One Vanderbilt's Summit eclipses Empire State observatory in first-half 2026 revenue

SL Green’s supplemental earnings report revealed that Summit, located on the 97th to 99th floors of One Vanderbilt, earned $55.651 million in operating revenue during the first half of 2026, a 3.9% increase from the prior year. In contrast, Empire State Realty Trust reported that the Empire State Building’s observatory revenue dropped to $42.7 million, down from $57 million a year earlier. Bank of Montreal analyst John P. Kim highlighted that Summit had already outperformed the Empire State deck in the fourth quarter of 2025 and continues to lead in 2026.

The market now includes several newer decks such as Top of the Rock, Edge, One World Observatory, Times Square Skywalk, and the free Centre 360, intensifying competition. Visitor numbers at the Empire State Observatory fell 28% year-over-year, leading its chief executive Tony Malkin to announce a comprehensive review of the observatory’s strategy and a $166 million write-down. Meanwhile, the building’s office space remains robustly leased, underscoring a divergent performance between its commercial and tourism segments.