Joseph Sitt, partner face foreclosure from Rialto in Soho. Landlords allegedly defaulted on $15M mortgage at 350 West Broadway Days after picking up one Manhattan building, Thor Equities' Joseph Sitt may be in danger of losing another. Special servicer Rialto Capital Advisors filed to foreclose on 350 West Broadway in Soho, Crain's reported. Ownership allegedly defaulted on a $15 million mortgage tied to the property's commercial space, according to the Manhattan Supreme Court filing. There's uncertainty around the ownership of the building. Sitt and Elyahu Cohen were named as the guarantors of the debt, but Sitt is reportedly only a minority owner of the property. Joey Cohen's Regal Ventures may be the majority owner of the building, though the firm claims to only be a property manager, not an owner. Regardless, there's a small paper trail linking the property to Sitt and Elyahu Cohen. After RFR sold the retail space in 2013 for $24.5 million, Sitt and Elyahu Cohen appeared on a 2020 document in city records tied to the refinancing of the mortgage. The property as a whole stands 10 stories tall, tucked between Broome and Grand streets. It was redeveloped in 2008 to include 14,000 square feet of commercial space and seven residential condos on the upper levels. Amazon's AWS Startup Loft occupied the commercial space for several years, hosting a networking and event hub for entrepreneurs and software developers, according to Fitch Ratings. It left nine months ahead of its 2024 lease expiration, leaving the space largely vacant ever since. Just last week, Thor purchased the property at 1359 Broadway from Empire State Realty Trust for $218 million. The deal for the 486,000-square-foot building breaks down to more than $448 per square foot. Thor previously made big news in March when it purchased the fully leased, 58,000-square-foot office and retail building at 1165 Broadway in the NoMad district from David Haddad for $56 million.

Empire State Realty Trust has signed a new office lease with grocery technology app Instacart for 26,134 square feet at 111 W. 33rd Street in New York City. The deal, completed in the second quarter, brings the building to 100% occupancy following an additional 7,052 square-foot lease with Hansa Biopharma in the third quarter. Located near Penn Station and Madison Square Garden, the building houses tenants including Nespresso and ESRT's corporate headquarters. The company also announced that 1350 Broadway reached full occupancy through 12 new transactions and tenant expansions over the past year. ESRT's portfolio comprises approximately 8.0 million rentable square feet of office space across Manhattan.

Empire State Realty Trust (ESRT) details NOI, EBITDA in new investor presentation. Filing Impact Filing Sentiment Rhea-AI Filing summary. Empire State Realty Trust, Inc. furnished an updated investor presentation, dated June 2, 2026, which it plans to use at the Nareit REITweek 2026 Investor Conference. The presentation discusses non-GAAP metrics such as Net Operating Income, Property Cash NOI, Same Store NOI, EBITDA and Adjusted EBITDA, and includes detailed reconciliations to GAAP results. For the quarter ended March 31, 2026, the materials show net income of $2,995, net operating income of 97,492, total cash NOI including Observatory and lease termination fees of 91,571, and Same Store property cash NOI excluding Observatory and lease termination fees of 74,190. EBITDA and Adjusted EBITDA for the same quarter are each reported at 80,289. The presentation also outlines how the company defines Same Store properties and explains the calculation of Net Debt to Adjusted EBITDA, along with standard forward-looking statement cautions. 8-K event classification. 2 items: 7.01, 9.01 Key figures. Net income: $2,995 Net operating income: 97,492 Total cash NOI incl. Observatory and lease termination fees: 91,571 +5 more Key terms. Net Operating Income, Property Cash NOI, Same Store, Adjusted EBITDA, +2 more Don't miss StockTitan's market coverage in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google 06/02/2026 - 03:02 AM Faq. What did Empire State Realty Trust (ESRT) disclose in its latest investor presentation 8-K? Empire State Realty Trust furnished an investor presentation dated June 2, 2026. It plans to use this deck at the Nareit REITweek 2026 Investor Conference and includes non-GAAP metrics definitions, Same Store methodology, and reconciliations from net income to NOI, EBITDA and Adjusted EBITDA. How does ESRT define Net Operating Income and Property Cash NOI in the June 2026 presentation? Net Operating Income excludes financing costs, depreciation, amortization and certain gains or losses. Property Cash NOI further removes Observatory NOI, straight-line rent, fair value lease revenue and straight-line ground rent expense, and may also exclude lease termination fees to focus on recurring cash performance at the property level. What key Q1 2026 figures does ESRT highlight for NOI and Same Store Cash NOI? For the quarter ended March 31, 2026, ESRT reports net operating income of 97,492. Total cash NOI including Observatory and lease termination fees is 91,571, while Same Store property cash NOI excluding Observatory and lease termination fees is 74,190, reflecting performance of properties held across the comparison periods. What are ESRT's reported EBITDA and Adjusted EBITDA for the quarter ended March 31, 2026? For the three months ended March 31, 2026, ESRT reports EBITDA of 80,289. Adjusted EBITDA for the same period is also 80,289, adding back items like gain or loss on property dispositions to provide another view of operating performance and leverage capacity. How does Empire State Realty Trust define Same Store properties as of March 31, 2026? Same Store properties are those owned throughout all periods presented and not held-for-sale. As of March 31, 2026, Same Store excludes several recently acquired or disposed properties, including 86-90 North Sixth Street, 41-55 North Sixth Street, 130 Mercer and Metro Center in Stamford, reflecting a consistent comparison set. What is ESRT's approach to Net Debt to Adjusted EBITDA in the June 2026 materials? Net Debt to Adjusted EBITDA is calculated as gross debt minus cash, divided by trailing twelve months Adjusted EBITDA. The measure excludes EBITDA from recently disposed properties, and includes implied annualized Adjusted EBITDA for certain recent acquisitions financed with debt, aligning with the company's credit facility agreement. Filing exhibits & attachments. 5 documents Press releases.