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This Beaten-Down Stock Could Finally Turn Around in 2023

Matthew Frankel, CFP®, The Motley Fool
·4-min read
This Beaten-Down Stock Could Finally Turn Around in 2023

Empire State Realty Trust (NYSE: ESRT) has been in operation for many decades, but the owner of the iconic Empire State Building and other New York City commercial properties has only been listed on the public markets since 2013. The NYC office market had started to deteriorate even before COVID-19 hit. There's also the popular observatory atop the Empire State Building: The REIT completed a $165 million redevelopment of it in December 2019, but COVID required it to close shortly thereafter.

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