Flagstar Bank Secures Lease at 1400 Broadway in NYC | Signature Bank Vacates

Empire State Realty Trust (ESRT) has announced that Flagstar Bank will assume the entire lease at 1400 Broadway, previously held by Signature Bank. The terms of the lease remain unchanged through 2039 and include a rent reduction of approximately $3 per square foot for the first five years. This amounts to an approximate 1.5% decrease in rent over its duration. As a result, ESRT will reverse $5.8 million out of their total $6.4 million straight-line reserve recorded in Q1 2023 during Q2 of that same year, which is estimated to impact FFO by approximately $0