Empire State Realty Trust (ESRT) is under contract to sell 250 W. 57th St., a 540,000-square-foot office and retail property in Midtown Manhattan, according to published reports. The buyer is Namdar Realty Corp., which will pay approximately $280 million.
Morningstar Credit reported that the property, which is backed by a $180-million securitized loan, is selling at a meaningful discount to both the $350-million listing price earlier this year and the $330-million appraised value at issuance. The lower price comes despite the 2025 net cash flow exceeding issuance underwriting and limited near-term rollover, according to Morningstar Credit.
On its website, ESRT cites recent upgrades to the circa-1921 property, including a new Gensler-designed lobby, elevators and storefronts; new windows and upgraded building-wide systems. The REIT also cites in-building access to the Time Warner Center/Columbus Circle subway station, along with an amenity package. 250 W. 57th is currently about 84% leased.
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