Deals & development · 11/09/2026, 4:00 PM
ESRT eyes $150M for Garment District office building at 501 Seventh Ave
Empire State Realty Trust has put 501 Seventh Avenue, at West 37th Street, on the market for about $150 million. Fashion tenants include Steven Madden, PVH Corp and Carolina Herrera, and Newmark is running the sale. ESRT has also sold 1359 Broadway and 250 West 57th Street and says it uses sale proceeds to buy back shares and pay down debt.
Reported by The Real Deal · New YorkRead the original ↗
What happened
Empire State Realty Trust (ESRT) has put its office building at 501 Seventh Avenue in Manhattan's Garment District up for sale. The Real Deal reported the listing on 11/09/2026. The company is seeking about $150 million.
The 18-story building sits at the corner of West 37th Street and has nearly 500,000 square feet. A Newmark offering memo says it is 84 percent leased. Tenants include fashion companies Steven Madden, PVH Corp and Carolina Herrera. Newmark says ESRT has put $54 million into the property, 40 percent of it in the last five years. That money went to elevators, windows, building systems and a rooftop lounge. A Newmark team led by Adam Spies and Josh King is running the sale.
This is the latest in a string of ESRT sales. Last week the company closed its $218 million sale of 1359 Broadway to Joe Sitt. Earlier this year it sold 250 West 57th Street to Igal Namdar for $280 million. On ESRT's third-quarter earnings call last week, CEO Tony Malkin said the company is using sale proceeds to buy back shares and pay down debt. ESRT did not immediately respond to The Real Deal's request for comment.
Key facts
- Address
- 501 Seventh Avenue, at West 37th Street, Garment District, Manhattan
- Seller
- Empire State Realty Trust, led by Tony Malkin
- Asking price
- About $150 million
- Size
- 18 stories, nearly 500,000 square feet
- Occupancy
- 84 percent leased, per Newmark offering memo
- Capital invested
- $54 million, 40 percent of it in the last five years
- Broker
- Newmark team led by Adam Spies and Josh King
- Reported
- The Real Deal, 11/09/2026
What it means
Buyers and owners
This is a large commercial office sale, not a residential deal. It shows one big owner selling some buildings to pay down debt and buy back shares, which may be a useful signal for owners watching Manhattan's office market.
Landlords
There is no direct effect on residential rentals, rent rules or tenants in small buildings. Nothing in the report involves housing units or city housing agencies.
The highlights
- The 18-story, nearly 500,000-square-foot building is 84 percent leased.
- ESRT has put $54 million into elevators, windows, systems and a rooftop lounge.
- ESRT recently sold 1359 Broadway to Joe Sitt for $218 million.
Why it matters Landlords
A large owner selling Manhattan office assets gives small owners a fresh read on office pricing in the Garment District.
Not known yet
- Who the likely buyers are or whether any offers have come in
- The timeline for the sale or a target closing date
- When the leases of the current tenants expire
- Whether the final price will match the roughly $150 million asking figure
Background
Large commercial buildings in New York City are usually marketed by a brokerage firm that sends an offering memorandum to potential investors. The memo describes the building, its tenants and its condition. An asking price is a starting point, and the final sale price can differ. A deal is not complete until it closes, often weeks or months after a building first goes on the market.
Buildings in this story
- 501 Seventh Avenue · building facts and open city records
- 250 West 57th Street · building facts and open city records
Summary written by Bulwark from The Real Deal · New York’s reporting. The original story is at therealdeal.com. This is general information, not legal advice.
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Photo: Andre Carrotflower, CC BY-SA 4.0