Who Owns the Empire State Building: A Detailed Look at Its History and Ownership

By: Evan Scoboria, Last updated: May 21, 2023

When you think of New York City, what's the first image that pops into your mind? For many, it's the iconic Empire State Building. This towering edifice has symbolized the city's ambition and resilience for decades. Its striking silhouette has graced countless postcards, movie scenes, and, most importantly, the memories of millions visiting the city. But have you ever wondered who owns this famous landmark? The Empire State Building's ownership history is as fascinating and multi-layered as the building itself.

The Empire State Realty Trust currently owns the Empire State Building, but in this article, we'll delve into the storied past of the Empire State Building, tracing its ownership from its earliest days to the present. We'll explore its beginnings, its passage through the hands of real estate tycoons, and its status today under the stewardship of a realty trust. We'll also take a moment to appreciate the building's stunning architecture and enduring role as a cultural icon.

So, if you're ready for a journey through time, steel, and skyscraper history, let's begin exploring who owns the Empire State Building.

Empire State Building on Sunny Day

Ascending Through Time: Empire State Building History and Ownership

Foundations of Grandeur: Early History of the Empire State Building

The Empire State Building, an architectural marvel that has graced the New York City skyline for nearly a century, has a history as grand and captivating as the structure itself. The foundations of its grandeur were laid in the early 20th century, born from a vision of creating a tower that would stand as a testament to human ingenuity and ambition.

The story of the Empire State Building begins with a rivalry. Two of the most powerful men in New York City, John Jakob Raskob of General Motors and Walter Chrysler of the Chrysler Corporation were locked in a fierce competition to construct the world's tallest building. Raskob, determined to outdo his rival, assembled a team of well-respected professionals, including architect William F. Lamb from the architectural firm Shreve, Lamb, and Harmon.

The design process was remarkably swift. Lamb reportedly drew the initial plans for the building in just two weeks, drawing inspiration from earlier designs for the Reynolds Building in North Carolina and the Carew Tower in Ohio. The ambitious design featured a soaring tower that would reach an unparalleled height of 1,250 feet.

Construction of the Empire State Building began on March 17, 1930. Despite the Great Depression, the project moved forward astoundingly, thanks to a well-coordinated effort involving thousands of workers. Remarkably, the building was completed in just over a year, and it was officially opened on May 1, 1931, when President Herbert Hoover turned on the building's lights with the push of a button from Washington, D.C.

From its inception, the Empire State Building was a symbol of resilience and aspiration, a beacon of hope amid the economic despair of the Great Depression. Today, it continues to stand as a testament to the audacious spirit of New York City, a tangible embodiment of the city's unwavering belief in progress and possibility.

Hands that Built the Skyline: Empire State Building Ownership Timeline

The Empire State Building, a world-renowned symbol of New York City, has had a fascinating ownership timeline. This iconic landmark, whose ownership has changed hands several times over the years, tells a riveting tale of real estate investment, business acumen, and a touch of dramatic intrigue.

The Empire State Building was initially owned by a consortium of well-known investors, including former General Motors executive John J. Raskob, former New York Governor Alfred E. Smith, and businessman Coleman du Pont, among others. They financed the construction of the building and retained ownership upon its completion in 1931.

The building's first significant ownership shift occurred in 1961 when a group led by Lawrence Wien purchased it. This group included Harry Helmsley, a real estate tycoon who would play a significant role in the building's future. The purchase marked the start of the Helmsley era, about 40 years, during which the Empire State Building was predominantly controlled by Helmsley and his wife, Leona.

The Helmsley Era: Harry Helmsley and the Empire State Building (1961-1973)

Harry Helmsley

In 1961, the Empire State Building entered a new chapter in its history as it changed hands to an influential real estate tycoon, Harry Helmsley. Helmsley and his partners Lawrence Wien and Peter Malkin daringly acquired the Empire State Building. This move would greatly influence the legacy of this iconic skyscraper and significantly shape the New York City skyline.

Harry Helmsley's era was characterized by savvy business acumen and strategic management. During his tenure, Helmsley made a series of improvements to the Empire State Building, keeping it relevant and attractive in a market increasingly dominated by modern skyscrapers. His vision and management style ensured that the Empire State Building remained a prominent fixture in New York City's competitive real estate market.

However, Harry Helmsley's reign was subject to controversy. His decision to convert the building into a real estate investment trust in 1961 led to a complicated legal structure that involved hundreds of investors. This move, while profitable, also led to complex ownership disputes that would last for decades.

Harry Helmsley's impact on the Empire State Building is undeniable despite these challenges. His leadership brought about significant changes in the building's management, ensuring its status as a profitable and iconic piece of real estate. The Helmsley era, therefore, marked a considerable period in the Empire State Building's history, setting the stage for its continued success in the decades to come.

The Queen of Mean's Reign: Leona Helmsley and the Empire State Building (1973-2002)

Leona Helmsley

The Empire State Building entered a dramatic and tumultuous phase in its history when Leona Helmsley, dubbed the "Queen of Mean" by the press, assumed control in 1973. Leona was Harry Helmsley's wife and a formidable real estate entrepreneur in her own right. During this period, the Empire State Building became the centerpiece of the Helmsley real estate empire, symbolizing both their success and the controversies that would follow them.

Leona Helmsley's management style was as grand as the building she controlled. Known for her demanding personality and exacting standards, she ran the Empire State Building with an iron fist, implementing numerous changes to increase profitability. Under her management, the building underwent significant renovations, and the iconic observation deck became even more of a tourist attraction.

However, her tenure was subject to controversy. Leona Helmsley gained notoriety for her complex personality and legal troubles. In the late 1980s, she was convicted of tax evasion, a scandal that tarnished her reputation and brought negative publicity to the Empire State Building.

Despite the controversies, Leona Helmsley's influence on the Empire State Building cannot be denied. Her aggressive management and shrewd business tactics ensured the building remained profitable and relevant in an ever-evolving real estate market. Though marred by personal scandal, her reign marked an important chapter in the history of the Empire State Building, further entrenching its status as a symbol of New York City's resilience and grandeur.

The Trust Takes Over: Empire State Realty Trust (2002-Present)

In 2002, the helm of the Empire State Building changed hands again, marking a new era of ownership under the Empire State Realty Trust. , whose real estate portfolio had included the building since 1961, when Harry Helmsley first acquired it. The transfer to the REIT allowed for a diversified ownership structure, offering shares to public investors.

The Empire State Realty Trust, under the leadership of Anthony Malkin, has made significant strides in modernizing the Empire State Building. One of the most significant changes was the $550 million renovation project that began in 2009. The comprehensive upgrade focused on improving the building's energy efficiency to reduce energy consumption by as much as 38 percent. This initiative set a precedent for other historic buildings worldwide, proving they could be retrofitted for environmental sustainability.

In addition to its green initiatives, the Empire State Realty Trust has continued to enhance the building's commercial appeal. New high-profile tenants, including LinkedIn and Shutterstock, have been welcomed, and the retail space has been dramatically improved. The observation deck, a significant revenue source, has also been substantially upgraded to enhance the visitor experience.

The Empire State Building under the Empire State Realty Trust is a testament to the possibility of harmonizing historic preservation with modern demands. The building remains an iconic fixture of the New York skyline, its future safeguarded by an ownership structure that values its past and potential. Today, the Empire State Building stands tall, a symbol of New York City's tenacious spirit and a testament to the vision of those who have shaped its journey through the decades.

More Than Just Bricks and Mortar: Empire State Building as a Cultural Icon

The Empire State Building is more than just a spectacular feat of architecture and engineering. Since its inception, it has transcended its physical form to become a cultural icon, symbolizing New York City and America's ambition, innovation, and indomitable spirit.

From the moment it claimed the title of the world's tallest building in 1931, the Empire State Building captured the public's imagination. Its towering presence became a symbol of hope during the Great Depression, an embodiment of the belief that human determination could conquer even the most formidable of challenges.

As the years passed, the Empire State Building continued to weave itself into the cultural fabric of America. It has been featured in countless movies, television shows, and works of literature, from the classic scene in "King Kong" to its recurring role in "Sleepless in Seattle" and "Elf." In every appearance, the building is not just a backdrop but a character in its own right, an enduring emblem of the city it calls home.

The Empire State Building has also become a focal point for celebrations and memorials. Its top-tier lights change colors to mark significant events, holidays, and causes, visually representing the city's collective mood. On countless nights, New Yorkers have gazed upward to see the building bathed in colors that echo their sentiments, making it a unifying symbol in a city of diverse perspectives.

Furthermore, the Empire State Building's observation decks have welcomed millions of visitors, offering breathtaking views that inspire awe and appreciation for the vast metropolis. For many, a trip to New York is only complete with a visit to this iconic landmark.

In essence, the Empire State Building is more than an architectural marvel. It is a cultural touchstone, a symbol of the city's resilience and aspiration, and a testament to the fact that, in New York, the sky is the limit.

The Artistry Above: Empire State Building Architecture and Design

Taking a step back from the intricacies of ownership and looking at the physical aspects of the Empire State Building, one can't help but be awed by its architectural design. Aptly titled "The Artistry Above," this journey section delves into the structure's impressive height and Art Deco design, making it an unforgettable part of New York City's skyline.

The Empire State Building is an architectural marvel, an ode to human ingenuity and design prowess. Its height and structure have become synonymous with the idea of a skyscraper, while its Art Deco design has inspired countless buildings worldwide.

Beyond the Clouds: Empire State Building Height and Structure

The Empire State Building, an emblem of New York City's skyline, is an architectural marvel renowned for its impressive height and structure. Rising to a total height of 1,454 feet (443.2 meters), including its antenna, it held the record as the world's tallest building for almost four decades, from its completion in 1931 until the North Tower of the World Trade Center in 1971.

The main roof of the building stands at 1,250 feet (381 meters), with the remainder of its height coming from the 204-foot (62-meter) pinnacle. Initially designed to be a docking station for airships, this pinnacle now serves as the base for the building's broadcasting antenna.

The Empire State Building boasts 102 floors, including 85 commercial and office space floors that accommodate up to 15,000 people. Above the 85th floor are the famous observatories offering breathtaking 360-degree views of New York City.

A Nod to the Past: Art Deco Design of the Empire State Building

The Empire State Building, an iconic symbol of New York City and a marvel of engineering is a prime example of the Art Deco architectural style. The Art Deco movement, which originated in France in the 1920s and spread throughout the world in the 1930s and 1940s, is characterized by its use of geometric shapes, symmetrical patterns, and lavish ornamentation.

The exterior of the building is defined by its setbacks, which create a stepped outline that was necessary due to the zoning laws of the time. These setbacks also emphasize the building's verticality, a hallmark of the Art Deco style.

The Empire State Building's spire, a towering pinnacle that reaches a height of 1,454 feet (including the antenna), is another crucial Art Deco element. This spire was initially designed to serve as a mooring mast for airships, though this idea was quickly abandoned due to the impracticality and danger it presented.


In conclusion, the Empire State Building is far more than just another building. It symbolizes human ingenuity, a testament to ambition, and a shining beacon in the New York City skyline. Its ownership has passed through the hands of visionaries, tycoons, and trusts, each leaving their unique mark on its story. Its architecture, an homage to the Art Deco movement, inspires millions.

From the hands of Harry Helmsley to the reign of Leona Helmsley, and finally to the stewardship of the Empire State Realty Trust, the Empire State Building has seen a colorful and dynamic history. Today, it stands as one of the most iconic cultural symbols of not just New York but of the United States and, indeed, the world.

Understanding who owns the Empire State Building provides a fascinating insight into the evolution of this towering structure. It reminds us that the buildings we see and experience daily have stories of people, ambition, and time intricately woven into their steel and stone.

So the next time you gaze upon the Empire State Building, whether from afar or from its dizzying observatory, remember its journey. Remember the hands that built it, the minds that envisioned it, and the spirit of a city it continues to encapsulate. Because in its essence, the Empire State Building is not just a building - it's a living, breathing testament to the ceaseless human drive towards progress and the sky-high aspirations of a city that never sleeps.