Namdar’s $275M purchase of office in Midtown West from ESRT is recorded

Namdar Realty Group through the entity Fifty Seventh 8th Realty LLC paid $275 million to Empire State Realty Trust through the entity ESRT 250 West 57th St., L.L.C. for the office building (O4) at 250 West 57th Street in Midtown West, Manhattan. The expected use is cash flowing.
The deal closed on June 1, 2026 and was recorded on June 9, 2026. The property has 435,677 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $631 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The Real Deal reported on this in April after it went into contract.
The signatory for Empire State Realty Trust was Stephen V. Horn . The signatory for Namdar Realty Group was Igal Namdar . The contract date was April 1, 2026.

Namdar Realty Group also assumed a $180 million securitized mortgage, Series 2020-BNK-29.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Namdar Realty Group purchased 10 properties in nine transactions for a total of $160 million and sold seven properties in four transactions for a total of $145 million over the past 24 months.
The seller Empire State Realty Trust purchased 18 properties in 12 transactions for a total of $771.6 million and had not sold any properties over the same time period. The 435,677-square-foot property generated revenue of $34.9 million or $80 per square foot, according to the most recent income and expense figures.
The Real Deal reported on May 01, 2026 that the property at 250 West 57th Street, New York, NY was sold for $280 million by Empire State Realty Trust.

The property

The office building in Midtown West has 435,677 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 240 feet and is 100 feet deep with a total lot size of 22,075 square feet. The lot is irregular. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $178.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,870 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 2nd highest sale turnover among other neighborhoods in the city with $4.4 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 37.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 50 percent of the neighborhood’s built space. There were 228 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 1,426,818 square feet of the 1,760,344 square feet. The largest owner is Vornado Realty Trust , followed by Empire State Realty Trust and then Feil Organization.
There are no active new building construction projects on this tax block.

The majority, or 81 percent of the 1.8 million square feet of built space are office buildings, with elevator buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Empire State Realty Trust owned at least 32 commercial properties with 745 residential units in New York City with 8,466,354 square feet and a PincusCo-determined asset value of $4.7 billion. The portfolio has $233.5 million in debt, borrowed from Morgan Stanley . Within the portfolio, the bulk, or 88 percent of the 8,466,354 square feet of built space are office properties, with elevator properties next occupying 8 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 1 percent of the space.

The buyer

The PincusCo database currently indicates that Namdar Realty Group owned at least 82 commercial properties with 941 residential units in New York City with 1,951,345 square feet and a PincusCo-determined asset value of $924.1 million. Within the portfolio, the bulk, or 37 percent of the 1,951,345 square feet of built space are office properties, with walkup properties next occupying 21 percent of the space. The bulk, or 66 percent of the built space, is in Manhattan, with Brooklyn next at 17 percent of the space.

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