Empire State Realty Trust (ESRT) is divesting its mixed-use building at 1359 Broadway, offering it for sale. This has been confirmed by sources familiar with the process. The property is expected to yield approximately US$225 million. The successful buyer will acquire the fee simple ownership of the 486,000 square foot, 22-storey office and retail property at the corner of Broadway and 36th Street, two blocks north of Herald Square.
The building is within walking distance of Penn Station and Grand Central Terminal. It is currently approximately 95 per cent let to a diverse mix of tenants and is experiencing positive leasing momentum. Just a few days ago, manufacturer Infinium Wall Systems signed a lease for 30,017 square feet in the property. In the second quarter of 2025, ESRT completed leases for 38,000 square feet with SLCE Architects and the non-profit organisation Braven.
The retail section of the property features prominent occupants. It is anchored by Wolfgang’s Steakhouse and also houses the Japanese restaurant Wokuni. The sale process is being managed by a team from Newmark, comprising Adam Spies, Josh King, Adam Doneger, Avery Silverstein, Marcela Fasulo and Doug Harmon. Currently, there are no debt encumbrances on the property.
Momentum in ESRT's Portfolio
The sale of 1359 Broadway is part of a series of portfolio movements at ESRT. Last month, the Real Estate Investment Trust (REIT) completed the acquisition of the ground leases under 111 West 33rd Street and 1400 Broadway for US$114 million. Two months earlier, in April, ESRT had reached an agreement to sell its 26-storey office building at 250 West 57th Street to the Namdar Realty Group for approximately US$280 million.
In December of the previous year, the REIT made headlines with the purchase of the Scholastic Building at 555-557 Broadway in SoHo for US$386 million. The same Newmark team structure was previously responsible for brokering the transactions for the building at 250 West 57th Street and the Scholastic Building. Sources familiar with the dealings state that ESRT is actively modernising its portfolio and converting capital. ESRT and Newmark did not immediately respond to requests for comment.
