ESRT$4.23▲ 1.4%Qatar's fund paid $21 a share in 2016 for Empire State Realty stock. Erez averaged $4.27.
Erez Asset Management disclosed a 5.8% stake in the Empire State Building's owner on Oct. 5 and says it raised a potential strategic review. Its filings show it pressing two other property companies this year.
KeyVex News··6 min readFact-checked against 15 public recordsKeyVex News··6 min readFact-checked against 15 public recordsESRT$4.23▲ 1.4%Close, Oct. 5. Prices from Tiingo.The short versionTap to readTap to close
- The Empire State Building's owner earns money from offices and its observation deck. In February it assumed $87 million to $92 million of deck income for 2026. In July it assumed $55 million.
- Deck visitors fell 24.3% in the first half. The company says the $55 million assumes no improvement in visits.
- Qatar's sovereign wealth fund paid $21 a share for most of its stake in 2016. On Sept. 18 the stock closed at $3.93, its lowest in KeyVex's prices, which go back to 2013.
- Asked in July about monetizing the deck, CEO Anthony Malkin said the focus for now is "the fix of the business." Erez's filing, from October, names no assets for its potential strategic review.
- Malkin held 14.7% of the company's votes in March. Shareholders who want to nominate directors for 2027 must give notice between Nov. 3 and Dec. 3, the company's proxy says.
The stake: Erez Asset Management disclosed on Oct. 5 that it and its founder, Bruce Schanzer, own 5.8% of the Class A stock of Empire State Realty Trust, the Empire State Building's owner.13DWhitestone proxy It disclosed the stake in a Schedule 13D, the report the SEC requires from anyone who acquires more than 5% of a class of a company's voting stock, unless they qualify for a shorter form.Investor.gov That is 10 million shares, all bought in the open market from Sept. 2 to Oct. 2, for about $43 million, or about $4.27 a share on average.13DAnnex A
The ask: Erez says it has talked with management and the board about capital allocation and strategy, "including a potential strategic review of some or all of the Issuer's assets."13D On the company's July 30 earnings call, an analyst asked whether the observation deck might ever be monetized, once business recovers.Transcript "Our view right now is to focus on the fix of the business," Chief Executive Anthony Malkin said, according to Investing.com's AI-assisted transcript.Transcript The records don't show how the board answered Erez.
Why it matters: The stock closed at $3.93 on Sept. 18, its lowest in KeyVex's prices, which go back to 2013.Chart data The Qatar Investment Authority, Qatar's sovereign wealth fund, paid $21.00 a share for most of its stake, bought from the company in 2016.ProxyQIA Filings this year show Erez asked Veris Residential and UMH Properties to review strategic alternatives, and on Sept. 28 it said it will seek board change at UMH.Veris 13DUMH 13DUMH 13D/A Erez's 10 million shares carry about 4.6% of the company's votes, by KeyVex's math from the proxy's March counts. Malkin held 14.7%.Proxy
Empire State Realty Trust's stock and the story's key datesDaily close, Jan. 2, 2025 to Oct. 5, 2026 ▼ 58.4%Show chartHide chart
- 1Jan. 2, 2025 The first close of 2025. $10.17. The stock closed 58.4% lower on Oct. 5, 2026.
- 2July 29, 2026 Second-quarter results, after the close. ESRT cuts its 2026 forecast and writes down $166.1 million of Observatory goodwill. The stock closes at $5.80 before the release.
- 3July 30, 2026 The next day. $5.00, down 13.8%.
- 4Sept. 2, 2026 Erez's first purchase. The first of 20 open-market purchases listed in its 13D. The stock closes at $4.39.
- 5Sept. 18, 2026 The lowest close. $3.93, the lowest in KeyVex's ESRT prices, which begin Oct. 2, 2013.
- 6Oct. 2, 2026 Erez's last purchase. Its 10 millionth share. The stock closes at $4.17.
- 7Oct. 5, 2026 Erez's 13D, after the close. EDGAR accepted it at 6:26 p.m. The stock had closed at $4.23.
View the data (440 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-05 | $4.23 | +1.4% |
| 2026-10-02 | $4.17 | +1.0% |
| 2026-10-01 | $4.13 | +2.5% |
| 2026-09-30 | $4.03 | 0.0% |
| 2026-09-29 | $4.03 | −0.7% |
| 2026-09-28 | $4.06 | −1.2% |
| 2026-09-25 | $4.11 | −1.2% |
| 2026-09-24 | $4.16 | +0.7% |
| 2026-09-23 | $4.13 | +0.7% |
| 2026-09-22 | $4.10 | −1.0% |
| 2026-09-21 | $4.14 | +5.3% |
| 2026-09-18 | $3.93 | −5.5% |
| 2026-09-17 | $4.16 | +1.7% |
| 2026-09-16 | $4.09 | −3.3% |
| 2026-09-15 | $4.23 | −1.4% |
| 2026-09-14 | $4.29 | +0.2% |
| 2026-09-11 | $4.28 | +0.9% |
| 2026-09-10 | $4.24 | 0.0% |
| 2026-09-09 | $4.24 | −3.6% |
| 2026-09-08 | $4.40 | −3.1% |
| 2026-09-04 | $4.54 | +2.7% |
| 2026-09-03 | $4.42 | +0.7% |
| 2026-09-02 | $4.39 | 0.0% |
| 2026-09-01 | $4.39 | −3.1% |
| 2026-08-31 | $4.53 | −1.3% |
| 2026-08-28 | $4.59 | −1.1% |
| 2026-08-27 | $4.64 | −1.7% |
| 2026-08-26 | $4.72 | −1.0% |
| 2026-08-25 | $4.77 | +0.8% |
| 2026-08-24 | $4.73 | −1.9% |
| 2026-08-21 | $4.82 | +0.6% |
| 2026-08-20 | $4.79 | −1.2% |
| 2026-08-19 | $4.85 | +3.2% |
| 2026-08-18 | $4.70 | +0.9% |
| 2026-08-17 | $4.66 | −1.9% |
| 2026-08-14 | $4.75 | −1.7% |
| 2026-08-13 | $4.83 | +2.3% |
| 2026-08-12 | $4.72 | +1.9% |
| 2026-08-11 | $4.63 | −0.2% |
| 2026-08-10 | $4.64 | −4.1% |
| 2026-08-07 | $4.84 | −0.8% |
| 2026-08-06 | $4.88 | −0.2% |
| 2026-08-05 | $4.89 | −1.0% |
| 2026-08-04 | $4.94 | +0.2% |
| 2026-08-03 | $4.93 | −2.6% |
| 2026-07-31 | $5.06 | +1.2% |
| 2026-07-30 | $5.00 | −13.8% |
| 2026-07-29 | $5.80 | +2.5% |
| 2026-07-28 | $5.66 | +0.7% |
| 2026-07-27 | $5.62 | −0.7% |
| 2026-07-24 | $5.66 | +3.7% |
| 2026-07-23 | $5.46 | +0.6% |
| 2026-07-22 | $5.43 | −1.8% |
| 2026-07-21 | $5.53 | −1.2% |
| 2026-07-20 | $5.60 | −2.9% |
| 2026-07-17 | $5.77 | +0.3% |
| 2026-07-16 | $5.75 | +2.5% |
| 2026-07-15 | $5.61 | +1.3% |
| 2026-07-14 | $5.54 | 0.0% |
| 2026-07-13 | $5.54 | +2.0% |
| 2026-07-10 | $5.43 | +0.7% |
| 2026-07-09 | $5.39 | −0.4% |
| 2026-07-08 | $5.41 | −1.8% |
| 2026-07-07 | $5.51 | −3.0% |
| 2026-07-06 | $5.68 | −0.2% |
| 2026-07-02 | $5.69 | +3.3% |
| 2026-07-01 | $5.51 | +1.8% |
| 2026-06-30 | $5.41 | +1.7% |
| 2026-06-29 | $5.32 | −0.9% |
| 2026-06-26 | $5.37 | +4.5% |
| 2026-06-25 | $5.14 | −0.4% |
| 2026-06-24 | $5.16 | 0.0% |
| 2026-06-23 | $5.16 | +0.2% |
| 2026-06-22 | $5.15 | −1.7% |
| 2026-06-18 | $5.24 | +1.9% |
| 2026-06-17 | $5.14 | −4.1% |
| 2026-06-16 | $5.36 | +1.1% |
| 2026-06-15 | $5.30 | −2.6% |
| 2026-06-12 | $5.44 | +0.7% |
| 2026-06-11 | $5.40 | −3.4% |
| 2026-06-10 | $5.59 | −1.9% |
| 2026-06-09 | $5.70 | +6.5% |
| 2026-06-08 | $5.35 | +1.5% |
| 2026-06-05 | $5.27 | +0.2% |
| 2026-06-04 | $5.26 | −2.2% |
| 2026-06-03 | $5.38 | −5.6% |
| 2026-06-02 | $5.70 | −0.5% |
| 2026-06-01 | $5.73 | 0.0% |
| 2026-05-29 | $5.73 | 0.0% |
| 2026-05-28 | $5.73 | −0.7% |
| 2026-05-27 | $5.77 | +3.4% |
| 2026-05-26 | $5.58 | 0.0% |
| 2026-05-22 | $5.58 | −1.1% |
| 2026-05-21 | $5.64 | +1.1% |
| 2026-05-20 | $5.58 | +2.6% |
| 2026-05-19 | $5.44 | −1.6% |
| 2026-05-18 | $5.53 | +2.8% |
| 2026-05-15 | $5.38 | −1.3% |
| 2026-05-14 | $5.45 | +0.6% |
| 2026-05-13 | $5.42 | −2.5% |
| 2026-05-12 | $5.56 | +1.6% |
| 2026-05-11 | $5.47 | −4.2% |
| 2026-05-08 | $5.71 | +1.8% |
| 2026-05-07 | $5.61 | −1.1% |
| 2026-05-06 | $5.67 | +2.5% |
| 2026-05-05 | $5.53 | +2.2% |
| 2026-05-04 | $5.41 | −3.7% |
| 2026-05-01 | $5.62 | +0.9% |
| 2026-04-30 | $5.57 | −0.9% |
| 2026-04-29 | $5.62 | −1.9% |
| 2026-04-28 | $5.73 | +0.7% |
| 2026-04-27 | $5.69 | +2.3% |
| 2026-04-24 | $5.56 | +1.5% |
| 2026-04-23 | $5.48 | −0.2% |
| 2026-04-22 | $5.49 | −1.8% |
| 2026-04-21 | $5.59 | +0.2% |
| 2026-04-20 | $5.58 | +1.5% |
| 2026-04-17 | $5.50 | +0.7% |
| 2026-04-16 | $5.46 | 0.0% |
| 2026-04-15 | $5.46 | +2.2% |
| 2026-04-14 | $5.34 | +1.1% |
| 2026-04-13 | $5.28 | +1.5% |
| 2026-04-10 | $5.20 | +0.6% |
| 2026-04-09 | $5.17 | −0.2% |
| 2026-04-08 | $5.18 | +1.4% |
| 2026-04-07 | $5.11 | +1.2% |
| 2026-04-06 | $5.05 | −2.1% |
| 2026-04-02 | $5.16 | +3.4% |
| 2026-04-01 | $4.99 | −4.0% |
| 2026-03-31 | $5.20 | +2.0% |
| 2026-03-30 | $5.10 | +2.8% |
| 2026-03-27 | $4.96 | 0.0% |
| 2026-03-26 | $4.96 | −1.0% |
| 2026-03-25 | $5.01 | −1.4% |
| 2026-03-24 | $5.08 | −1.7% |
| 2026-03-23 | $5.17 | +1.8% |
| 2026-03-20 | $5.08 | −1.6% |
| 2026-03-19 | $5.16 | +0.8% |
| 2026-03-18 | $5.12 | −1.3% |
| 2026-03-17 | $5.19 | +0.6% |
| 2026-03-16 | $5.16 | −0.4% |
| 2026-03-13 | $5.18 | −1.7% |
| 2026-03-12 | $5.27 | −0.9% |
| 2026-03-11 | $5.32 | −0.9% |
| 2026-03-10 | $5.37 | +0.6% |
| 2026-03-09 | $5.34 | −3.4% |
| 2026-03-06 | $5.53 | −3.0% |
| 2026-03-05 | $5.70 | −1.2% |
| 2026-03-04 | $5.77 | +0.7% |
| 2026-03-03 | $5.73 | −0.2% |
| 2026-03-02 | $5.74 | −2.4% |
| 2026-02-27 | $5.88 | −2.8% |
| 2026-02-26 | $6.05 | −0.5% |
| 2026-02-25 | $6.08 | +2.4% |
| 2026-02-24 | $5.94 | −1.5% |
| 2026-02-23 | $6.03 | +1.7% |
| 2026-02-20 | $5.93 | −2.1% |
| 2026-02-19 | $6.06 | −2.6% |
| 2026-02-18 | $6.22 | −2.7% |
| 2026-02-17 | $6.39 | +1.9% |
| 2026-02-13 | $6.27 | −1.1% |
| 2026-02-12 | $6.34 | −0.6% |
| 2026-02-11 | $6.38 | −6.2% |
| 2026-02-10 | $6.80 | +1.8% |
| 2026-02-09 | $6.68 | −1.0% |
| 2026-02-06 | $6.75 | +1.8% |
| 2026-02-05 | $6.63 | +0.6% |
| 2026-02-04 | $6.59 | +0.5% |
| 2026-02-03 | $6.56 | +0.5% |
| 2026-02-02 | $6.53 | −1.5% |
| 2026-01-30 | $6.63 | −1.5% |
| 2026-01-29 | $6.73 | +3.2% |
| 2026-01-28 | $6.52 | −2.1% |
| 2026-01-27 | $6.66 | +0.3% |
| 2026-01-26 | $6.64 | −0.9% |
| 2026-01-23 | $6.70 | +0.1% |
| 2026-01-22 | $6.69 | +1.5% |
| 2026-01-21 | $6.59 | +3.5% |
| 2026-01-20 | $6.37 | −3.2% |
| 2026-01-16 | $6.58 | +2.8% |
| 2026-01-15 | $6.40 | +3.9% |
| 2026-01-14 | $6.16 | −1.0% |
| 2026-01-13 | $6.22 | −3.0% |
| 2026-01-12 | $6.41 | +0.3% |
| 2026-01-09 | $6.39 | −2.1% |
| 2026-01-08 | $6.53 | +2.4% |
| 2026-01-07 | $6.38 | −2.7% |
| 2026-01-06 | $6.56 | +2.3% |
| 2026-01-05 | $6.41 | −0.9% |
| 2026-01-02 | $6.47 | −0.8% |
| 2025-12-31 | $6.52 | +0.6% |
| 2025-12-30 | $6.48 | −1.4% |
| 2025-12-29 | $6.57 | +1.7% |
| 2025-12-26 | $6.46 | −0.8% |
| 2025-12-24 | $6.51 | +0.5% |
| 2025-12-23 | $6.48 | −1.1% |
| 2025-12-22 | $6.55 | −0.5% |
| 2025-12-19 | $6.58 | −2.1% |
| 2025-12-18 | $6.72 | −0.7% |
| 2025-12-17 | $6.77 | −3.0% |
| 2025-12-16 | $6.98 | −0.7% |
| 2025-12-15 | $7.03 | +1.3% |
| 2025-12-12 | $6.94 | +0.4% |
| 2025-12-11 | $6.91 | −0.7% |
| 2025-12-10 | $6.96 | +1.6% |
| 2025-12-09 | $6.85 | +0.1% |
| 2025-12-08 | $6.84 | +1.3% |
| 2025-12-05 | $6.75 | −1.7% |
| 2025-12-04 | $6.87 | −2.3% |
| 2025-12-03 | $7.03 | +1.7% |
| 2025-12-02 | $6.91 | −2.0% |
| 2025-12-01 | $7.05 | +0.3% |
| 2025-11-28 | $7.03 | +0.4% |
| 2025-11-26 | $7.00 | +1.0% |
| 2025-11-25 | $6.93 | +2.2% |
| 2025-11-24 | $6.78 | +1.8% |
| 2025-11-21 | $6.66 | +1.4% |
| 2025-11-20 | $6.57 | −2.8% |
| 2025-11-19 | $6.76 | −1.9% |
| 2025-11-18 | $6.89 | +1.2% |
| 2025-11-17 | $6.81 | −4.9% |
| 2025-11-14 | $7.16 | −0.7% |
| 2025-11-13 | $7.21 | −0.1% |
| 2025-11-12 | $7.22 | −3.2% |
| 2025-11-11 | $7.46 | +1.9% |
| 2025-11-10 | $7.32 | −1.7% |
| 2025-11-07 | $7.45 | +2.2% |
| 2025-11-06 | $7.29 | 0.0% |
| 2025-11-05 | $7.29 | −0.3% |
| 2025-11-04 | $7.31 | −0.9% |
| 2025-11-03 | $7.38 | −0.1% |
| 2025-10-31 | $7.39 | +3.2% |
| 2025-10-30 | $7.16 | −6.0% |
| 2025-10-29 | $7.62 | −2.2% |
| 2025-10-28 | $7.79 | −2.1% |
| 2025-10-27 | $7.96 | −0.1% |
| 2025-10-24 | $7.97 | +2.0% |
| 2025-10-23 | $7.81 | +0.6% |
| 2025-10-22 | $7.76 | +1.0% |
| 2025-10-21 | $7.68 | +5.9% |
| 2025-10-20 | $7.25 | −0.3% |
| 2025-10-17 | $7.27 | +1.5% |
| 2025-10-16 | $7.16 | −3.2% |
| 2025-10-15 | $7.40 | +2.1% |
| 2025-10-14 | $7.25 | +0.4% |
| 2025-10-13 | $7.22 | +0.7% |
| 2025-10-10 | $7.17 | −2.8% |
| 2025-10-09 | $7.38 | −1.6% |
| 2025-10-08 | $7.50 | −3.4% |
| 2025-10-07 | $7.76 | −0.3% |
| 2025-10-06 | $7.78 | +0.1% |
| 2025-10-03 | $7.77 | +0.3% |
| 2025-10-02 | $7.75 | +0.6% |
| 2025-10-01 | $7.70 | +0.5% |
| 2025-09-30 | $7.66 | +0.1% |
| 2025-09-29 | $7.65 | 0.0% |
| 2025-09-26 | $7.65 | +0.8% |
| 2025-09-25 | $7.59 | −0.9% |
| 2025-09-24 | $7.66 | +1.5% |
| 2025-09-23 | $7.55 | +1.2% |
| 2025-09-22 | $7.46 | +0.4% |
| 2025-09-19 | $7.43 | −3.1% |
| 2025-09-18 | $7.67 | +2.1% |
| 2025-09-17 | $7.51 | −2.5% |
| 2025-09-16 | $7.70 | −1.2% |
| 2025-09-15 | $7.79 | −1.5% |
| 2025-09-12 | $7.91 | +1.0% |
| 2025-09-11 | $7.83 | +2.0% |
| 2025-09-10 | $7.68 | +0.9% |
| 2025-09-09 | $7.61 | −2.2% |
| 2025-09-08 | $7.78 | −2.4% |
| 2025-09-05 | $7.97 | +1.3% |
| 2025-09-04 | $7.87 | +1.3% |
| 2025-09-03 | $7.77 | +2.9% |
| 2025-09-02 | $7.55 | −1.3% |
| 2025-08-29 | $7.65 | +0.3% |
| 2025-08-28 | $7.63 | +0.4% |
| 2025-08-27 | $7.60 | +1.9% |
| 2025-08-26 | $7.46 | −0.7% |
| 2025-08-25 | $7.51 | −2.0% |
| 2025-08-22 | $7.66 | +4.9% |
| 2025-08-21 | $7.30 | −0.4% |
| 2025-08-20 | $7.33 | −1.6% |
| 2025-08-19 | $7.45 | +1.4% |
| 2025-08-18 | $7.35 | −1.1% |
| 2025-08-15 | $7.43 | +0.4% |
| 2025-08-14 | $7.40 | −1.7% |
| 2025-08-13 | $7.53 | +2.2% |
| 2025-08-12 | $7.37 | +2.2% |
| 2025-08-11 | $7.21 | +0.4% |
| 2025-08-08 | $7.18 | −2.7% |
| 2025-08-07 | $7.38 | −1.9% |
| 2025-08-06 | $7.52 | +3.7% |
| 2025-08-05 | $7.25 | +0.4% |
| 2025-08-04 | $7.22 | +1.0% |
| 2025-08-01 | $7.15 | −1.2% |
| 2025-07-31 | $7.24 | −1.1% |
| 2025-07-30 | $7.32 | −1.6% |
| 2025-07-29 | $7.44 | +0.7% |
| 2025-07-28 | $7.39 | −0.7% |
| 2025-07-25 | $7.44 | +0.8% |
| 2025-07-24 | $7.38 | −7.1% |
| 2025-07-23 | $7.94 | +2.2% |
| 2025-07-22 | $7.77 | +2.1% |
| 2025-07-21 | $7.61 | −0.1% |
| 2025-07-18 | $7.62 | 0.0% |
| 2025-07-17 | $7.62 | −3.2% |
| 2025-07-16 | $7.87 | −1.3% |
| 2025-07-15 | $7.97 | −3.4% |
| 2025-07-14 | $8.25 | +0.6% |
| 2025-07-11 | $8.20 | −0.5% |
| 2025-07-10 | $8.24 | +1.6% |
| 2025-07-09 | $8.11 | −0.1% |
| 2025-07-08 | $8.12 | +1.1% |
| 2025-07-07 | $8.03 | −3.5% |
| 2025-07-03 | $8.32 | +0.5% |
| 2025-07-02 | $8.28 | +1.2% |
| 2025-07-01 | $8.18 | +1.1% |
| 2025-06-30 | $8.09 | 0.0% |
| 2025-06-27 | $8.09 | +1.3% |
| 2025-06-26 | $7.99 | +5.5% |
| 2025-06-25 | $7.57 | −7.6% |
| 2025-06-24 | $8.19 | −3.3% |
| 2025-06-23 | $8.47 | −1.2% |
| 2025-06-20 | $8.57 | 0.0% |
| 2025-06-18 | $8.57 | −0.6% |
| 2025-06-17 | $8.62 | −0.2% |
| 2025-06-16 | $8.64 | +0.9% |
| 2025-06-13 | $8.56 | −1.7% |
| 2025-06-12 | $8.71 | +2.6% |
| 2025-06-11 | $8.49 | −0.7% |
| 2025-06-10 | $8.55 | +1.3% |
| 2025-06-09 | $8.44 | +0.5% |
| 2025-06-06 | $8.40 | +3.8% |
| 2025-06-05 | $8.09 | +1.9% |
| 2025-06-04 | $7.94 | +0.6% |
| 2025-06-03 | $7.89 | +2.1% |
| 2025-06-02 | $7.73 | +0.9% |
| 2025-05-30 | $7.66 | −2.3% |
| 2025-05-29 | $7.84 | +1.3% |
| 2025-05-28 | $7.74 | +2.4% |
| 2025-05-27 | $7.56 | +3.8% |
| 2025-05-23 | $7.28 | +0.1% |
| 2025-05-22 | $7.27 | −1.6% |
| 2025-05-21 | $7.39 | −2.9% |
| 2025-05-20 | $7.61 | −0.4% |
| 2025-05-19 | $7.64 | −2.2% |
| 2025-05-16 | $7.81 | −2.0% |
| 2025-05-15 | $7.97 | +0.9% |
| 2025-05-14 | $7.90 | +1.0% |
| 2025-05-13 | $7.82 | +0.8% |
| 2025-05-12 | $7.76 | +6.0% |
| 2025-05-09 | $7.32 | −0.7% |
| 2025-05-08 | $7.37 | +0.1% |
| 2025-05-07 | $7.36 | +0.3% |
| 2025-05-06 | $7.34 | −0.9% |
| 2025-05-05 | $7.41 | +0.3% |
| 2025-05-02 | $7.39 | +2.6% |
| 2025-05-01 | $7.20 | +1.1% |
| 2025-04-30 | $7.12 | +2.3% |
| 2025-04-29 | $6.96 | −3.6% |
| 2025-04-28 | $7.22 | +1.1% |
| 2025-04-25 | $7.14 | +0.6% |
| 2025-04-24 | $7.10 | −0.4% |
| 2025-04-23 | $7.13 | 0.0% |
| 2025-04-22 | $7.13 | +1.4% |
| 2025-04-21 | $7.03 | −1.1% |
| 2025-04-17 | $7.11 | +0.9% |
| 2025-04-16 | $7.05 | +0.6% |
| 2025-04-15 | $7.01 | −1.8% |
| 2025-04-14 | $7.14 | +1.4% |
| 2025-04-11 | $7.04 | +2.6% |
| 2025-04-10 | $6.86 | −5.1% |
| 2025-04-09 | $7.23 | +6.5% |
| 2025-04-08 | $6.79 | −3.6% |
| 2025-04-07 | $7.04 | −2.4% |
| 2025-04-04 | $7.21 | −3.1% |
| 2025-04-03 | $7.44 | −5.2% |
| 2025-04-02 | $7.85 | +0.6% |
| 2025-04-01 | $7.80 | −0.3% |
| 2025-03-31 | $7.82 | −0.1% |
| 2025-03-28 | $7.83 | −1.5% |
| 2025-03-27 | $7.95 | −1.2% |
| 2025-03-26 | $8.05 | +1.3% |
| 2025-03-25 | $7.95 | −0.5% |
| 2025-03-24 | $7.99 | +0.3% |
| 2025-03-21 | $7.97 | −2.8% |
| 2025-03-20 | $8.20 | +1.5% |
| 2025-03-19 | $8.08 | −1.1% |
| 2025-03-18 | $8.17 | −0.5% |
| 2025-03-17 | $8.21 | +2.4% |
| 2025-03-14 | $8.02 | +0.2% |
| 2025-03-13 | $8.00 | −3.1% |
| 2025-03-12 | $8.26 | +0.4% |
| 2025-03-11 | $8.23 | −0.6% |
| 2025-03-10 | $8.28 | −3.0% |
| 2025-03-07 | $8.54 | +0.6% |
| 2025-03-06 | $8.49 | −2.0% |
| 2025-03-05 | $8.66 | +1.3% |
| 2025-03-04 | $8.55 | −4.1% |
| 2025-03-03 | $8.92 | −3.8% |
| 2025-02-28 | $9.27 | +1.6% |
| 2025-02-27 | $9.12 | +1.6% |
| 2025-02-26 | $8.98 | +3.5% |
| 2025-02-25 | $8.68 | +0.9% |
| 2025-02-24 | $8.60 | −0.6% |
| 2025-02-21 | $8.65 | −1.1% |
| 2025-02-20 | $8.75 | −2.9% |
| 2025-02-19 | $9.01 | −0.3% |
| 2025-02-18 | $9.04 | −0.8% |
| 2025-02-14 | $9.11 | −0.5% |
| 2025-02-13 | $9.16 | −0.5% |
| 2025-02-12 | $9.21 | −1.5% |
| 2025-02-11 | $9.35 | −0.7% |
| 2025-02-10 | $9.42 | −2.4% |
| 2025-02-07 | $9.65 | −0.3% |
| 2025-02-06 | $9.68 | +0.2% |
| 2025-02-05 | $9.66 | +1.4% |
| 2025-02-04 | $9.53 | +0.4% |
| 2025-02-03 | $9.49 | −0.7% |
| 2025-01-31 | $9.56 | +0.5% |
| 2025-01-30 | $9.51 | +4.4% |
| 2025-01-29 | $9.11 | −3.0% |
| 2025-01-28 | $9.39 | −2.0% |
| 2025-01-27 | $9.58 | −0.3% |
| 2025-01-24 | $9.61 | −0.4% |
| 2025-01-23 | $9.65 | −0.3% |
| 2025-01-22 | $9.68 | −1.8% |
| 2025-01-21 | $9.86 | +2.4% |
| 2025-01-17 | $9.63 | +0.3% |
| 2025-01-16 | $9.60 | +0.7% |
| 2025-01-15 | $9.53 | −0.2% |
| 2025-01-14 | $9.55 | 0.0% |
| 2025-01-13 | $9.55 | +0.1% |
| 2025-01-10 | $9.54 | −2.5% |
| 2025-01-08 | $9.78 | −1.4% |
| 2025-01-07 | $9.92 | −0.8% |
| 2025-01-06 | $10.00 | −2.5% |
| 2025-01-03 | $10.26 | +0.9% |
| 2025-01-02 | $10.17 |
Erez's 13D was accepted after the close on Oct. 5, the last close in this chart.13D Source: Tiingo end-of-day closes, as traded, via KeyVex.
What went wrong at the top of the building
The Observatory hosted 800,000 visitors in the first half of 2026, down 24.3% from 1.06 million a year earlier. Its second-quarter revenue fell 28.5%, to $24.2 million.10-Q
On July 29, after the close, the company cut its 2026 forecast for core funds from operations, the main earnings measure for a real estate investment trust, or REIT. The new range is $0.75 to $0.79 a share, from $0.85 to $0.89.Q2 release It now assumes $55 million of net operating income, a measure of the deck's operating profit, with no improvement in visits. In February it had used $87 million to $92 million.Q2 release It also wrote down $166.1 million of the Observatory's goodwill, a non-cash charge that lowers the deck business's value on the company's books.Q2 release
View the data
| 2026 forecast | Net operating income | Note |
|---|---|---|
| February forecast, high end (Observation Deck NOI) | $92M | 2026 guidance given in February |
| February forecast, low end (Observation Deck NOI) | $87M | 2026 guidance given in February |
| July forecast (Observation Deck NOI) | $55M | Assumes no improvement to current visitation levels |
Source: Empire State Realty Trust's second-quarter 2026 results release.Q2 release
On the July 30 call, the chief financial officer pointed to "the gutting of the bargain international traveler" and "the really tremendous decline in our pass program partners," according to Investing.com's transcript. Pass-program visitors fell 45% from 2024 to 2026, year to date, the company said.Transcript Dylan Burzinski, an analyst at Green Street, said on the call that the public market "doesn't necessarily give you guys the credit for the Observatory."Transcript
The office side held up better. The company's commercial space was 94.9% leased at June 30, and new office rents beat the old ones for a 20th straight quarter.Q2 release Its board has approved up to $500 million of stock buybacks for 2026 and 2027, and none had been used by June 30.10-Q
What Erez says it may raise
The filing says Erez may also raise the board's makeup, dividends, buybacks and pay, and may talk to other shareholders. It has "no present plan or proposal" beyond what it describes, and it doesn't say what review it has in mind, or which assets.13D
Erez's other campaigns
Schanzer ran Cedar Realty Trust, a shopping-center REIT, as chief executive from 2011 to 2022, and formed Erez that year.Whitestone proxy
At Veris Residential, a New Jersey apartment REIT, Erez filed a 13D on Feb. 5. It said it had written to the board in December asking for "a publicly announced and broadly marketed formal review of strategic alternatives."13D On Feb. 23, Veris agreed to be bought for $19.00 a share in cash by a company backed by affiliates of GIC Real Estate and Affinius Capital.8-K Veris's merger proxy says its sale talks were under way before Erez's letter: one of the eventual buyers made an unsolicited offer in June 2025, and GIC joined the talks on Nov. 19.Veris proxy Erez's own stake was 4.87%; it had filed as a group with another investor. On Feb. 23 Erez sold about 1 million shares, leaving it with 3.79%, its amended filing shows. The deal closed May 27.13D13D/A8-K
At UMH Properties, a manufactured-housing REIT, Erez called in July for a review of strategic alternatives, "including a potential sale."13D On Sept. 28 it said it would seek board change at UMH's next annual meeting.13D/A In 2024 Erez nominated Schanzer and a second candidate for two seats on Whitestone REIT's board of trustees, and shareholders kept the incumbents, Commercial Observer reported.Commercial Observer
Who holds the votes
Erez's 5.8% is of the Class A stock. Most of Malkin's 14.7% comes from his 642,979 Class B shares, which carry 50 votes each for holders who also own 49 units of the company's operating partnership per share.Proxy
The largest Class A holder is Quark Holding, owned by the Qatar Investment Authority, with 17.4% of the shares outstanding at June 30. Under its agreement with the company, its votes above 9.9% are cast the way other shareholders vote.Proxy424B7 On July 30, the company registered all 29.9 million of Quark's shares for possible resale, to meet obligations under a 2016 registration-rights agreement. The filing says that "does not necessarily mean" Quark will sell.424B7 Its 2016 price of $21.00 a share was nearly five times Erez's average, by KeyVex's math.ProxyAnnex A
What shareholders have paid for Empire State Realty Trust stockShow chartHide chart
View the data
| ESRT price | Per share | Note |
|---|---|---|
| Qatar's purchase (Aug. 23, 2016, per share) | $21.00 | 29,610,854 shares bought from ESRT |
| First close in KeyVex's data (Oct. 2, 2013) | $13.10 | As traded |
| First close of 2025 (Jan. 2, 2025) | $10.17 | As traded |
| Erez's average price (Sept. 2 to Oct. 2, 2026) | $4.27 | KeyVex's math from the 13D's Annex A, commissions included |
| Lowest close (Sept. 18, 2026) | $3.93 | Lowest in KeyVex's ESRT prices, which begin Oct. 2, 2013 |
Erez's average is KeyVex's math from the 20 purchases in its 13D. Sources: 2026 proxy statement; Schedule 13D, Annex A; Tiingo closes via KeyVex.Proxy
A shareholder who wants to nominate directors for the 2027 annual meeting must give notice between Nov. 3 and 5 p.m. Eastern on Dec. 3, the proxy says. The dates change if the meeting is held before April 14 or after June 13, 2027.Proxy
What to watch
The window opens for shareholders to nominate directors for the 2027 annual meeting.
The SEC deadline for the company's third-quarter 10-Q, its quarterly report.
The nomination window closes at 5 p.m. Eastern.
The company's $500 million buyback authorization ends.
The paper trail
The filings this story rests on, Feb. 5 through Oct. 5, 2026, with the time EDGAR accepted each one (Eastern).
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Feb. 5, 2026, 4:40 p.m. | 13D | Erez | At Veris Residential: a December letter asking for a formal strategic review. |
| Feb. 23, 2026, 7:42 a.m. | 8-K | Veris Residential | Agrees to a $19.00-a-share cash sale. |
| Feb. 24, 2026, 5:00 p.m. | 13D/A | Erez | At Veris: sold about 1 million shares Feb. 23; 3.79% left. |
| April 2, 2026, 8:30 a.m. | DEF 14A | Empire State Realty Trust | Proxy: Malkin's 14.7% voting interest, Qatar's terms, the 2027 nomination window. |
| April 10, 2026, 5:08 p.m. | DEFM14A | Veris Residential | Merger proxy: talks began with an unsolicited offer in June 2025. |
| May 27, 2026, 4:44 p.m. | 8-K | Veris Residential | The sale is completed. |
| July 29, 2026, 4:25 p.m. | 8-K | Empire State Realty Trust | Second-quarter results: forecast cut, deck income assumption $55 million, $166.1 million write-down. |
| July 30, 2026, 4:57 p.m. | 424B7 | Empire State Realty Trust | Registers Quark Holding's 29.9 million shares for possible resale. |
| Aug. 6, 2026, 4:52 p.m. | 10-Q | Empire State Realty Trust | Visitors down 24.3% in the first half; $500 million buyback unused. |
| Aug. 11, 2026, 9:00 a.m. | 13D | Erez | At UMH Properties: a July 13 letter calling for a review, including a potential sale. |
| Sept. 29, 2026, 5:00 p.m. | 13D/A | Erez | At UMH Properties: will seek board change. |
| Oct. 5, 2026, 6:26 p.m. | 13D | Erez | At Empire State Realty Trust: 10 million shares, 5.8%; a potential strategic review raised with the board. |
Sources
22 sources, 15 of them public records
Public records
- Erez REIT Opportunities LP, Erez Asset Management LLC and Bruce Schanzer, Schedule 13D on Empire State Realty TrustSEC EDGAR · Oct. 5, 2026
- Schedule 13D filing index (acceptance time)SEC EDGAR · Oct. 5, 2026
- Schedule 13D, Annex A: Erez's purchases of ESRT Class A stockSEC EDGAR · Oct. 5, 2026
- Empire State Realty Trust, second-quarter 2026 results (Exhibit 99.1 to Form 8-K)SEC EDGAR · July 29, 2026
- Empire State Realty Trust, Form 10-Q for the quarter ended June 30, 2026SEC EDGAR · Aug. 6, 2026
- Empire State Realty Trust, 2026 proxy statement (DEF 14A)SEC EDGAR · April 2, 2026
- Erez, Schedule 13D on Veris ResidentialSEC EDGAR · Feb. 5, 2026
- Erez, Schedule 13D/A on Veris ResidentialSEC EDGAR · Feb. 24, 2026
- Veris Residential, Form 8-K (merger agreement)SEC EDGAR · Feb. 23, 2026
- Veris Residential, Form 8-K (completion of the merger)SEC EDGAR · May 27, 2026
- Erez, Schedule 13D on UMH PropertiesSEC EDGAR · Aug. 11, 2026
- Erez, Schedule 13D/A on UMH PropertiesSEC EDGAR · Sept. 29, 2026
- Veris Residential, definitive merger proxy (DEFM14A)SEC EDGAR · April 10, 2026
- Empire State Realty Trust, prospectus supplement registering Quark Holding's shares for resale (424B7)SEC EDGAR · July 30, 2026
- Erez, definitive proxy statement at Whitestone REIT (DEFC14A)SEC EDGAR · April 5, 2024
Rules and references
- About QIAQatar Investment Authority · accessed Oct. 6, 2026
- Schedules 13D and 13GInvestor.gov (SEC) · accessed Oct. 6, 2026
- Form 10-Q general instructions (filing deadlines)SEC · accessed Oct. 6, 2026
Reporting
- "Earnings call transcript: Empire State Realty Trust cuts 2026 outlook in Q2"Investing.com · July 30, 2026
- "Shareholders Vote to Keep Whitestone REIT Board, Stymying Proxy Battle"Commercial Observer · May 2024
Data
- End-of-day prices for ESRT, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 5, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for ESRTKeyVex · through Oct. 5, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends. Daily moves are close to close. Every ESRT close in the chart's Story range is in its data table. The lowest-close claim covers every ESRT close in KeyVex's prices, Oct. 2, 2013 to Oct. 5, 2026; the next-lowest year was 2020, when the lowest close was $5.38. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to ESRT's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's ESRT stock page, a selection of congressional trades, insider trades, Form 144 notices, 8-Ks and lobbying filings: not every filing, and not only those tied to this story.
- Erez's cost and average price come from the 20 purchases in Annex A of its 13D: 10,000,000 shares for $42,688,143, or $4.2688 a share, commissions included. The 13D rounds the cost to about $43 million.
- Malkin's 14.7% and the vote counts are as of March 2, 2026, the proxy's record date. Visitor and revenue figures are from the 10-Q for the period ended June 30, 2026. Quotes from the July 30 call are from Investing.com's transcript, which Investing.com says was generated with the support of AI.