ESRT Puts 250 West 57th Street Up For Sale

Tony Malkin is putting a Billionaires Row office building on the market as he continues to diversify his bets.

Malkin’s Empire State Realty Trust listed its 540,000-square-foot office building at 250 West 57th Street, The Real Deal has learned, eyeing a price of about $350 million.

The 26-story property, which spans a full block between Eighth Avenue and Broadway and has in-building subway access, is 84 percent leased, according to an offering memo from Newmark. Clothing store T.J. Maxx anchors the retail portion of the renovated 1921 building under a lease that extends through 2041.

ESRT bought the property in 2013 for $170 million and has invested about $140 million in capital improvements, including a new lobby and wellness center, elevator upgrades and revamped retail storefronts. The 83,000 square feet of unleashed space includes floor plates ranging from about 9,200 to 27,000 square feet.

The building has seven years of average lease term and assumable fixed-rate debt at 2.83 percent through December 2030.

A Newmark team led by Adam Spies, Joshua King and Marcella Fasulo is overseeing the sales process.

ESRT has been moving to rebalance its portfolio away from office buildings into areas like multifamily and retail. In January, the owner of the Empire State Building bought the Scholastic Building in Soho for $386 million. Last year, it bought two retail properties in Williamsburg for $195 million.

Malkin overhauled the REIT in 2020, when he stepped in as president. The company has since sold suburban office buildings and reinvested that money into Manhattan apartments. In 2024 the firm handed the keys to the First Stamford Place office building in Connecticut back to its lender to satisfy a foreclosure process.

Newmark declined to comment. ESRT did not immediately respond to a request for comment.