Who owns the land the Empire State Building sits on?
That trust is led by Chairman and CEO Anthony E. Malkin, who personally holds a 12.3% stake worth about $384 million as of 2026. The building itself is valued at roughly $2.3 billion (that figure’s from 2019 filings), but the land parcel is what really anchors the whole operation.
Is the Empire State Building built on leased land?
Some Midtown skyscrapers sit on long-term ground leases, but the Empire State Building’s site was purchased outright back in the 1930s. That means the trust controls the land forever—no annual ground-rent checks to write.
How large is the parcel of land the Empire State Building occupies?
That’s roughly 64 acres packed into one city block between 33rd and 34th Streets on Fifth Avenue. Everything from the lobby to the spire sits on that same tax lot.
What’s the exact street address of the Empire State Building?
Plug that into any GPS and you’ll land right at the main entrance. The building sprawls across the entire block between 33rd and 34th Streets, so the address covers the full footprint.
Who holds the lease for the Empire State Building’s observation decks?
They don’t farm out the ticketing or staffing—the trust runs the 86th- and 102nd-floor observatories directly. That keeps every dollar from the $44–$78 tickets flowing back to the property.
How many owners has the Empire State Building had since it opened?
The building has had only four ownership groups since 1931.
John J. Raskob’s original syndicate held it through the Depression, then it passed to Roger L. Stevens in 1961. A Kuwaiti investment group took over in 1991, and Empire State Realty Trust scooped it up in 2013. Four hands, eight decades—pretty stable for a skyscraper.
Does the Empire State Building sit on land that was once underwater?
Back then, that stretch of Fifth Avenue was still relatively close to the shoreline. Landfill projects in the late 19th century pushed the waterline farther east, but the Empire State’s block was already above sea level by the 1930s.
What’s the assessed land value for tax purposes?
That figure is separate from the building’s $855 million assessed value. Together they push the total annual tax bill into the high eight-figure range—no small chunk of New York’s property-tax pie.
Are there any restrictions on what can be built next to the Empire State Building?
That clause was part of Roger L. Stevens’ purchase and still limits how tall buildings can rise within roughly five blocks. It’s why you won’t see another spire popping up right beside it.
Who pays the property taxes for the Empire State Building?
The trust owns both land and building, so it shoulders the entire tax burden. In 2025 the combined bill was about $63 million—split between the land parcel and the tower itself.
Has the Empire State Building ever changed hands because of financial distress?
Even during the 1970s fiscal crisis, the building stayed in private hands. The Kuwaiti investors bought it in 1991 for $42 million and flipped it for $57.5 million in 1994—no foreclosure drama involved.
What percentage of the Empire State Building’s value comes from the land?
That split reflects Manhattan’s sky-high land prices. The building’s steel and concrete add “only” about $855 million to the tax rolls, while the dirt under it is valued at $1.45 billion.
Are there any landmark designations for the Empire State Building site?
Added to the National Register of Historic Places in 1982, the whole block enjoys extra protection against demolition or major alterations. Even the original 1930s setbacks have to stay intact.
Who decides if the Empire State Building can add new floors?
Because the building is a protected landmark, any vertical expansion would trigger a lengthy review. The commission tends to frown on changes that alter the iconic silhouette—so don’t expect a secret 150th floor anytime soon.
Has the Empire State Building’s land ever been part of a larger estate?
Early 19th-century deeds show one continuous block fronting Fifth Avenue. Over the decades it was subdivided and reassembled, but it never belonged to a single aristocratic estate like some Midtown plots did.
What happens to the Empire State Building if the land is ever sold?
In Manhattan, air rights are tied to the land, not the structure. A buyer could always choose to raze the tower and build something taller—though the landmark status makes that a costly and politically tricky move.
