Empire State Realty Trust Inc

In this early Stage 1 consolidation after a long-term downtrend, the medium-term bias is cautiously bullish—supported by a Higher Highs & Higher Lows pattern and a repaired 9/20 EMA regime—but price is slightly extended above flat EMAs and near overbought readings, so execution is deferred. Preferred entry on a pullback into the 9/20 EMA zone or prior range support, with acceptance above EMAs to confirm the base repair.

• ↑Leased 1.3M sq ft in 2024; Manhattan office occupancy >94%.
• ↑Core FFO $0.87/share in 2025; Q1 26 FAD rose to $33 M vs. $1 M.
• ↓Shares trade ~21% above a $4.71 fair value estimate after Sell downgrades.