Episode Details

Empire State Realty Trust is selling its 22-story, 486K SF Garment District office tower at 1359 Broadway—priced at $225M with zero debt, making it a juicy deal. This move fits into their broader pivot from pure office to apartments and retail, as seen in recent big moves: buying Midtown land for $110M, selling a 54-story West 57th Street tower for $280M, and snapping up the Scholastic Building in Soho for $386M. The building’s nearly 100% leased, with tenants like SLCE Architects and Wolfgang’s Steakhouse, adding instant cash flow. Led by Newmark’s Adam Spies and Josh King, this isn’t just another sale—it’s a strategic reshuffle in NYC’s ever-evolving real estate scene.

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