Attorney Jermel Singleton was part of the legal team representing Empire State Realty Trust (ESRT) in its recent business update released via CityBiz. The announcement detailed ESRT’s significant portfolio developments, capital recycling strategy, and ongoing efforts to maximize shareholder value.
ESRT—a premier real estate investment trust known for owning and operating the Empire State Building and other key Manhattan assets—shared updates on major acquisitions, dispositions, investor activity, and operational performance.
Key Highlights from the ESRT Business Update
Acquisition of 298 Mulberry Street:
On December 20, 2022, ESRT completed its $115 million acquisition of a 96-unit full-service multifamily property in Manhattan’s NoHo neighborhood. The asset expands ESRT’s multifamily portfolio and supports long-term rent growth opportunities.
Disposition of Non-Core Assets:
The company finalized the sale of its 12-story office property at 10 Bank Street in White Plains for $42 million and entered into an agreement to sell 500 Mamaroneck Avenue in Harrison for $53 million. These strategic dispositions support ESRT’s capital recycling plan and tax-efficient reinvestment into high-value assets.
Operational Performance & Observatory Attendance:
Visitor attendance at the Empire State Building Observatory continued its strong recovery, reaching up to 95% of 2019 levels in December 2022.
Share Repurchase Update:
ESRT repurchased $4.4 million in common stock during Q4, bringing total repurchases to $277.4 million since the start of the program.
Legal Team Acknowledgment
ESRT’s press release recognizes the legal team from Fried Frank who supported these transactions, including Ross Silver, Brian Helweil, and Attorney Jermel Singleton. Singleton’s role reflects his sophisticated experience in supporting complex real estate and corporate transactions for high-profile clients.
Read the full Business Wire release:
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