Empire State Realty Trust Inc. (NYSE: ESRT) completed the sale of 250 West 57th Street for $275 million, according to a company statement. The transaction included the buyer's assumption of $180 million in mortgage debt.

The real estate investment trust said the sale represents capital recycling into its December 2025 acquisition of 130 Mercer Street, with no recognition of a taxable gain. ESRT stated the transaction aligns with its strategy to recycle capital into assets with long-term cash flow growth prospects.

The company also purchased the land underlying its 111 West 33rd Street and 1400 Broadway properties for $110 million. The ground leases had remaining terms of approximately 51 and 38 years, respectively. ESRT funded the land acquisition with balance sheet liquidity.

Newmark (NASDAQ: NMRK) brokers Adam Spies, Josh King, Avery Silverstein and Ben Lushing represented ESRT in the 250 West 57th Street sale.

Empire State Realty Trust operates a portfolio of office, retail and multifamily properties in New York City. The company's flagship property is the Empire State Building. As of March 31, 2026, ESRT's portfolio comprised approximately 8.0 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units.