It seems there’s a new contender in town! One Vanderbilt’s Summit has surpassed the Empire State Building Observatory, which had held its title as the leading viewing deck in the city for 95 years, at least when it comes to revenue.
For the first half of this year, just five years after its opening, Summit generated $55.651 million—outpacing the Empire State’s $53.541 million from the same timeframe last year. This 3.9% increase was noted in SL Green’s supplementary report accompanying its second-quarter earnings.
On the other hand, the Empire State Observatory saw its revenue slump, dropping to $42.7 million from $57 million in the previous year, as highlighted in the latest earnings report from Empire State Realty Trust.
Interestingly, as pointed out by John P. Kim, an analyst from the Bank of Montreal, Summit had already outperformed the Empire State Observatory in revenue towards the end of 2025 and has continued that trend through 2026.
This shift in the competitive landscape comes amid a growing number of observation decks in Manhattan—now totaling about six—compared to just two right after 9/11. Additionally, there’s been an 8% decline in international travelers to New York City since the pandemic, which significantly impacts these venues.
Four of the observation decks are owned by privately held firms, including Top of the Rock and The Edge. Since they aren’t publicly traded, they don’t need to disclose their financial performance. There’s also a new free attraction, Centre 360, located in the Municipal Building, but you have to book in advance to secure your spot.
According to Kim, who has a view of the Skywalk from his office, “The pie for observatories is expanding, but it’s hitting the Empire State Building the hardest.”
He also noted the variety now available to visitors, with each site offering something unique to attract people. Less traditional experiences include immersive video displays and time-travel simulations—definitely a step away from just traditional observation decks.
Summit occupies the 97th to 99th floors of One Vanderbilt, while the Empire State Building has viewing areas on the 86th and 102nd floors. The Empire State’s observatories have been featured in numerous films, like “An Affair to Remember” and “Sleepless in Seattle.”
However, it’s important to mention that visitor numbers can’t simply be inferred from revenues, as ticket prices vary considerably based on the experience selected. For instance, Top of the Rock tickets range from $42 to $185 for a VIP option.
Additionally, revenue doesn’t equate to net operating income, which factors in various costs and taxes. The Empire State Observatory’s net operating income decreased from $24.2 million to $12.4 million in the second quarter, mirroring a 28% drop in visitor numbers year-over-year.
In light of these challenges, CEO Tony Malkin announced they are re-evaluating their business model early this year. This might suggest a shift away from relying heavily on discounted third-party ticket packages.
This situation prompted Empire State Realty Trust to decrease the value of the observatory, affecting $166 million, which is quite significant—accounting for nearly a quarter of the net income from their entire 9-million square foot office portfolio. In contrast, SL Green manages over 30 million square feet of properties.
The Empire State Observatory’s struggles are particularly notable given that the 2.8 million square feet of office space in the building has achieved over 96% occupancy at premium prices. Notably, UTA, the talent agency, recently signed a lease for more than 100,000 square feet, according to prior reports.
