Anthony Malkin

In 2013, Malkin took the reins of Empire State Realty Trust. The REIT controls a portfolio of 7.8 million rentable square feet of office space. That includes its namesake at 1350 Broadway, better known as the Empire State Building. 

And the building is central to the REIT’s history. The Malkins were drawn into a legal saga in the 1990s with Leona Helmsley, widow of Harry Helmsley, over ownership of the Empire State Building. In order to pay off Helmsley’s estate, Malkin and his father led a massive secondary sale of the firm’s property interests, leading to the public offering of Empire State Realty Trust in 2013. The offering raised $929 million. 

Now, the REIT’s fortunes in part depend on tickets to the Empire State Building’s observatory. That means bad weather and tourism trends can impact business, but the iconic building also buoys the REIT’s stature. 

During his tenure Malkin has reinvigorated the real estate syndication platform and bought properties from the FDIC and other distressed lenders. 

Empire State Realty has exited most of its assets in Westchester and Fairfield counties, pivoting toward $250 million in acquisitions in Williamsburg, as well as residential properties in Manhattan. 

The REIT’s stock has tumbled in the beginning of 2026. It’s up to Malkin to bring it back up.