Empire State Realty Trust, Inc. acquired remaining stake in Multifamily asset in Manhattan from Fetner Properties, Inc for $32 million.
April 31, 2024
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Empire State Realty Trust, Inc. (NYSE:ESRT) acquired remaining stake in Multifamily asset in Manhattan from Fetner Properties, Inc. on March 31, 2024. Proceeds will be used for a greater return on Fetner's new properties in Manhattan and Long Island City. Hal Fetner, President, and Chief Executive Office of Fetner Properties said We're delighted to conclude our sale and partnership with ESRT and wish them luck on their sole ownership of these two quality projects. We will now look to continue to expand our pipeline and our portfolio.
Empire State Realty Trust, Inc. (NYSE:ESRT) completed the acquisition of remaining stake in Multifamily asset in Manhattan from Fetner Properties, Inc. for $32 million on March 31, 2024. Consideration consists of approximately $14 million in cash and the assumption of $18 million of the in-place debt.
Empire State Realty Trust, Inc. is a real estate investment trust (REIT), which owns and operates a portfolio of office, retail and multifamily assets. The Companyâs portfolio consists of approximately 8.6 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 727 residential units. Its office portfolio included 11 properties encompassing approximately 8.6 million rentable square feet. Nine of these office properties are located in midtown Manhattan and encompass approximately 7.6 million rentable square feet, including the Empire State Building. The Companyâs segments include Real Estate and an Observatory. Real Estate segment includes all activities related to the ownership, management, operation, acquisition, repositioning and disposition of its commercial and multifamily real estate assets, principally office assets, located in Manhattan. Observatory segment operates the 86th and 102nd floor observatories in the Empire State Building.
EMPIRE STATE REALTY TRUST, INC. 
