One Vanderbilt’s Summit has achieved a significant milestone, surpassing the Empire State Building Observatory in revenue for the first half of 2026. This marks the first time in its five-year history that Summit has outperformed the iconic deck, generating $55.651 million compared to the Empire State’s $42.7 million, which experienced a decline from $57 million in the same period of 2025.
Bank of Montreal analyst John P. Kim noted that Summit’s revenue also surpassed Empire State Observatory’s in late 2025, highlighting an ongoing shift in visitor preferences. As competition among Manhattan’s observation decks grows—there are now six compared to only two post-9/11—challenges mount for established venues. This heightened rivalry has been compounded by an 8% drop in international tourists to New York City since the pandemic.
Private companies own most of the competing observation decks, including Top of the Rock and Edge, making them less transparent financially. Additionally, a free observation deck atop the Municipal Building has added pressure to the paid attractions. Analysts point out that while the overall market for observation decks is expanding, the Empire State Building is feeling the most impact as it struggles to attract visitors.
Empire State Realty Trust’s Chief Executive, Tony Malkin, indicated a reevaluation of their business model may be necessary in light of a 28% drop in visitor numbers year-over-year. The recent downturn has led to a significant write-down in the observatory’s value, highlighting its critical role in the company’s overall earnings.
Why this story matters
- The economic dynamics of iconic New York City attractions are shifting, impacting established landmarks.
Key takeaway
- One Vanderbilt’s Summit is changing the landscape of Manhattan’s observation decks by surpassing the Empire State Building’s revenue.
Opposing viewpoint
- The Empire State Building remains historically significant and continues to have high occupancy in its office spaces, even amid challenges in its observatory business.
