ACQUISITION DETAILS
PRICE: ~$225M IN AGGREGATE • All-cash acquisition • $195M closed in 3Q and 4Q • 90% leased; 7.4-year WALT
• Tenants: Hermes, Nike, Santander Work Café, The North Face, Everlane, Warby Parker, DS & Durga, Buck Mason, Chanel, Byredo, & Google • Additional ~$30M asset acquisition on North 6th Street expected to close mid-2025 • Over 500 linear feet of frontage on the shopping blocks of N. 6th St. between Wythe and Bedford Ave ATTRACTIVE UPSIDE: • Significant long-term mark-to-market upside over time as leases roll • Vacancy lease-up INVESTMENT STRATEGY: • ESRT has achieved scale along North 6th Street following its initial acquisition in 3Q23 • Well-located, high traffic, strong market demographics, great cash flow growth prospects
PG 10
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