Empire State Realty Trust’s top beancounter is stepping down, the firm announced Tuesday.
David Karp, who has held the chief financial officer role since 2011, is resigning for “personal reasons,” the real estate investment trust said. The move is effective Aug. 1.
The REIT’s chief accounting officer and treasurer, Anthony Prentice, will serve as acting CFO as the company searches for a permanent replacement. COO John Kessler will lead that team during the transition.
Karp, in the company’s statement, said he oversaw the firm’s transition from private partnerships to a public REIT.
“While it was a difficult decision for me to make, I leave ESRT with a strong balance sheet and financial team in place. I am thoroughly engaged in the plans for transition and know the Company is well-prepared for the opportunities ahead,” said Karp, who added that he plans to relocate to the West Coast, where he’s from.
Karp also has held executive-level roles at real estate private equity firm Forum Partners Investment Management and Falcom Financial Investment Trust, also a public REIT.
In the first quarter, ESRT, which owns the Empire State Building, reported net income attributable to stockholders of $5.7 million, down from $9.8 million year over year. Anthony Malkin has been CEO since 2013.