Empire State Realty OP (FISK) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	850-2600
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	2023
Document Fiscal Period Focus	Q1
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		20,590,001
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		5,481,925
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		2,691,082

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commercial real estate properties, at cost:
Land	$ 361,497	$ 365,540
Development costs	8,178	8,166
Building and improvements	3,183,615	3,177,743
Commercial real estate properties, at cost	3,553,290	3,551,449
Less: accumulated depreciation	(1,162,923)	(1,137,267)
Commercial real estate properties, net	2,390,367	2,414,182
Assets held for sale	35,980	35,538
Cash and cash equivalents	272,648	264,434
Restricted cash	108,183	50,244
Tenant and other receivables	23,879	24,102
Deferred rent receivables	238,842	240,188
Prepaid expenses and other assets	57,891	98,114
Deferred costs, net	182,367	187,570
Acquired below-market ground leases, net	327,115	329,073
Right of use assets	28,612	28,670
Goodwill	491,479	491,479
Total assets	4,157,363	4,163,594
Liabilities:
Mortgage notes payable, net	882,142	883,705
Senior unsecured notes, net	973,714	973,659
Unsecured term loan facilities, net	388,901	388,773
Unsecured revolving credit facility	0	0
Accounts payable and accrued expenses	71,605	80,729
Acquired below-market leases, net	16,581	17,849
Ground lease liabilities	28,612	28,670
Deferred revenue and other liabilities	76,769	76,091
Tenants’ security deposits	35,111	25,084
Liabilities related to assets held for sale	6,862	5,943
Total liabilities	2,480,297	2,480,503
Commitments and contingencies
Capital:
Total Empire State Realty OP, L.P.'s capital	1,662,006	1,667,625
Non-controlling interest in other partnerships	15,060	15,466
Total capital	1,677,066	1,683,091
Total liabilities and capital	4,157,363	4,163,594
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 (2,719 and 2,710 general partner operating partnership units and 158,609 and 158,420 limited partner operating partnership units outstanding in 2023 and 2022, respectively)	948,251	954,375
Limited partner operating partnership units	682,972	681,827
Series ES Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units	925	1,391
Series 60 Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units	(94)	16
Series 250 Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units	$ 12	$ 76

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	81,712,000	80,475,000
Series ES Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units, outstanding (in shares)	20,684,000	21,081,000
Series 60 Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units, outstanding (in shares)	5,503,000	5,558,000
Series 250 Operating Partnership Units Limited Partners
Capital:
Limited partner operating partnership units, outstanding (in shares)	2,717,000	2,789,000
ESRT | Series PR Operating Partnership Units
Capital:
General partner operating partnership units, outstanding (in shares)	2,719,000	2,710,000
Limited partner operating partnership units, outstanding (in shares)	158,609,000	158,420,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental revenue	$ 140,091	$ 147,514
Observatory revenue	22,154	13,241
Lease termination fees	0	1,173
Third-party management and other fees	427	310
Other revenue and fees	1,950	1,796
Total revenues	164,622	164,034
Operating expenses:
Property operating expenses	42,044	38,644
Ground rent expenses	2,331	2,331
General and administrative expenses	15,708	13,686
Observatory expenses	7,855	6,215
Real estate taxes	31,788	30,004
Depreciation and amortization	47,408	67,106
Total operating expenses	147,134	157,986
Total operating income	17,488	6,048
Other income (expense):
Interest income	2,595	149
Interest expense	(25,304)	(25,014)
Gain on sale of property	15,696	0
Income (loss) before income taxes	10,475	(18,817)
Income tax benefit	1,219	1,596
Net income (loss)	11,694	(17,221)
Private perpetual preferred unit distributions	(1,050)	(1,050)
Net loss attributable to non-controlling interest in other partnerships	43	63
Net income (loss) attributable to common unitholders	$ 10,687	$ (18,208)
Total weighted average units:
Basic (in shares)	264,493	273,759
Diluted (in shares)	265,197	273,759
Earnings per unit attributable to common unitholders:
Basic (in USD per share)	$ 0.04	$ (0.07)
Diluted (in USD per share)	0.04	(0.07)
Dividends per unit ((in USD per share)	$ 0.035	$ 0.035

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 11,694	$ (17,221)
Other comprehensive income:
Unrealized gain (loss) on valuation of interest rate swap agreements	(5,402)	9,763
Less: amount reclassified into interest expense	(1,272)	3,294
Other comprehensive income (loss)	(6,674)	13,057
Comprehensive income (loss)	5,020	(4,164)
Net loss attributable to non-controlling interest in other partnerships	43	63
Other comprehensive loss attributable to non-controlling interest	381	0
Comprehensive income (loss) attributable to OP unitholders	$ 5,444	$ (4,101)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2023	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance		$ 1,683,091	$ 1,683,091	$ 1,684,332
Conversion of operating partnership units to ESRT Partner's Capital			0	0
Contributions from consolidated joint ventures			18	224
Repurchases of common units (in shares)	(843,333)	(90,054)
Repurchases of common units			(5,694)	(12,001)
Equity compensation			4,374	4,460
Distributions			(9,743)	(10,819)
Net income (loss)			11,694	(17,221)
Other comprehensive income			(6,674)	13,057
Ending balance	$ 1,677,066		$ 1,677,066	$ 1,662,032
General Partner | Series PR Operating Partnership Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)		161,129,000	161,129,000	170,217,000
Beginning balance		$ 954,375	$ 954,375	$ 998,128
Conversion of operating partnership units to ESRT Partner's Capital (in shares)			806,000	573,000
Conversion of operating partnership units to ESRT Partner's Capital			$ 2,544	$ 1,497
Repurchases of common units (in shares)			(933,000)	(1,255,000)
Repurchases of common units			$ (5,694)	$ (12,001)
Equity compensation (in shares)			327,000	191,000
Equity compensation			$ 21	$ (61)
Distributions			(5,675)	(5,948)
Net income (loss)			6,519	(11,289)
Other comprehensive income			$ (3,839)	$ 8,095
Ending balance (in shares)	161,329,000		161,329,000	169,726,000
Ending balance	$ 948,251		$ 948,251	$ 978,421
Limited Partners | Series PR Operating Partnership Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)		80,475,000	80,475,000	79,820,000
Beginning balance		$ 681,827	$ 681,827	$ 649,157
Conversion of operating partnership units to ESRT Partner's Capital (in shares)			(282,000)	(190,000)
Conversion of operating partnership units to ESRT Partner's Capital			$ (2,433)	$ (1,555)
Equity compensation (in shares)			1,519,000	1,368,000
Equity compensation			$ 4,353	$ 4,521
Distributions			(2,006)	(2,743)
Net income (loss)			2,993	(4,862)
Other comprehensive income			$ (1,762)	$ 3,486
Ending balance (in shares)	81,712,000		81,712,000	80,998,000
Ending balance	$ 682,972		$ 682,972	$ 648,004
Limited Partners | Series ES Operating Partnership Units Limited Partners
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)		21,081,000	21,081,000	22,321,000
Beginning balance		$ 1,391	$ 1,391	$ (4,058)
Conversion of operating partnership units to ESRT Partner's Capital (in shares)			(397,000)	(287,000)
Conversion of operating partnership units to ESRT Partner's Capital			$ (89)	$ 40
Distributions			(724)	(771)
Net income (loss)			844	(1,475)
Other comprehensive income			$ (497)	$ 1,058
Ending balance (in shares)	20,684,000		20,684,000	22,034,000
Ending balance	$ 925		$ 925	$ (5,206)
Limited Partners | Series 60 Operating Partnership Units Limited Partners
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)		5,558,000	5,558,000	5,884,000
Beginning balance		$ 16	$ 16	$ (1,395)
Conversion of operating partnership units to ESRT Partner's Capital (in shares)			(55,000)	(63,000)
Conversion of operating partnership units to ESRT Partner's Capital			$ (9)	$ 12
Distributions			(193)	(204)
Net income (loss)			224	(382)
Other comprehensive income			$ (132)	$ 274
Ending balance (in shares)	5,503,000		5,503,000	5,821,000
Ending balance	$ (94)		$ (94)	$ (1,695)
Limited Partners | Series 250 Operating Partnership Units Limited Partners
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)		2,789,000	2,789,000	2,970,000
Beginning balance		$ 76	$ 76	$ (692)
Conversion of operating partnership units to ESRT Partner's Capital (in shares)			(72,000)	(33,000)
Conversion of operating partnership units to ESRT Partner's Capital			$ (13)	$ 6
Distributions			(95)	(103)
Net income (loss)			107	(200)
Other comprehensive income			$ (63)	$ 144
Ending balance (in shares)	2,717,000		2,717,000	2,937,000
Ending balance	$ 12		$ 12	$ (845)
Private Perpetual Preferred Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)		6,224,000	6,224,000	6,224,000
Beginning balance		$ 29,940	$ 29,940	$ 29,940
Distributions			(1,050)	(1,050)
Net income (loss)			$ 1,050	$ 1,050
Ending balance (in shares)	6,224,000		6,224,000	6,224,000
Ending balance	$ 29,940		$ 29,940	$ 29,940
Non-controlling Interest in Other Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance		$ 15,466	15,466	13,252
Contributions from consolidated joint ventures			18	224
Net income (loss)			(43)	(63)
Other comprehensive income			(381)
Ending balance	$ 15,060		$ 15,060	$ 13,413

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows From Operating Activities
Net income (loss)	$ 11,694	$ (17,221)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	47,408	67,106
Gain on sale of property	(15,696)	0
Amortization of non-cash items within interest expense	2,238	14,593
Amortization of acquired above- and below-market leases, net	(703)	(1,784)
Amortization of acquired below-market ground leases	1,958	1,958
Straight-lining of rental revenue	(556)	(2,595)
Equity based compensation	4,374	4,460
Increase (decrease) in cash flows due to changes in operating assets and liabilities:
Security deposits	10,184	(478)
Tenant and other receivables	258	847
Deferred leasing costs	(4,498)	(14,525)
Prepaid expenses and other assets	34,915	27,018
Accounts payable and accrued expenses	(6,804)	(12,661)
Deferred revenue and other liabilities	1,591	975
Net cash provided by operating activities	86,363	67,693
Cash Flows From Investing Activities
Net proceeds from sale of property	39,137	0
Development costs	(12)	(31)
Additions to building and improvements	(41,756)	(34,945)
Net cash used in investing activities	(2,631)	(34,976)
Cash Flows From Financing Activities
Repayment of mortgage notes payable	(2,142)	(2,092)
Contributions from consolidated joint ventures	0	224
Repurchases of common units	(5,694)	(12,001)
Distributions	(9,743)	(10,819)
Net cash used in financing activities	(17,579)	(24,688)
Net increase (decrease) in cash and cash equivalents and restricted cash	66,153	8,029
Cash and cash equivalents and restricted cash—beginning of period	314,678	474,638
Cash and cash equivalents and restricted cash—end of period	380,831	482,667
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	264,434	423,695
Restricted cash at beginning of period	50,244	50,943
Cash and cash equivalents at end of period	272,648	429,716
Restricted cash at end of period	108,183	52,951
Cash and cash equivalents and restricted cash	380,831	482,667
Supplemental disclosures of cash flow information:
Cash paid for interest	23,006	19,655
Cash paid for income taxes	283	93
Non-cash investing and financing activities:
Building and improvements included in accounts payable and accrued expenses	39,982	57,072
Write-off of fully depreciated assets	847	4,744
Derivative instruments at fair values included in prepaid expenses and other assets	12,446	45
Derivative instruments at fair values included in accounts payable and accrued expenses	2,171	13,290
Conversion of operating partnership units to ESRT partner's capital	$ 2,544	$ 1,497

Description of Business and Org

Description of Business and Organization	3 Months Ended
	Mar. 31, 2023
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. (“ESRT”), a self-administered and self-managed real estate investment trust ("REIT"), conducts all of its business and owns (either directly or through subsidiaries) substantially all of its assets. We own, manage, operate, acquire and reposition office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. As the owner of the Empire State Building, the World’s Most Famous Building, ESRT also owns and operates its iconic, newly reimagined Observatory Experience. As of March 31, 2023, our office and retail portfolio contained 9.6 million rentable square feet of office and retail space. We owned 12 office properties (including three long-term ground leasehold interests) encompassing approximately 8.9 million rentable square feet of office space. Nine of these properties are located in the midtown Manhattan market and encompass in the aggregate approximately 7.6 million rentable square feet of office space, including the Empire State Building. Our Manhattan office and multifamily properties also contain an aggregate of approximately 0.5 million rentable square feet of retail space on their ground floor and/or contiguous levels. Our remaining three office properties are located in Fairfield County, Connecticut and Westchester County, New York, encompassing in the aggregate approximately 1.3 million rentable square feet. The majority of square footage for these three properties is located in densely populated metropolitan communities with immediate access to mass transportation. Additionally, we have entitled land at the Stamford Transportation Center in Stamford, Connecticut, adjacent to one of our office properties, that will support the development of an approximately 0.4 million rentable square foot office building and garage. As of March 31, 2023, our portfolio included four standalone retail properties located in Manhattan encompassing approximately 0.2 million rentable square feet in the aggregate. Additionally, as of March 31, 2023, our portfolio included three multifamily properties located in Manhattan totaling 721 units. We were organized as a Delaware limited partnership on November 28, 2011 and operations commenced upon completion of the initial public offering of ESRT’s Class A common stock and related formation transactions on October 7, 2013. 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 March 31, 2023, ESRT owned approximately 59.3% of our operating partnership units.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 section entitled "Summary of Significant Accounting Policies" in our December 31, 2022 Annual Report on Form 10-K. 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, 2022 contained in our Annual Report on Form 10-K. Our observatory business is subject to seasonality based on tourism trends and the weather. Pre-pandemic, approximately 16.0% to 18.0% of our annual observatory revenue was realized in the first quarter, 26.0% to 28.0% was realized in the second quarter, 31.0% to 33.0% was realized in the third quarter, and 23.0% to 25.0% 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. As of March 31, 2023, we had a variable interest in and are deemed to be the primary beneficiary of 298 Mulberry, the multifamily asset we acquired in December 2022. 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

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2023
Business Combination and Dispositions [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions In December 2022, we entered into a purchase and sale agreement for 500 Mamaroneck Avenue in Harrison, NY at a gross asset valuation of $53.0 million. The assets and related liabilities of the 500 Mamaroneck property are classified as held for sale in our condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022 having met the held for sale criteria set forth in ASC 360 Property, Plant, and Equipment. Subsequent to March 31, 2023, we closed on the sale of this property on April 5, 2023. On February 1, 2023, we closed on the sale of 69-97 and 103-107 Main Street in Westport, Connecticut at a gross asset valuation of $40.0 million, and recorded a gain of $15.7 million, which is included in Gain on sale of property in our consolidated statement of operations. The Westport sale was a related party transaction approved in accordance with the Company's related party transactions policy. See our Annual Report on Form 10-K for the year ended December 31, 2022 for more information.

Deferred Costs, Acquired Lease

Deferred Costs, Acquired Lease Intangibles and Goodwill	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Leasing costs $ 220,988 $ 218,707 Acquired in-place lease value and deferred leasing costs 160,271 160,683 Acquired above-market leases 27,661 27,833 408,920 407,223 Less: accumulated amortization (229,493) (223,246) Total deferred costs, net, excluding net deferred financing costs $ 179,427 $ 183,977 At March 31, 2023 and December 31, 2022, $4.4 million and $5.0 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 $5.8 million and $7.0 million for the three months ended March 31, 2023 and 2022, respectively. Amortization expense related to acquired lease intangibles was $2.4 million and $4.2 million for the three months ended March 31, 2023 and 2022, respectively. Amortizing acquired intangible assets and liabilities consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Acquired below-market ground leases $ 396,916 $ 396,916 Less: accumulated amortization (69,801) (67,843) Acquired below-market ground leases, net $ 327,115 $ 329,073 March 31, 2023 December 31, 2022 Acquired below-market leases $ (64,656) $ (64,656) Less: accumulated amortization 48,075 46,807 Acquired below-market leases, net $ (16,581) $ (17,849) Rental revenue related to the amortization of below-market leases, net of above-market leases, was $0.7 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and December 31, 2022, 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. From the quarter ended June 30, 2020 through our annual goodwill testing in October 2022, 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. This was done in response to the temporary closure of our observatory due to the COVID-19 pandemic and subsequent slow increase in visitors due to continued pandemic-related restrictions impacting tourism and international travel. 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 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. Each quantitative analysis performed concluded the fair value of the reporting unit exceeds its carrying value. For the quarter ended March 31, 2023, we performed an optional qualitative assessment and did not identify any events which occurred between our last quantitative assessment and the current reporting date 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

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands): Principal Balance As of March 31, 2023 March 31, 2023 December 31, 2022 Stated Effective (1) Maturity (2) Mortgage debt collateralized by: Fixed rate mortgage debt Metro Center $ 81,973 $ 82,596 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 (3) 178,068 178,823 4.28 % 4.73 % 7/1/2027 1010 Third Avenue and 77 West 55th Street 35,616 35,831 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 70.0% of LIBOR plus 0.95% 3.56 % 11/1/2030 345 East 94th Street - Series B 7,707 7,865 LIBOR plus 2.24% 3.56 % 11/1/2030 561 10th Avenue - Series A 114,500 114,500 70.0% of LIBOR plus 1.07% 3.85 % 11/1/2033 561 10th Avenue - Series B 17,025 17,415 LIBOR plus 2.45% 3.85 % 11/1/2033 Total mortgage debt 898,489 900,630 Senior unsecured notes: (4) 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 Unsecured term loan facility (4) 215,000 215,000 SOFR plus 1.20% 4.22 % 3/19/2025 Unsecured revolving credit facility (4) — — SOFR plus 1.30% — 3/31/2025 Unsecured term loan facility (4) 175,000 175,000 SOFR plus 1.50% 4.51 % 12/31/2026 Total principal 2,263,489 2,265,630 Deferred financing costs, net (11,182) (11,748) Unamortized debt discount (7,550) (7,745) Total $ 2,244,757 $ 2,246,137 ______________ (1) The effective rate is the yield as of March 31, 2023 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) Represents a $164 million mortgage loan bearing interest at 4.09% and a $14.1 million loan bearing interest at 6.25%. (4) At March 31, 2023, we were in compliance with all debt covenants. Principal Payments Aggregate required principal payments at March 31, 2023 are as follows (amounts in thousands): Year Amortization Maturities Total 2023 $ 6,491 $ — $ 6,491 2024 8,861 77,675 86,536 2025 6,893 315,000 321,893 2026 7,330 225,000 232,330 2027 6,461 319,000 325,461 Thereafter 22,079 1,268,699 1,290,778 Total $ 58,115 $ 2,205,374 $ 2,263,489 Deferred Financing Costs Deferred financing costs, net, consisted of the following at March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Financing costs $ 43,473 $ 43,473 Less: accumulated amortization (27,842) (26,753) Total deferred financing costs, net $ 15,631 $ 16,720 Amortization expense related to deferred financing costs was $1.1 million and $1.4 million for the three months ended March 31, 2023 and 2022, respectively. Unsecured Revolving Credit and Term Loan Facilities On August 29, 2022, we entered into a third amendment to our amended and restated credit agreement dated August 29, 2017 with Bank of America, N.A., as administrative agent and the other lenders party thereto, which governs our senior unsecured revolving credit facility and term loan facility (collectively, the “BofA Credit Facility”). The BofA Credit Facility is in the initial maximum principal amount of up to $1.065 billion, which consists of an $850.0 million revolving credit facility that matures on March 31, 2025, and a $215.0 million term loan facility that matures on March 19, 2025. The third amendment revised the terms of the BofA Credit Facility to (i) replace LIBOR with SOFR given the phase out of LIBOR and (ii) permit the addition of multifamily assets as Unencumbered Eligible Property (as defined therein) and add a capitalization rate for such assets. As of March 31, 2023 , we had no borrowings under the revolving credit facility and $215.0 million under the term loan facility. On August 29, 2022, we entered into a second 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 second amendment revised the terms of the Wells Term Loan Facility to (i) replace LIBOR with SOFR given the phase out of LIBOR and (ii) permit the addition of multifamily assets as Unencumbered Eligible Property (as defined therein) and add a capitalization rate for such assets. 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 March 31, 2023 , our borrowings amounted to $175.0 million under the Wells Term Loan Facility. The terms of both the BofA Credit Facility 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 real estate investment trust qualification, and occurrence of a change of control. As of March 31, 2023, we were in compliance with these covenants. Senior Unsecured Notes The terms of the senior unsecured notes include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. It also requires 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 real estate investment trust qualification. As of March 31, 2023, we were in compliance with these covenants.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Accrued capital expenditures $ 39,982 $ 44,293 Accounts payable and accrued expenses 24,322 32,927 Interest rate swaps liability 2,171 — Accrued interest payable 3,558 3,509 Due to affiliated companies, net 1,572 — Total accounts payable and accrued expenses $ 71,605 $ 80,729

Financial Instruments and Fair

Financial Instruments and Fair Values	3 Months Ended
	Mar. 31, 2023
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 its 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 March 31, 2023, the fair value of derivatives in a liability position, that includes accrued interest but excludes any adjustment for nonperformance risk, was $2.4 million. If we had breached any of these provisions at March 31, 2023, we could have been required to settle our obligations under the agreements at their termination value of $2.4 million. As of March 31, 2023 and December 31, 2022, we had interest rate swaps and caps with an aggregate notional value of $574.4 million and $574.8 million, respectively. The notional value does not represent exposure to credit, interest rate or market risks. As of March 31, 2023, the fair value of our interest rate swaps in an asset and liability position were $12.5 million and $(2.2) million, respectively, and are included in prepaid expenses and other assets and in accounts payable and accrued expenses, respectively, on the condensed consolidated balance sheet. As of December 31, 2022, the fair value of our derivative instruments in an asset position amounted to $17.9 million, which is included in prepaid expenses and other assets 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 March 31, 2023 and 2022, our cash flow hedges are deemed highly effective and a net unrealized gain (loss) of $(6.7) million and $13.1 million for the three months ended March 31, 2023 and 2022, respectively, relating to both active and terminated hedges of interest rate risk, are reflected in the condensed consolidated statements of comprehensive income (loss). 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 $5.3 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 March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Derivative Notional Amount Receive Rate Pay Rate Effective Date Expiration Date Asset Liability Asset Liability Interest rate swap $ 36,820 70% of 1 Month LIBOR 2.5000% December 1, 2021 November 1, 2030 $ — $ (368) $ 256 $ — Interest rate swap 103,790 70% of 1 Month LIBOR 2.5000% December 1, 2021 November 1, 2033 — (1,803) 365 — Interest rate swap 10,710 70% of 1 Month LIBOR 1.7570% December 1, 2021 November 1, 2033 432 643 — Interest rate swap 17,157 1 Month LIBOR 2.2540% December 1, 2021 November 1, 2030 790 — 1,070 — Interest rate cap 6,780 70% of 1 Month LIBOR 4.5000% December 1, 2021 October 1, 2024 6 — 8 — Interest rate cap 9,188 1 Month LIBOR 5.5000% December 1, 2021 October 1, 2024 23 — 26 — Interest rate swap 175,000 SOFR Compound 2.5620% August 31, 2022 December 31, 2026 5,563 — 8,040 — Interest rate swap 107,500 SOFR Compound 2.6260% August 19, 2022 March 19, 2025 2,830 — 3,766 — Interest rate swap 107,500 SOFR OIS Compound 2.6280% August 19, 2022 March 19, 2025 2,831 — 3,762 — $ 12,475 $ (2,171) $ 17,936 $ — 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 months ended March 31, 2023 and 2022 (amounts in thousands): Three months ended Effects of Cash Flow Hedges March 31, 2023 March 31, 2022 Amount of gain (loss) recognized in other comprehensive income (loss) $ (5,402) $ 9,763 Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense 1,272 (3,294) 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 months ended March 31, 2023 and 2022 (amounts in thousands): Three months ended Effects of Cash Flow Hedges March 31, 2023 March 31, 2022 Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded $ (25,304) $ (25,014) Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense 1,272 (3,294) Fair Valuation The estimated fair values at March 31, 2023 and December 31, 2022 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 and H - 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 March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 Estimated Fair Value Carrying Total Level 1 Level 2 Level 3 Interest rate swaps included in prepaid expenses and other assets $ 12,446 $ 12,446 $ — $ 12,446 $ — Interest rate swaps included in accounts payable and accrued expenses 2,171 2,171 — 2,171 — Mortgage notes payable 882,142 787,481 — — 787,481 Senior unsecured notes - Series A, B, C, D, E, F, G and H 973,714 886,358 — — 886,358 Unsecured term loan facilities 388,901 390,000 — — 390,000 December 31, 2022 Estimated Fair Value Carrying Total Level 1 Level 2 Level 3 Interest rate swaps included in prepaid expenses and other assets $ 17,936 $ 17,936 $ — $ 17,936 $ — Mortgage notes payable 883,705 783,648 — — 783,648 Senior unsecured notes - Series A, B, C, D, E, F, G and H 973,659 865,292 — — 865,292 Unsecured term loan facilities 388,773 390,000 — — 390,000

Leases

Leases	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 are as follows (amounts in thousands): Three months ended Rental revenue March 31, 2023 March 31, 2022 Fixed payments $ 124,564 $ 133,401 Variable payments 15,527 14,113 Total rental revenue $ 140,091 $ 147,514 As of March 31, 2023, 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 2040 (amounts in thousands): Remainder of 2023 $ 368,524 2024 498,358 2025 468,145 2026 429,747 2027 411,175 Thereafter 1,786,987 $ 3,962,936 The above future minimum lease payments exclude tenant recoveries and the net accretion of above 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. On March 12, 2023, Signature Bank, a tenant at 1400 Broadway and 1333 Broadway, was closed by the New York State Department of Financial Services and the Federal Deposit Insurance Corporation (“FDIC”) was named receiver. As reported by the FDIC, to protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., (the “Bridge Bank”) a full-service bank that will be operated by the FDIC, in accordance with the terms of a transfer agreement (the “Transfer Agreement”). On March 20, 2023, the FDIC entered into a purchase and assumption agreement (the “Flagstar Agreement”) for substantially all deposits and certain loan portfolios of Signature Bridge Bank, N.A., by Flagstar Bank, N.A., Hicksville, NY (“Flagstar”), a wholly owned subsidiary of New York Community Bancorp, Inc., Westbury, NY. Our understanding is the terms of the Flagstar Agreement provides Flagstar with the right to accept or not to accept an assignment of Signature Bank’s lease by May 19, 2023. Additionally, the terms of the Transfer Agreement provide the Bridge Bank 120 days, or until July 10, 2023, the right to assume or reject the lease. As of the date of filing, there has been no official announcement from Flagstar or Bridge Bank with regards to Signature Bank’s lease. While the tenant is current on all rent obligations to us through April 2023, uncertainty remains around whether the tenant will fulfill all of its obligations over the remaining term of their lease. Our assessment of collectability of the remaining lease payments due to us is no longer probable and in accordance with ASC 842-30-25-13, we have recorded a $6.4 million reserve on Signature Bank’s straight-line rent receivable balance, that was calculated as the difference between the lease income that was recorded on a straight-line basis and the lease payments which have been collected from our tenant as of March 31, 2023. We will continue to assess the collectability of lease payments due to us over the course of the lease. 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 $28.6 million and lease liabilities of $28.6 million in our condensed consolidated balance sheet as of March 31, 2023. 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 March 31, 2023 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 March 31, 2023 was 47.2 years. As of March 31, 2023, 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 2023 $ 1,139 2024 1,518 2025 1,518 2026 1,503 2027 1,482 Thereafter 62,277 Total undiscounted cash flows 69,437 Present value discount (40,825) Ground lease liabilities $ 28,612
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 months ended March 31, 2023 and 2022 are as follows (amounts in thousands): Three months ended Rental revenue March 31, 2023 March 31, 2022 Fixed payments $ 124,564 $ 133,401 Variable payments 15,527 14,113 Total rental revenue $ 140,091 $ 147,514 As of March 31, 2023, 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 2040 (amounts in thousands): Remainder of 2023 $ 368,524 2024 498,358 2025 468,145 2026 429,747 2027 411,175 Thereafter 1,786,987 $ 3,962,936 The above future minimum lease payments exclude tenant recoveries and the net accretion of above 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. On March 12, 2023, Signature Bank, a tenant at 1400 Broadway and 1333 Broadway, was closed by the New York State Department of Financial Services and the Federal Deposit Insurance Corporation (“FDIC”) was named receiver. As reported by the FDIC, to protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., (the “Bridge Bank”) a full-service bank that will be operated by the FDIC, in accordance with the terms of a transfer agreement (the “Transfer Agreement”). On March 20, 2023, the FDIC entered into a purchase and assumption agreement (the “Flagstar Agreement”) for substantially all deposits and certain loan portfolios of Signature Bridge Bank, N.A., by Flagstar Bank, N.A., Hicksville, NY (“Flagstar”), a wholly owned subsidiary of New York Community Bancorp, Inc., Westbury, NY. Our understanding is the terms of the Flagstar Agreement provides Flagstar with the right to accept or not to accept an assignment of Signature Bank’s lease by May 19, 2023. Additionally, the terms of the Transfer Agreement provide the Bridge Bank 120 days, or until July 10, 2023, the right to assume or reject the lease. As of the date of filing, there has been no official announcement from Flagstar or Bridge Bank with regards to Signature Bank’s lease. While the tenant is current on all rent obligations to us through April 2023, uncertainty remains around whether the tenant will fulfill all of its obligations over the remaining term of their lease. Our assessment of collectability of the remaining lease payments due to us is no longer probable and in accordance with ASC 842-30-25-13, we have recorded a $6.4 million reserve on Signature Bank’s straight-line rent receivable balance, that was calculated as the difference between the lease income that was recorded on a straight-line basis and the lease payments which have been collected from our tenant as of March 31, 2023. We will continue to assess the collectability of lease payments due to us over the course of the lease. 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 $28.6 million and lease liabilities of $28.6 million in our condensed consolidated balance sheet as of March 31, 2023. 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 March 31, 2023 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 March 31, 2023 was 47.2 years. As of March 31, 2023, 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 2023 $ 1,139 2024 1,518 2025 1,518 2026 1,503 2027 1,482 Thereafter 62,277 Total undiscounted cash flows 69,437 Present value discount (40,825) Ground lease liabilities $ 28,612

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings Except as described below, as of March 31, 2023, 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 initial public offering of our company (the "Offering") 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 "Respondents"). The statement of claim (also filed later in federal court in New York for the expressed purpose of tolling the statute of limitations) alleges breach of fiduciary duty and related claims in connection with the Offering and formation transactions and seeks monetary damages and declaratory relief. Claimants had opted out of a prior class action bringing similar claims that was 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 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 statement 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 September 27, 2021, the court denied Respondents' motion to vacate and entered judgement in the aforementioned amount, inclusive of accumulated interest. Respondents have appealed that ruling. On May 10, 2022, Respondents moved to dismiss the appeal and judgment on the grounds that a recent decision of the United States Supreme Court held that the federal courts have no subject matter jurisdiction over the case. Claimants opposed the motion. On April 20, 2023, the Court granted the motion. On April 21, 2023, Respondents filed a petition to vacate in part and otherwise confirm in New York State court, where it is currently pending. In addition, certain of the Claimants in the federal court action sought to pursue claims in that case against Respondents. Respondents believe that any such claims are meritless. The magistrate judge assigned to the action has issued a Report and Recommendation rejecting 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., our retired general counsel, have defense and indemnity rights from us with respect to this arbitration. Unfunded Capital Expenditures At March 31, 2023, we estimate that we will incur approximately $107.9 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, additional property level mortgage financings, our unsecured credit facility, 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 March 31, 2023, 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 March 31, 2023, 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 Certain of our properties have been inspected for soil contamination due to pollutants, which may have occurred prior to our ownership of these properties or subsequently in connection with its development and/or its use. Required remediation to such properties has been completed, other than our post-closing obligations for remediation at our Westport retail assets, as discussed in more detail in our Annual Report on Form 10-K for the year ended December 31, 2022, and as of March 31, 2023, with the exception of these two 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. We expect that resolution of the environmental matters relating to the above will not have a material impact on our business, assets, consolidated financial condition, results of operations or liquidity. 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

Capital

Capital	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Capital	Capital As of March 31, 2023, there were 160,339,762 shares of Class A common stock 988,974 shares of Class B common stock and 110,618,164 operating partnership units outstanding, of which 161,328,736, or 59.3%, were owned by ESRT and 110,618,164, or 40.7%, were owned by other partners, including ESRT directors, members of senior management and other employees. On May 16, 2019, the Empire State Realty Trust, Inc. Empire State Realty OP, L.P. 2019 Equity Incentive Plan (“2019 Plan”) was approved by our shareholders. The 2019 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. An aggregate of approximately 11.0 million shares of ESRT common stock are authorized for issuance under awards granted pursuant to the 2019 Plan. We will not issue any new equity awards under the First Amended and Restated Empire State Realty Trust, Inc. and Empire State Realty OP, L.P. 2013 Equity Incentive Plan ("2013 Plan", and collectively with the 2019 Plan, "the Plans"). The shares of ESRT Class A common stock underlying any awards under the 2019 Plan and the 2013 Plan 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 2019 Plan. Shares tendered or held back upon exercise of a stock option or settlement of an award under the 2019 Plan or the 2013 Plan 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 2019 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 2019 Plan. 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 capital 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 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. 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 the Operating Partnership’s Series ES, Series 250 and Series 60 operating partnership units from January 1, 2022 through December 31, 2023. 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 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 and our discretion without prior notice. The following table summarizes ESRT's purchases of equity securities in each of the three months ended March 31, 2023: Period Total Number of Shares Purchased Weighted Average Price Paid per Share Maximum Approximate Dollar Value Available for Future Purchase (in thousands) January 2023 90,054 $ 6.70 $ 409,221 February 2023 — $ — $ 409,221 March 2023 843,333 $ 6.04 $ 404,130 Private Perpetual Preferred Units As of March 31, 2023, 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 $8.7 million and $9.8 million for the three months ended March 31, 2023 and 2022, respectively. Total distributions paid to preferred unitholders were $1.1 million and $1.1 million for the three months ended March 31, 2023 and 2022, respectively. Incentive and Share-Based Compensation The Plans provide for grants to directors, employees and consultants consisting of stock options, restricted stock, dividend equivalents, stock payments, performance shares, LTIP units, stock appreciation rights and other incentive awards. An aggregate of 11.0 million shares of ESRT common stock is authorized for issuance under awards granted pursuant to the 2019 Plan, and as of March 31, 2023, 4.4 million shares of ESRT common stock remain available for future issuance. In March 2023, we made grants of LTIP units to executive officers under the 2019 Plan, including a total of 552,412 LTIP units that are subject to time-based vesting, 834,456 LTIP units that are subject to market-based vesting and 679,969 units that are subject to performance-based vesting with fair market values of $3.2 million, $3.9 million and $3.9 million, respectively. In March 2023, we made grants of LTIP units and restricted stock to certain other employees under the 2019 Plan, including a total of 229,308 LTIP units and 370,465 shares of restricted stock that are subject to time-based vesting, 111,942 LTIP units that are subject to market-based vesting and 91,211 LTIP units that are subject to performance-based vesting, with fair market values of $1.5 million and $2.6 million, respectively, for the time-based vesting awards, $0.6 million for the market-based vesting awards and $0.6 million for the performance-based vesting awards. The awards subject to time-based vesting vest ratably over four years, subject generally to the grantee's continued employment, with the first installment vesting on January 1, 2024. The vesting of the LTIP units subject to market-based vesting is based on the achievement of relative total stockholder return hurdles over a three-year performance period, commencing on January 1, 2023. The vesting of the LTIP units subject to performance-based vesting is based on the achievement of (i) operational metrics over a one -year performance period, subject to a three -year absolute TSR modifier, and (ii) environmental, social and governance ("ESG") metrics over a three -year performance period, in each case, commencing on January 1, 2023. Following the completion of the respective performance periods, our Compensation and Human Capital Committee will determine the number of LTIP units to which the grantee is entitled based on our performance relative to the performance hurdles set forth in the LTIP unit award agreements the grantee entered in connection with the award grant. These LTIP units then vest in two equal installments, on January 1, 2025 and December 31, 2026, subject generally to the grantee's continued employment on those dates. In March 2023, we also made one-time additional grants of LTIP units to certain non-executive employees under the 2019 Plan. At such time, we granted to certain other employees a total of 152,542 LTIP units that are subject to time-based vesting, with a fair market value of $1.0 million that vest over four In 2023, our named executive officers could elect to receive their annual incentive bonus in any combination of (i) cash or vested LTIPs at the face amount of such bonus or (ii) time-vesting LTIPs which would vest over three years, subject to continued employment, at a premium over such face amount (120% for awards granted in 2021, 2022, and 2023; 125% for years prior to 2021). In March 2023, we made grants of LTIP units to executive officers under the 2019 Plan in connection with the 2022 bonus election program. We granted to executive officers a total of 521,571 LTIP units that are subject to time-based vesting with a fair market value of $3.0 million. Of these LTIP units, 446,376 LTIP units vest ratably over three years from January 1, 2023, subject generally to the grantee's continued employment. The first installment vests on January 1, 2024, and the remainder will vest thereafter in two equal annual installments on January 1, 2025 and January 1, 2026. We also granted to our retired general counsel 75,195 LTIP units that vested immediately on the grant date. 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 three months ended March 31, 2023 were valued at $20.2 million. The weighted average per unit or share fair value was $5.69 for grants issued in 2023. The fair value per unit or share granted in 2023 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 1.7%, a risk-free interest rate from 4.4% to 5.0%, and an expected price volatility from 35.0% to 46.0%. No other stock options, dividend equivalents, or stock appreciation rights were issued or outstanding in 2023. The following is a summary of ESRT restricted stock and LTIP unit activity for the three months ended March 31, 2023: Restricted Stock Time-based LTIPs Market-based LTIPs Performance-based LTIPs Weighted Average Grant Fair Value Unvested balance at December 31, 2022 359,293 2,713,522 4,070,537 510,989 $ 6.69 Vested (106,139) (997,732) (274,402) (1,222) 7.78 Granted 370,465 1,455,833 946,398 771,180 5.69 Forfeited or unearned (1,221) — (1,645,223) (8,337) 4.27 Unvested balance at March 31, 2023 622,398 3,171,623 3,097,310 1,272,610 $ 6.56 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 ten 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 $0.7 million and $1.0 million for the three months ended March 31, 2023 and 2022, respectively. Unrecognized compensation expense was $4.2 million at March 31, 2023, which will be recognized over a weighted average period of 2.9 years. For the remainder of the LTIP unit and ESRT restricted stock awards, we recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized noncash compensation expense of $3.7 million and $3.5 million for the three months ended March 31, 2023 and 2022, respectively. Unrecognized compensation expense was $36.2 million at March 31, 2023, which will be recognized over a weighted average period of 2.8 years. Earnings Per Unit Earnings per unit for the three months ended March 31, 2023 and 2022 is computed as follows (amounts in thousands, except per share amounts): Three Months Ended March 31, 2023 March 31, 2022 Numerator: Net income (loss) $ 11,694 $ (17,221) Private perpetual preferred unit distributions (1,050) (1,050) Net loss attributable to non-controlling interests in other partnerships 43 63 Earnings allocated to unvested units — (89) Net income (loss) attributable to common unitholders – basic and diluted $ 10,687 $ (18,297) Denominator: Weighted average units outstanding – basic 264,493 273,759 Effect of dilutive securities: Stock-based compensation plans 704 — Weighted average units outstanding –- diluted 265,197 273,759 Earnings per share: Basic $ 0.04 $ (0.07) Diluted $ 0.04 $ (0.07) There were zero and 194 antidilutive shares and LTIP units for the three months ended March 31, 2023 and 2022, respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Supervisory Fee Revenue We earned supervisory fees from entities affiliated with Anthony E. Malkin, our Chairman, President and Chief Executive Officer, of $0.2 million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively. These fees are included within third-party management and other fees. Property Management Fee Revenue We earned property management fees from entities affiliated with Anthony E. Malkin of $0.1 million and $0.1 million for the three months ended March 31, 2023 and 2022, 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 entities 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 and employee, 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 $0.1 million for the three months ended March 31, 2023 and 2022, respectively.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
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 includes the operation of 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 (loss) for each segment for the three and three months ended March 31, 2023 and 2022 (amounts in thousands): Three Months Ended March 31, 2023 Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 140,091 $ — $ — $ 140,091 Intercompany rental revenue 15,914 — (15,914) — Observatory revenue — 22,154 — 22,154 Third-party management and other fees 427 — — 427 Other revenue and fees 1,950 — — 1,950 Total revenues 158,382 22,154 (15,914) 164,622 Operating expenses: Property operating expenses 42,044 — — 42,044 Intercompany rent expense — 15,914 (15,914) — Ground rent expenses 2,331 — — 2,331 General and administrative expenses 15,708 — — 15,708 Observatory expenses — 7,855 — 7,855 Real estate taxes 31,788 — — 31,788 Depreciation and amortization 47,364 44 — 47,408 Total operating expenses 139,235 23,813 (15,914) 147,134 Total operating income (loss) 19,147 (1,659) — 17,488 Other income (expense): Interest income 2,558 37 — 2,595 Interest expense (25,304) — — (25,304) Gain on sale of property 15,696 — — 15,696 Income (loss) before income taxes 12,097 (1,622) — 10,475 Income tax (expense) benefit (198) 1,417 — 1,219 Net income (loss) $ 11,899 $ (205) $ — $ 11,694 Segment assets $ 3,903,661 $ 253,702 $ — $ 4,157,363 Expenditures for segment assets $ 34,536 $ 58 $ — $ 34,594 Three Months Ended March 31, 2022 Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 147,514 $ — $ — $ 147,514 Intercompany rental revenue 10,620 — (10,620) — Observatory revenue — 13,241 — 13,241 Lease termination fees 1,173 — — 1,173 Third-party management and other fees 310 — — 310 Other revenue and fees 1,796 — — 1,796 Total revenues 161,413 13,241 (10,620) 164,034 Operating expenses: Property operating expenses 38,644 — — 38,644 Intercompany rent expense — 10,620 (10,620) — Ground rent expense 2,331 — — 2,331 General and administrative expenses 13,686 — — 13,686 Observatory expenses — 6,215 — 6,215 Real estate taxes 30,004 — — 30,004 Depreciation and amortization 67,071 35 — 67,106 Total operating expenses 151,736 16,870 (10,620) 157,986 Total operating income (loss) 9,677 (3,629) — 6,048 Other income (expense): Interest income 149 — — 149 Interest expense (25,014) — — (25,014) Loss before income taxes (15,188) (3,629) — (18,817) Income tax (expense) benefit (144) 1,740 — 1,596 Net loss $ (15,332) $ (1,889) $ — $ (17,221) Segment assets $ 3,998,791 $ 244,539 $ — $ 4,243,330 Expenditures for segment assets $ 38,884 $ 291 $ — $ 39,175

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events None.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2022 contained in our Annual Report on Form 10-K. Our observatory business is subject to seasonality based on tourism trends and the weather.
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. As of March 31, 2023, we had a variable interest in and are deemed to be the primary beneficiary of 298 Mulberry, the multifamily asset we acquired in December 2022.    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, 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 term loan and revolving credit 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 March 31, 2023 and December 31, 2022 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 and H - 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.

Deferred Costs, Acquired Leas_2

Deferred Costs, Acquired Lease Intangibles and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Costs, Net	Deferred costs, net, consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Leasing costs $ 220,988 $ 218,707 Acquired in-place lease value and deferred leasing costs 160,271 160,683 Acquired above-market leases 27,661 27,833 408,920 407,223 Less: accumulated amortization (229,493) (223,246) Total deferred costs, net, excluding net deferred financing costs $ 179,427 $ 183,977 March 31, 2023 December 31, 2022 Financing costs $ 43,473 $ 43,473 Less: accumulated amortization (27,842) (26,753) Total deferred financing costs, net $ 15,631 $ 16,720
Schedule of Amortizing Acquired Intangible Assets and Liabilities	Amortizing acquired intangible assets and liabilities consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Acquired below-market ground leases $ 396,916 $ 396,916 Less: accumulated amortization (69,801) (67,843) Acquired below-market ground leases, net $ 327,115 $ 329,073 March 31, 2023 December 31, 2022 Acquired below-market leases $ (64,656) $ (64,656) Less: accumulated amortization 48,075 46,807 Acquired below-market leases, net $ (16,581) $ (17,849)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Debt consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands): Principal Balance As of March 31, 2023 March 31, 2023 December 31, 2022 Stated Effective (1) Maturity (2) Mortgage debt collateralized by: Fixed rate mortgage debt Metro Center $ 81,973 $ 82,596 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 (3) 178,068 178,823 4.28 % 4.73 % 7/1/2027 1010 Third Avenue and 77 West 55th Street 35,616 35,831 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 70.0% of LIBOR plus 0.95% 3.56 % 11/1/2030 345 East 94th Street - Series B 7,707 7,865 LIBOR plus 2.24% 3.56 % 11/1/2030 561 10th Avenue - Series A 114,500 114,500 70.0% of LIBOR plus 1.07% 3.85 % 11/1/2033 561 10th Avenue - Series B 17,025 17,415 LIBOR plus 2.45% 3.85 % 11/1/2033 Total mortgage debt 898,489 900,630 Senior unsecured notes: (4) 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 Unsecured term loan facility (4) 215,000 215,000 SOFR plus 1.20% 4.22 % 3/19/2025 Unsecured revolving credit facility (4) — — SOFR plus 1.30% — 3/31/2025 Unsecured term loan facility (4) 175,000 175,000 SOFR plus 1.50% 4.51 % 12/31/2026 Total principal 2,263,489 2,265,630 Deferred financing costs, net (11,182) (11,748) Unamortized debt discount (7,550) (7,745) Total $ 2,244,757 $ 2,246,137 ______________ (1) The effective rate is the yield as of March 31, 2023 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) Represents a $164 million mortgage loan bearing interest at 4.09% and a $14.1 million loan bearing interest at 6.25%.
Schedule of Aggregate Required Principal Payments	Aggregate required principal payments at March 31, 2023 are as follows (amounts in thousands): Year Amortization Maturities Total 2023 $ 6,491 $ — $ 6,491 2024 8,861 77,675 86,536 2025 6,893 315,000 321,893 2026 7,330 225,000 232,330 2027 6,461 319,000 325,461 Thereafter 22,079 1,268,699 1,290,778 Total $ 58,115 $ 2,205,374 $ 2,263,489
Schedule of Deferred Costs, Net	Deferred costs, net, consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Leasing costs $ 220,988 $ 218,707 Acquired in-place lease value and deferred leasing costs 160,271 160,683 Acquired above-market leases 27,661 27,833 408,920 407,223 Less: accumulated amortization (229,493) (223,246) Total deferred costs, net, excluding net deferred financing costs $ 179,427 $ 183,977 March 31, 2023 December 31, 2022 Financing costs $ 43,473 $ 43,473 Less: accumulated amortization (27,842) (26,753) Total deferred financing costs, net $ 15,631 $ 16,720

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Accrued capital expenditures $ 39,982 $ 44,293 Accounts payable and accrued expenses 24,322 32,927 Interest rate swaps liability 2,171 — Accrued interest payable 3,558 3,509 Due to affiliated companies, net 1,572 — Total accounts payable and accrued expenses $ 71,605 $ 80,729

Financial Instruments and Fai_2

Financial Instruments and Fair Values (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 December 31, 2022 Derivative Notional Amount Receive Rate Pay Rate Effective Date Expiration Date Asset Liability Asset Liability Interest rate swap $ 36,820 70% of 1 Month LIBOR 2.5000% December 1, 2021 November 1, 2030 $ — $ (368) $ 256 $ — Interest rate swap 103,790 70% of 1 Month LIBOR 2.5000% December 1, 2021 November 1, 2033 — (1,803) 365 — Interest rate swap 10,710 70% of 1 Month LIBOR 1.7570% December 1, 2021 November 1, 2033 432 643 — Interest rate swap 17,157 1 Month LIBOR 2.2540% December 1, 2021 November 1, 2030 790 — 1,070 — Interest rate cap 6,780 70% of 1 Month LIBOR 4.5000% December 1, 2021 October 1, 2024 6 — 8 — Interest rate cap 9,188 1 Month LIBOR 5.5000% December 1, 2021 October 1, 2024 23 — 26 — Interest rate swap 175,000 SOFR Compound 2.5620% August 31, 2022 December 31, 2026 5,563 — 8,040 — Interest rate swap 107,500 SOFR Compound 2.6260% August 19, 2022 March 19, 2025 2,830 — 3,766 — Interest rate swap 107,500 SOFR OIS Compound 2.6280% August 19, 2022 March 19, 2025 2,831 — 3,762 — $ 12,475 $ (2,171) $ 17,936 $ —
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 months ended March 31, 2023 and 2022 (amounts in thousands): Three months ended Effects of Cash Flow Hedges March 31, 2023 March 31, 2022 Amount of gain (loss) recognized in other comprehensive income (loss) $ (5,402) $ 9,763 Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense 1,272 (3,294) 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 months ended March 31, 2023 and 2022 (amounts in thousands): Three months ended Effects of Cash Flow Hedges March 31, 2023 March 31, 2022 Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded $ (25,304) $ (25,014) Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense 1,272 (3,294)
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 March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 Estimated Fair Value Carrying Total Level 1 Level 2 Level 3 Interest rate swaps included in prepaid expenses and other assets $ 12,446 $ 12,446 $ — $ 12,446 $ — Interest rate swaps included in accounts payable and accrued expenses 2,171 2,171 — 2,171 — Mortgage notes payable 882,142 787,481 — — 787,481 Senior unsecured notes - Series A, B, C, D, E, F, G and H 973,714 886,358 — — 886,358 Unsecured term loan facilities 388,901 390,000 — — 390,000 December 31, 2022 Estimated Fair Value Carrying Total Level 1 Level 2 Level 3 Interest rate swaps included in prepaid expenses and other assets $ 17,936 $ 17,936 $ — $ 17,936 $ — Mortgage notes payable 883,705 783,648 — — 783,648 Senior unsecured notes - Series A, B, C, D, E, F, G and H 973,659 865,292 — — 865,292 Unsecured term loan facilities 388,773 390,000 — — 390,000

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Components of Rental Revenue	The components of rental revenue for the three months ended March 31, 2023 and 2022 are as follows (amounts in thousands): Three months ended Rental revenue March 31, 2023 March 31, 2022 Fixed payments $ 124,564 $ 133,401 Variable payments 15,527 14,113 Total rental revenue $ 140,091 $ 147,514
Schedule of Future Contractual Minimum Lease Payments On Non-Cancellable Operating Leases To Be Received	As of March 31, 2023, 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 2040 (amounts in thousands): Remainder of 2023 $ 368,524 2024 498,358 2025 468,145 2026 429,747 2027 411,175 Thereafter 1,786,987 $ 3,962,936
Schedule of Future Minimum Lease Payments	As of March 31, 2023, 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 2023 $ 1,139 2024 1,518 2025 1,518 2026 1,503 2027 1,482 Thereafter 62,277 Total undiscounted cash flows 69,437 Present value discount (40,825) Ground lease liabilities $ 28,612

Capital (Tables)

Capital (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Equity Securities Repurchased	The following table summarizes ESRT's purchases of equity securities in each of the three months ended March 31, 2023: Period Total Number of Shares Purchased Weighted Average Price Paid per Share Maximum Approximate Dollar Value Available for Future Purchase (in thousands) January 2023 90,054 $ 6.70 $ 409,221 February 2023 — $ — $ 409,221 March 2023 843,333 $ 6.04 $ 404,130
Schedule of ERST Restricted Stock and LTIP Unit Activity	The following is a summary of ESRT restricted stock and LTIP unit activity for the three months ended March 31, 2023: Restricted Stock Time-based LTIPs Market-based LTIPs Performance-based LTIPs Weighted Average Grant Fair Value Unvested balance at December 31, 2022 359,293 2,713,522 4,070,537 510,989 $ 6.69 Vested (106,139) (997,732) (274,402) (1,222) 7.78 Granted 370,465 1,455,833 946,398 771,180 5.69 Forfeited or unearned (1,221) — (1,645,223) (8,337) 4.27 Unvested balance at March 31, 2023 622,398 3,171,623 3,097,310 1,272,610 $ 6.56
Schedule of Earnings Per Unit	Earnings per unit for the three months ended March 31, 2023 and 2022 is computed as follows (amounts in thousands, except per share amounts): Three Months Ended March 31, 2023 March 31, 2022 Numerator: Net income (loss) $ 11,694 $ (17,221) Private perpetual preferred unit distributions (1,050) (1,050) Net loss attributable to non-controlling interests in other partnerships 43 63 Earnings allocated to unvested units — (89) Net income (loss) attributable to common unitholders – basic and diluted $ 10,687 $ (18,297) Denominator: Weighted average units outstanding – basic 264,493 273,759 Effect of dilutive securities: Stock-based compensation plans 704 — Weighted average units outstanding –- diluted 265,197 273,759 Earnings per share: Basic $ 0.04 $ (0.07) Diluted $ 0.04 $ (0.07)

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Net Income (Loss) for Each Segment	The following tables provide components of segment net income (loss) for each segment for the three and three months ended March 31, 2023 and 2022 (amounts in thousands): Three Months Ended March 31, 2023 Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 140,091 $ — $ — $ 140,091 Intercompany rental revenue 15,914 — (15,914) — Observatory revenue — 22,154 — 22,154 Third-party management and other fees 427 — — 427 Other revenue and fees 1,950 — — 1,950 Total revenues 158,382 22,154 (15,914) 164,622 Operating expenses: Property operating expenses 42,044 — — 42,044 Intercompany rent expense — 15,914 (15,914) — Ground rent expenses 2,331 — — 2,331 General and administrative expenses 15,708 — — 15,708 Observatory expenses — 7,855 — 7,855 Real estate taxes 31,788 — — 31,788 Depreciation and amortization 47,364 44 — 47,408 Total operating expenses 139,235 23,813 (15,914) 147,134 Total operating income (loss) 19,147 (1,659) — 17,488 Other income (expense): Interest income 2,558 37 — 2,595 Interest expense (25,304) — — (25,304) Gain on sale of property 15,696 — — 15,696 Income (loss) before income taxes 12,097 (1,622) — 10,475 Income tax (expense) benefit (198) 1,417 — 1,219 Net income (loss) $ 11,899 $ (205) $ — $ 11,694 Segment assets $ 3,903,661 $ 253,702 $ — $ 4,157,363 Expenditures for segment assets $ 34,536 $ 58 $ — $ 34,594 Three Months Ended March 31, 2022 Real Estate Observatory Intersegment Elimination Total Revenues: Rental revenue $ 147,514 $ — $ — $ 147,514 Intercompany rental revenue 10,620 — (10,620) — Observatory revenue — 13,241 — 13,241 Lease termination fees 1,173 — — 1,173 Third-party management and other fees 310 — — 310 Other revenue and fees 1,796 — — 1,796 Total revenues 161,413 13,241 (10,620) 164,034 Operating expenses: Property operating expenses 38,644 — — 38,644 Intercompany rent expense — 10,620 (10,620) — Ground rent expense 2,331 — — 2,331 General and administrative expenses 13,686 — — 13,686 Observatory expenses — 6,215 — 6,215 Real estate taxes 30,004 — — 30,004 Depreciation and amortization 67,071 35 — 67,106 Total operating expenses 151,736 16,870 (10,620) 157,986 Total operating income (loss) 9,677 (3,629) — 6,048 Other income (expense): Interest income 149 — — 149 Interest expense (25,014) — — (25,014) Loss before income taxes (15,188) (3,629) — (18,817) Income tax (expense) benefit (144) 1,740 — 1,596 Net loss $ (15,332) $ (1,889) $ — $ (17,221) Segment assets $ 3,998,791 $ 244,539 $ — $ 4,243,330 Expenditures for segment assets $ 38,884 $ 291 $ — $ 39,175

Description of Business and O_2

Description of Business and Organization (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2023 ft² property_unit office_property parcel multifamily_property $ / shares
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	9.6
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)	59.30%
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)	8.9
Number of offices and properties | office_property	12
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 | Fairfield County, Connecticut and Westchester County, New York
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	1.3
Number of offices and properties | office_property	3
Development Parcel
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of offices and properties | parcel	3
Office Building And Multifamily | Manhattan
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	0.5
Retail Site | Manhattan
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	0.2
Number of offices and properties | office_property	4
Other Property | Stamford, Connecticut
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Area of real estate property (in square feet)	0.4
Multifamily | Manhattan
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of offices and properties | multifamily_property	3
Number of property units | property_unit	721

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Mar. 31, 2023
Minimum
Accounting Policies [Line Items]
Observatory revenue realized during the first quarter, previous ten years (as a percent)	16%
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)	31%
Observatory revenue realized during the fourth quarter, previous ten years (as a percent)	23%
Maximum
Accounting Policies [Line Items]
Observatory revenue realized during the first quarter, previous ten years (as a percent)	18%
Observatory revenue realized during the second quarter, previous ten years (as a percent)	28%
Observatory revenue realized during the third quarter, previous ten years (as a percent)	33%
Observatory revenue realized during the fourth quarter, previous ten years (as a percent)	25%

Acquisitions and Dispositions (

Acquisitions and Dispositions (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 01, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Assets held for sale		$ 35,980		$ 35,538
Gain on sale of property		$ 15,696	$ 0
500 Mamaroneck Avenue | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Assets held for sale				$ 53,000
69-97 and 103-107 Main Street | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Assets held for sale	$ 40,000
Gain on sale of property	$ 15,700

Deferred Costs, Acquired Leas_3

Deferred Costs, Acquired Lease Intangibles and Goodwill - Deferred Costs, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Leasing costs	$ 220,988	$ 218,707
Total deferred costs, gross amount	408,920	407,223
Less: accumulated amortization	(229,493)	(223,246)
Total deferred costs, net, excluding net deferred financing costs	179,427	183,977
Acquired in-place lease value and deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets	160,271	160,683
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets	$ 27,661	$ 27,833

Deferred Costs, Acquired Leas_4

Deferred Costs, Acquired Lease Intangibles and Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Deferred Costs [Line Items]
Amortization expense related to deferred leasing costs	$ 5,800	$ 7,000
Rental revenue related to amortization of below-market leases, net of above-market leases	703	1,784
Goodwill	491,479		$ 491,479
Observatory
Deferred Costs [Line Items]
Goodwill	227,500		227,500
Real estate
Deferred Costs [Line Items]
Goodwill	264,000		264,000
Lease agreements
Deferred Costs [Line Items]
Amortization expense related to acquired lease intangibles	2,400	$ 4,200
Unsecured revolving credit facility | Revolving credit facility
Deferred Costs [Line Items]
Net deferred financing costs	$ 4,400		$ 5,000

Deferred Costs, Acquired Leas_5

Deferred Costs, Acquired Lease Intangibles and Goodwill - Amortizing Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Acquired below-market ground leases, net
Acquired below-market ground leases	$ 396,916	$ 396,916
Less: accumulated amortization	(69,801)	(67,843)
Acquired below-market ground leases, net	327,115	329,073
Acquired below-market leases, net
Acquired below-market leases	(64,656)	(64,656)
Less: accumulated amortization	48,075	46,807
Acquired below-market leases, net	$ (16,581)	$ (17,849)

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding borrowings	$ 0	$ 0
Total principal	2,263,489,000
Deferred financing costs, net	(15,631,000)	(16,720,000)
Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	898,489,000	900,630,000
Mortgages, senior notes, and unsecured term loan facilities, not including unsecured revolving credit facility
Debt Instrument [Line Items]
Total principal	2,263,489,000	2,265,630,000
Deferred financing costs, net	(11,182,000)	(11,748,000)
Unamortized debt discount	(7,550,000)	(7,745,000)
Total	2,244,757,000	2,246,137,000
Metro Center | Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 81,973,000	82,596,000
Stated Rate (as a percent)	3.59%
Effective Rate (as a percent)	3.67%
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	$ 178,068,000	178,823,000
Stated Rate (as a percent)	4.28%
Effective Rate (as a percent)	4.73%
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	$ 14,100,000
1010 Third Avenue and 77 West 55th Street | Fixed rate mortgage debt
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 35,616,000	35,831,000
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 | LIBOR
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 | LIBOR
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	$ 7,707,000	7,865,000
Effective Rate (as a percent)	3.56%
561 10th Avenue - Series A | Revolving credit facility | LIBOR
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 | LIBOR
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	$ 17,025,000	17,415,000
Effective Rate (as a percent)	3.85%
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%
Unsecured term loan facilities | Revolving credit facility
Debt Instrument [Line Items]
Outstanding borrowings	$ 215,000,000	215,000,000
Effective Rate (as a percent)	4.22%
Unsecured term loan facilities | Revolving credit facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.20%
Unsecured revolving credit facility | Revolving credit facility
Debt Instrument [Line Items]
Outstanding borrowings	$ 0	0
Effective Rate (as a percent)	0%
Unsecured revolving credit facility | Revolving credit facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.30%
Unsecured term loan facilities | Revolving credit facility
Debt Instrument [Line Items]
Outstanding borrowings	$ 175,000,000	$ 175,000,000
Effective Rate (as a percent)	4.51%
Unsecured term loan facilities | Revolving credit facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%

Debt - Aggregate Required Princ

Debt - Aggregate Required Principal Payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Amortization
2023	$ 6,491
2024	8,861
2025	6,893
2026	7,330
2027	6,461
Thereafter	22,079
Total	58,115
Maturities
2023	0
2024	77,675
2025	315,000
2026	225,000
2027	319,000
Thereafter	1,268,699
Total	2,205,374
Total
2023	6,491
2024	86,536
2025	321,893
2026	232,330
2027	325,461
Thereafter	1,290,778
Total	$ 2,263,489

Debt - Deferred Financing Costs

Debt - Deferred Financing Costs, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Disclosure [Abstract]
Financing costs	$ 43,473		$ 43,473
Less: accumulated amortization	(27,842)		(26,753)
Total deferred financing costs, net	15,631		$ 16,720
Amortization expense related to deferred financing costs	$ 1,100	$ 1,400

Debt - Unsecured Revolving Cred

Debt - Unsecured Revolving Credit and Term Loan Facilities (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Mar. 19, 2020
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 0	$ 0
Revolving credit facility | Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,065,000,000
Revolving credit facility | Unsecured revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	850,000,000
Outstanding borrowings	0	0
Revolving credit facility | Unsecured term loan facilities
Line of Credit Facility [Line Items]
Maximum borrowing capacity	215,000,000
Outstanding borrowings	215,000,000	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	$ 175,000,000
Accordion feature, new maximum borrowing capacity			$ 225,000,000

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued capital expenditures	$ 39,982	$ 44,293
Accounts payable and accrued expenses	24,322	32,927
Interest rate swaps liability	2,171	0
Accrued interest payable	3,558	3,509
Due to affiliated companies, net	1,572	0
Total accounts payable and accrued expenses	$ 71,605	$ 80,729

Financial Instruments and Fai_3

Financial Instruments and Fair Values - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps liability	$ 2,171		$ 0
Designated as hedging instrument | Cash flow hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net loss to be reclassified into interest expense within the next 12 months	5,300
Interest Rate Swap And Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps liability	2,400
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 swaps liability	2,200
Aggregate notional value	574,400		574,800
Interest rate swaps included in prepaid expenses and other assets	12,500		$ 17,900
Net unrealized gains (losses) on valuation of interest rate swap agreements	$ (6,700)	$ 13,100

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 ($)	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Asset	$ 12,475,000	$ 17,936,000
Liability	(2,171,000)	0
LIBOR | Interest Rate Swap, One Month LIBOR, 2.5000 %, Swap Number 1
Derivatives, Fair Value [Line Items]
Notional Amount	$ 36,820,000
Receive Rate (as a percent)	70%
Pay Rate	2.50%
Asset	$ 0	256,000
Liability	(368,000)	0
LIBOR | Interest Rate Swap, One Month LIBOR, 2.5000 %, Swap Number 2
Derivatives, Fair Value [Line Items]
Notional Amount	$ 103,790,000
Receive Rate (as a percent)	70%
Pay Rate	2.50%
Asset	$ 0	365,000
Liability	(1,803,000)	0
LIBOR | Interest Rate Swap, One Month LIBOR, 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	$ 432,000	643,000
Liability		0
LIBOR | Interest Rate Swap, One Month LIBOR, 2.2540%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 17,157,000
Pay Rate	2.254%
Asset	$ 790,000	1,070,000
Liability	0	0
LIBOR | Interest Rate Cap, One Month LIBOR, 4.5000%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 6,780,000
Receive Rate (as a percent)	70%
Pay Rate	4.50%
Asset	$ 6,000	8,000
Liability	0	0
LIBOR | Interest Rate Cap, One Month LIBOR, 5.5000%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 9,188,000
Pay Rate	5.50%
Asset	$ 23,000	26,000
Liability	0	0
SOFR | Interest Rate Swap, SOFR Compound, 2.5620%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 175,000,000
Pay Rate	2.562%
Asset	$ 5,563,000	8,040,000
Liability	0	0
SOFR | Interest Rate Swap, SOFR Compound, 2.6260%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 107,500,000
Pay Rate	2.626%
Asset	$ 2,830,000	3,766,000
Liability	0	0
SOFR | Interest Rate Swap, SOFR OIS Compound, 2.6280%
Derivatives, Fair Value [Line Items]
Notional Amount	$ 107,500,000
Pay Rate	2.628%
Asset	$ 2,831,000	3,762,000
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
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in other comprehensive income (loss)	$ (5,402)	$ 9,763
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense	1,272	(3,294)
Interest expense	(25,304)	(25,014)
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in other comprehensive income (loss)	(5,402)	9,763
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense	1,272	(3,294)
Interest rate swap | Reclassification out of accumulated other comprehensive income | Accumulated other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 1,272	$ (3,294)

Financial Instruments and Fai_6

Financial Instruments and Fair Values - Schedule of the Carrying and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in accounts payable and accrued expenses	$ 2,171	$ 0
Carrying Value | Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	882,142	883,705
Carrying Value | Senior notes | Senior unsecured notes - Series A, B, C, D, E, F, G and H
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	973,714	973,659
Carrying Value | Revolving credit facility | Unsecured term loan facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	388,901	388,773
Carrying Value | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in prepaid expenses and other assets	12,446	17,936
Interest rate swaps included in accounts payable and accrued expenses	2,171
Estimated Fair Value | Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	787,481	783,648
Estimated Fair Value | Senior notes | Senior unsecured notes - Series A, B, C, D, E, F, G and H
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	886,358	865,292
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	390,000	390,000
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 and H
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 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 | 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 and H
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 term loan facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Estimated Fair Value | Level 3 | Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	787,481	783,648
Estimated Fair Value | Level 3 | Senior notes | Senior unsecured notes - Series A, B, C, D, E, F, G and H
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	886,358	865,292
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	390,000	390,000
Estimated Fair Value | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in prepaid expenses and other assets	12,446	17,936
Interest rate swaps included in accounts payable and accrued expenses	2,171
Estimated Fair Value | Interest rate swap | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in prepaid expenses and other assets	0	0
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 prepaid expenses and other assets	12,446	17,936
Interest rate swaps included in accounts payable and accrued expenses	2,171
Estimated Fair Value | Interest rate swap | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps included in prepaid expenses and other assets	0	$ 0
Interest rate swaps included in accounts payable and accrued expenses	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Operating Leases [Line Items]
Straight-line rent receivable	$ 6,400
Number of properties subject to ground leases | property	3
Right-of-use assets	$ 28,612	$ 28,670
Lease liabilities	$ 28,612	$ 28,670
Weighted average discount rate (as a percent)	4.50%
Weighted average remaining lease term (in years)	47 years 2 months 12 days
Signature Bridge Bank
Operating Leases [Line Items]
Period to assume or reject lease	120 days
Minimum
Operating Leases [Line Items]
Term of lease (in years)	1 year
Maximum
Operating Leases [Line Items]
Term of lease (in years)	22 years

Leases - Components of Rental R

Leases - Components of Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Fixed payments	$ 124,564	$ 133,401
Variable payments	15,527	14,113
Total rental revenue	$ 140,091	$ 147,514

Leases - Future Contractual Min

Leases - Future Contractual Minimum Lease Payments On Non-Cancellable Operating Leases To Be Received (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
Remainder of 2023	$ 368,524
2024	498,358
2025	468,145
2026	429,747
2027	411,175
Thereafter	1,786,987
Total future minimum lease payments on non-cancellable operating leases to be received	$ 3,962,936

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments on Ground Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Remainder of 2023	$ 1,139
2024	1,518
2025	1,518
2026	1,503
2027	1,482
Thereafter	62,277
Total undiscounted cash flows	69,437
Present value discount	(40,825)
Ground lease liabilities	$ 28,612	$ 28,670

Commitments and Contingencies -

Commitments and Contingencies - Legal Proceedings (Details) - New york state supreme court, new york county $ in Millions		1 Months Ended
	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 | $	$ 1.2
Interest period (in years)	7 years

Commitments and Contingencies_2

Commitments and Contingencies - Unfunded Capital Expenditures (Details) $ in Millions	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Estimated capital expenditures to be incurred	$ 107.9

Capital - Additional Informatio

Capital - Additional Information and Private Perpetual Preferred Units (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) shares	May 16, 2019 shares
Shares and Units [Abstract]
LTIP unit, share of stock equivalent (in shares)	1
Conversion rate tor LTIP units to OP units	1
Dividends on common stock received until performance criteria met for LTIP units (as a percent)	10%
Dividends on common stock received after performance criteria met for LTIP units (as a percent)	90%
Dividends on common stock received in periods after performance criteria met for LTIP units (as a percent)	100%
Stock repurchase authorized amount | $	$ 500,000,000
2019 Plan
Shares and Units [Abstract]
Number of shares authorized under the plan (in shares)	11,000,000	11,000,000
Other partners, certain directors, officers and other members of executive management
Shares and Units [Abstract]
OP units not owned by the Company (in shares)	110,618,164
Other partners, certain directors, officers and other members of executive management | Empire state realty OP
Shares and Units [Abstract]
OP units not owned by the Company (as a percent)	40.70%
Empire state realty trust
Shares and Units [Abstract]
OP units owned by the Company (in shares)	161,328,736
Empire state realty trust | Empire state realty OP
Shares and Units [Abstract]
OP units owned by the company (as a percent)	59.30%
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding (in shares)	160,339,762
Common Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding (in shares)	988,974

Capital - Equity Securities Rep

Capital - Equity Securities Repurchased (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023
Equity [Abstract]
Total Number of Shares Purchased (in shares)	843,333	0	90,054
Weighted Average Price Paid per Share (in usd per share)	$ 6.04	$ 0	$ 6.70
Maximum Approximate Dollar Value Available for Future Purchase	$ 404,130	$ 409,221	$ 409,221

Capital - Private Perpetual Pre

Capital - Private Perpetual Preferred Units (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Preferred Units [Line Items]
Dividends declared (in USD per share)	$ 0.035	$ 0.035
Private perpetual preferred units, series 2019
Preferred Units [Line Items]
Private perpetual preferred units, issued (in shares)	4,664,038		4,664,000
Private perpetual preferred units, liquidation preference (in USD per share)	$ 13.52		$ 13.52
Preferred units cumulative cash distributions (in USD per share)	$ 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
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
Dividends declared (in USD per share)	$ 0.60

Capital - Distributions (Detail

Capital - Distributions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Distributions paid to OP unitholders	$ 8.7	$ 9.8
Distributions paid to preferred unitholders	$ 1.1	$ 1.1

Capital - Incentive and Share-b

Capital - Incentive and Share-based Compensation (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2023 USD ($) vesting_installment shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	May 16, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)		10 years
Granted (in USD per share) | $ / shares		$ 5.69
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 | $		$ 0.7	$ 1
Unrecognized compensation expense | $	$ 4.2	$ 4.2
Unrecognized compensation expense, period for recognition (in years)		2 years 10 months 24 days
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 | $		$ 3.7	$ 3.5
Unrecognized compensation expense | $	$ 36.2	$ 36.2
Unrecognized compensation expense, period for recognition (in years)		2 years 9 months 18 days
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
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 | $		$ 20.2
Granted (in USD per share) | $ / shares		$ 5.69
Dividend rate (as a percent)		1.70%
Risk free interest rate, minimum (as a percent)		4.40%
Risk free interest rate, maximum (as a percent)		5%
Expected price volatility, minimum (as a percent)		35%
Expected price volatility, maximum (as a percent)		46%
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
Time-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		1,455,833
Threshold of continuous service for retirement eligibility (in years)		10 years
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 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		5 years
Time-based LTIPs | Median
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		4 years
Market-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		946,398
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
Performance-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		771,180
March 2023 Awards | Time-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	229,308
Fair value of share-based awards granted in period | $	$ 1.5
Award vesting period (in years)	4 years
March 2023 Awards | Market-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	111,942
Fair value of share-based awards granted in period | $	$ 0.6
Performance period (in years)	3 years
Number of vesting installments | vesting_installment	2
March 2023 Awards | Performance-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	91,211
Fair value of share-based awards granted in period | $	$ 0.6
Performance period (in years)	1 year
TSR modifier period (in years)	3 years
March 2023 Awards | Time Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	370,465
Fair value of share-based awards granted in period | $	$ 2.6
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
Executive officer | Time-based LTIPs | 2019 Plan Units, Connected With Bonus Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	521,571
Fair value of share-based awards granted in period | $	$ 3
Executive officer | Time-based LTIPs | Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	446,376
Award vesting period (in years)	3 years
Executive officer | Time-based LTIPs | Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vesting installments | vesting_installment	2
Executive officer | March 2023 Awards | Time-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	552,412
Fair value of share-based awards granted in period | $	$ 3.2
Executive officer | March 2023 Awards | Market-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	834,456
Fair value of share-based awards granted in period | $	$ 3.9
Executive officer | March 2023 Awards | Performance-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	679,969
Fair value of share-based awards granted in period | $	$ 3.9
Executive officer | Awards Granted In 2023 | Time-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Executive officer | Awards Granted In 2021, 2022 and 2023 | Time-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage of award face amount (as a percent)	120%	120%
Executive officer | Awards Granted In 2021 | Time-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage of award face amount (as a percent)	125%	125%
Certain Other Employees | March 2023 Awards | Time-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	152,542
Fair value of share-based awards granted in period | $	$ 1
Certain Other Employees | March 2023 Awards | Time-based LTIPs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		4 years
Certain Other Employees | March 2023 Awards | Time-based LTIPs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		5 years
Retired General Counsel | March 2023 Awards | Time-based LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	75,195
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under the plan (in shares)	11,000,000	11,000,000		11,000,000
Number of shares that remain available for future issuance (in shares)	4,400,000	4,400,000

Capital - Summary of ESRT Restr

Capital - Summary of ESRT Restricted Stock and LTIP Unit Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Weighted Average Grant Fair Value
Beginning balance, Unvested (in USD per share) | $ / shares	$ 6.69
Vested (in USD per share) | $ / shares	7.78
Granted (in USD per share) | $ / shares	5.69
Forfeited or unearned (in USD per share) | $ / shares	4.27
Ending balance, Unvested (in USD per share) | $ / shares	$ 6.56
Restricted Stock
Restricted Stock and LTIP Units
Beginning balance, Unvested (in shares)	359,293
Vested (in shares)	(106,139)
Granted (in shares)	370,465
Forfeited or unearned (in shares)	(1,221)
Ending balance, Unvested (in shares)	622,398
Time-based LTIPs
Restricted Stock and LTIP Units
Beginning balance, Unvested (in shares)	2,713,522
Vested (in shares)	(997,732)
Granted (in shares)	1,455,833
Forfeited or unearned (in shares)	0
Ending balance, Unvested (in shares)	3,171,623
Market-based LTIPs
Restricted Stock and LTIP Units
Beginning balance, Unvested (in shares)	4,070,537
Vested (in shares)	(274,402)
Granted (in shares)	946,398
Forfeited or unearned (in shares)	(1,645,223)
Ending balance, Unvested (in shares)	3,097,310
Performance-based LTIPs
Restricted Stock and LTIP Units
Beginning balance, Unvested (in shares)	510,989
Vested (in shares)	(1,222)
Granted (in shares)	771,180
Forfeited or unearned (in shares)	(8,337)
Ending balance, Unvested (in shares)	1,272,610

Capital - Earnings Per Unit (De

Capital - Earnings Per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income (loss)	$ 11,694	$ (17,221)
Private perpetual preferred unit distributions	(1,050)	(1,050)
Net loss attributable to non-controlling interests in other partnerships	43	63
Earnings allocated to unvested shares - basic	0	(89)
Earnings allocated to unvested shares - diluted	0	(89)
Net income (loss) attributable to common unitholders - basic	10,687	(18,297)
Net income (loss) attributable to common unitholders - diluted	$ 10,687	$ (18,297)
Denominator:
Weighted average units outstanding - basic (in shares)	264,493	273,759
Effect of dilutive securities:
Stock-based compensation plans (in share)	704	0
Weighted average units outstanding - diluted (in shares)	265,197	273,759
Earnings per share:
Basic (in USD per share)	$ 0.04	$ (0.07)
Diluted (in USD per share)	$ 0.04	$ (0.07)
Antidilutive securities (in shares)	0	194

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) ft² property	Mar. 31, 2022 USD ($)	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Area of real estate property (in square feet) | ft²	9,600,000
Due to affiliated companies, net	$ 1,572			$ 0
Affliliated entity | Disposal Group, Disposed of by Sale, Not Discontinued Operations | 69-97 and 103-107 Main Street
Related Party Transaction [Line Items]
Due to affiliated companies, net	600
Affliliated entity | Disposal Group, Disposed of by Sale, Not Discontinued Operations | 69-97 and 103-107 Main Street | SOFR
Related Party Transaction [Line Items]
Loan receivable			$ 600
Basis spread on loan			3.50%
Affliliated entity | Supervisory fee revenue | Third party management and other fees
Related Party Transaction [Line Items]
Revenue from related parties	200	$ 200
Affliliated entity | Property management fee revenue | Third party management and other fees
Related Party Transaction [Line Items]
Revenue from related parties	100	100
Affliliated entity | Leased space rental
Related Party Transaction [Line Items]
Revenue from related parties	$ 100	$ 100
Number of properties | property	1
Lease cancellation, notice period (in days)	90 days
Undivided Interest
Related Party Transaction [Line Items]
Area of real estate property (in square feet) | ft²	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)	3 Months Ended
	Mar. 31, 2023 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
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenues:
Rental revenue	$ 140,091	$ 147,514
Intercompany rental revenue	0	0
Observatory revenue	22,154	13,241
Lease termination fees	0	1,173
Third-party management and other fees	427	310
Other revenue and fees	1,950	1,796
Total revenues	164,622	164,034
Operating expenses:
Property operating expenses	42,044	38,644
Intercompany rent expense	0	0
Ground rent expenses	2,331	2,331
General and administrative expenses	15,708	13,686
Observatory expenses	7,855	6,215
Real estate taxes	31,788	30,004
Depreciation and amortization	47,408	67,106
Total operating expenses	147,134	157,986
Total operating income	17,488	6,048
Other income (expense):
Interest income	2,595	149
Interest expense	(25,304)	(25,014)
Gain on sale of property	15,696	0
Income (loss) before income taxes	10,475	(18,817)
Income tax (expense) benefit	1,219	1,596
Net income (loss)	11,694	(17,221)
Segment assets	4,157,363	4,243,330	$ 4,163,594
Expenditures for segment assets	34,594	39,175
Intersegment Elimination
Revenues:
Rental revenue	0	0
Intercompany rental revenue	(15,914)	(10,620)
Observatory revenue	0	0
Lease termination fees		0
Third-party management and other fees	0	0
Other revenue and fees	0	0
Total revenues	(15,914)	(10,620)
Operating expenses:
Property operating expenses	0	0
Intercompany rent expense	(15,914)	(10,620)
Ground rent expenses	0	0
General and administrative expenses	0	0
Observatory expenses	0	0
Real estate taxes	0	0
Depreciation and amortization	0	0
Total operating expenses	(15,914)	(10,620)
Total operating income	0	0
Other income (expense):
Interest income	0	0
Interest expense	0	0
Gain on sale of property	0
Income (loss) before income taxes	0	0
Income tax (expense) benefit	0	0
Net income (loss)	0	0
Segment assets	0	0
Expenditures for segment assets	0	0
Real Estate | Operating segments
Revenues:
Rental revenue	140,091	147,514
Intercompany rental revenue	15,914	10,620
Observatory revenue	0	0
Lease termination fees		1,173
Third-party management and other fees	427	310
Other revenue and fees	1,950	1,796
Total revenues	158,382	161,413
Operating expenses:
Property operating expenses	42,044	38,644
Intercompany rent expense	0	0
Ground rent expenses	2,331	2,331
General and administrative expenses	15,708	13,686
Observatory expenses	0	0
Real estate taxes	31,788	30,004
Depreciation and amortization	47,364	67,071
Total operating expenses	139,235	151,736
Total operating income	19,147	9,677
Other income (expense):
Interest income	2,558	149
Interest expense	(25,304)	(25,014)
Gain on sale of property	15,696
Income (loss) before income taxes	12,097	(15,188)
Income tax (expense) benefit	(198)	(144)
Net income (loss)	11,899	(15,332)
Segment assets	3,903,661	3,998,791
Expenditures for segment assets	34,536	38,884
Observatory | Operating segments
Revenues:
Rental revenue	0	0
Intercompany rental revenue	0	0
Observatory revenue	22,154	13,241
Lease termination fees		0
Third-party management and other fees	0	0
Other revenue and fees	0	0
Total revenues	22,154	13,241
Operating expenses:
Property operating expenses	0	0
Intercompany rent expense	15,914	10,620
Ground rent expenses	0	0
General and administrative expenses	0	0
Observatory expenses	7,855	6,215
Real estate taxes	0	0
Depreciation and amortization	44	35
Total operating expenses	23,813	16,870
Total operating income	(1,659)	(3,629)
Other income (expense):
Interest income	37	0
Interest expense	0	0
Gain on sale of property	0
Income (loss) before income taxes	(1,622)	(3,629)
Income tax (expense) benefit	1,417	1,740
Net income (loss)	(205)	(1,889)
Segment assets	253,702	244,539
Expenditures for segment assets	$ 58	$ 291