Empire State Realty Trust Has Yet To See Half Of April Rent

The Empire State Realty Trust recently announced that only 31% of tenants have yet to pay April rent.

The 102-floor iconic skyscraper has seen payments from 54% of retail tenants, as well as only 27% of commercial tenants. According to the trust, tenants that account for nearly a third of the company’s annualized rent collections have asked for deferrals, and some have been granted.

The requests are being addressed on a “tenant-by-tenant basis”, according to Anthony Malkin, the chief executive of Empire State Realty.

Along with the skyscraper on the 34th and Fifth Avenue, the real estate investment trust also owns 1 Grand Central Place, 111 W. 33rd St., 1400 Broadway, and 250 W. 57th Street. It brought in $730 million in revenue with its 816 tenants.

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Read the full report in Crain’s New York, here: https://www.crainsnewyork.com/commercial-real-estate/empire-state-building-owner-says-31-tenants-not-paying-rent