{"id":189394,"date":"2026-04-08T10:24:16","date_gmt":"2026-04-08T10:24:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/189394\/"},"modified":"2026-04-08T10:24:16","modified_gmt":"2026-04-08T10:24:16","slug":"esrt-to-sell-250-west-57th-street-to-namdar-realty-group-for-280m-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/189394\/","title":{"rendered":"ESRT to Sell 250 West 57th Street to Namdar Realty Group for $280M \u2013 Commercial Observer"},"content":{"rendered":"

Empire State Realty Trust<\/a> has entered a contract to sell its 26-story office building at 250 West 57th Street to Namdar Realty Group<\/a> for roughly $280 million, according to sources close to the deal.<\/p>\n

The 540,000-square-foot building is along Billionaires\u2019 Row in Midtown and is currently 84 percent leased, according to The Real Deal<\/a>, which first reported the news. Apparel retailer T.J. Maxx<\/a> anchors the retail portion of the building<\/a>, while corporate tenants include commercial real estate platform Hanover Street Capital, and music recording and publishing company Concord Music Group.<\/p>\n

SEE ALSO: Fifth Avenue Office Tower With Links to Iran Finds New Ownership<\/a><\/p>\n

Led by Igal Namdar, Namdar Realty will acquire the Midtown building at a bit of a discount from what ESRT originally asked for when it put the building up for sale in February at an asking price of $350 million. Namdar is set to buy the property along with frequent partner Empire Capital<\/a>, TRD reported.<\/p>\n

ESRT had been in possession of the full-block building between Eighth Avenue and Broadway since before the firm\u2019s October 2013 IPO. The company has invested about $140 in capital improvements to the building since then, according to TRD.\u00a0<\/p>\n

Spokespeople for ESRT and Namdar did not immediately respond to Commercial Observer\u2019s requests for comment.\u00a0<\/p>\n

The sale was brokered by Newmark<\/a>\u2019s Adam Spies, Adam Doneger, Joshua King and Marcella Fasulo. Newmark declined to comment on the sale.\u00a0<\/p>\n

Namdar CEO Igal Namdar has made a name for himself acquiring distressed and aging mall properties, sometimes converting them into other uses. The firm\u2019s acquisitions include Connecticut-based Enfield Square, Crystal Mall and Trumbull Mall. This acquisition strategy earned Namdar a nickname: the billionaire \u201cbottom feeder.\u201d\u00a0<\/p>\n

ESRT\u2019s sale of 250 West 57th Street also comes after it bought a new commercial property over in Williamsburg, Brooklyn, this week. The real estate investment trust purchased a commercial condo unit at the base of 127 Kent Avenue for $46 million, with plans to divide the space into eight retail stores, Commercial Observer reported<\/a>.<\/p>\n

Amanda Schiavo can be reached at aschiavo@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Empire State Realty Trust has entered a contract to sell its 26-story office building at 250 West 57th…\n","protected":false},"author":2,"featured_media":189395,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[75958,10909,10910,74000,2664,75959,75,84,83,75960,9,24,63],"class_list":{"0":"post-189394","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-manhattan","8":"tag-250-west-57th-street","9":"tag-adam-doneger","10":"tag-adam-spies","11":"tag-igal-namdar","12":"tag-investments-sales","13":"tag-joshua-king","14":"tag-manhattan","15":"tag-manhattan-headlines","16":"tag-manhattan-news","17":"tag-marcella-fasulo-channel","18":"tag-new-york","19":"tag-new-york-city","20":"tag-nyc"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/189394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=189394"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/189394\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/189395"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=189394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=189394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=189394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}