Empire State Realty Trust Acquires Ground Leases for 111 West 33rd St and 1400 Broadway for $113.6M

Deal Summary

Empire State Realty Trust (ESRT) closed on the purchase of the land beneath its Midtown properties at 111 West 33rd Street and 1400 Broadway, paying a total of $113.6 million. The ground lease for 1400 Broadway was bought from Cohen Brothers Realty for $61.3 million, while the 111 West 33rd Street lease was acquired for $52.3 million. The transaction strengthens ESRT’s ownership of its Broadway campus assets.