenses:
Property operating expenses	0	0	0	0
Intercompany rent expense	20,980	20,942	37,047	36,856
Ground rent expenses	0	0	0	0
General and administrative expenses	0	0	0	0
Observatory expenses	8,958	8,657	17,389	16,512
Real estate taxes	0	0	0	0
Depreciation and amortization	32	43	69	87
Total operating expenses	29,970	29,642	54,505	53,455
Total operating income	4,154	3,791	4,215	2,132
Other income (expense):
Interest income	81	50	119	87
Interest expense	0		0
Interest expense		0		0
Interest expense associated with property in receivership	0		0
Loss on early extinguishment of debt	0		0
Gain on disposition of property	0	0	0	0
Income before income taxes	4,235	3,841	4,334	2,219
Income tax expense	(542)	(536)	226	881
Net income	3,693	3,305	4,560	3,100
Segment assets	261,999	255,825	261,999	255,825
Expenditures for segment assets	$ 105	$ 0	$ 144	$ 58