New York Real Estate Trusts Decline Due to Mamdani's Wealth Tax Proposal
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 22h ago
0mins
Source: Barron's
- New Tax Initiatives: The new mayor of New York City is focused on increasing taxes for the wealthiest residents.
- Impact on Real Estate: This tax strategy is causing pressure on stocks of real estate investment trusts, particularly those operating in the New York market.
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Analyst Views on ESRT
Wall Street analysts forecast ESRT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ESRT is 9.46 USD with a low forecast of 8.30 USD and a high forecast of 11.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
5 Analyst Rating
2 Buy
2 Hold
1 Sell
Hold
Current: 6.520
Low
8.30
Averages
9.46
High
11.00
Current: 6.520
Low
8.30
Averages
9.46
High
11.00
About ESRT
Empire State Realty Trust, Inc. is a real estate investment trust (REIT), which owns and operates a portfolio of office, retail and multifamily assets. The Company’s portfolio consists of approximately 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 732 residential units. Its office portfolio included 10 properties. Nine of these office properties are located in midtown Manhattan and encompass over 7.6 million rentable square feet of office space and 0.5 million rentable square feet of retail space, including the Empire State Building. The Company’s segments include Real Estate and an Observatory. The Real Estate segment includes all activities related to the ownership, management, operation, acquisition, repositioning and disposition of its office, retail and multifamily assets principally located in New York City. The Observatory segment operates the 86th and 102nd floor observatories in the Empire State Building.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
New York Real Estate Trusts Decline Due to Mamdani's Wealth Tax Proposal
- New Tax Initiatives: The new mayor of New York City is focused on increasing taxes for the wealthiest residents.
- Impact on Real Estate: This tax strategy is causing pressure on stocks of real estate investment trusts, particularly those operating in the New York market.
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Empire State Realty Trust Announces 2025 Tax Treatment for Distributions
- Dividend Distribution Overview: Empire State Realty Trust has set a total cash distribution of $0.140 per share for 2025, which includes $0.117 in ordinary dividends, reflecting the company's stable cash flow and shareholder return strategy.
- Tax Treatment Details: The tax treatment for each distribution in 2025 has been clarified, allowing shareholders to report according to the relevant boxes on Form 1099-DIV, ensuring compliance and optimizing personal tax strategies.
- Portfolio Scale: As of September 30, 2025, Empire State Realty Trust's portfolio comprises approximately 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space, and 743 residential units, demonstrating its strong presence in the New York City real estate market.
- Energy Efficiency Leadership: The company is recognized as a leader in energy efficiency and indoor environmental quality, further enhancing its competitive advantage in sustainable development and modern office environments.
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