Opinions
Andrew Moffs
Empire State Realty Trust
ESRT-N
PAST TOP PICK
Sep 29, 2025
$7.650
Stock price when the opinion was issued
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TOP PICK
Primarily office buildings across New York City, as well as retail and a bit of multi-family. Revenue: office (60%), retail/multi-family (10-20%), and Empire State Building Observatory (~25% net operating income). The iconic Observatory recently voted #1 attraction in the world.
Likes the Manhattan office market, seeing increasing leasing volume. It's a market of haves (lots of capital) and have nots (not well capitalized). ESRT is well capitalized. Attracting tenants with value. 28% discount to NAV. Listed as the #1 globally sustainable REIT. Yield is 1.3%.
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Negative sentiment on travel to the US, which is affecting attendance at the Empire State Building. Operating income went down in Q2. Sentiment is hard to fight, so he exited and found other names in NY office space.