None
EN
Declining Empire State Building Visits Drive Q2 Loss for ESRT
['Andrew Coen', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar', 'Vertical-Align Middle .Wp-Block-Co-Authors-Plus-Avatar Is .Alignleft .Alignright']
Commercial Observer
New York City’s declines in international tourism over the past year since President Donald Trump assumed office are starting to affect Empire State Realty Trust (ESRT)’s finances.
ESRT attributed the loss largely to a “massive” non-cash impairment charge of $166.11 million connected to underperforming visitations in the Empire State Building observatory stemming from persistent drops in international tourists to the Big Apple.
ESRT netted $196.9 million of revenue for the second quarter, up slightly from $191.3 million a year ago.
Its total commercial portfolio was 94.9 percent leased by the end of the second quarter, up from 93.8 percent from the prior quarter.
Leasing activity was highlighted by a new 16-year, 100,948-square-foot lease with United Talent Agency at the Empire State Building.