Empire State Building rehabbing retail space

• Empire State Realty (ESRT -1.8%) has embarked on a "gut rehab" of all the retail space in the Empire State Building for the first time since the property opened. It's going to leave the landlord with about 50K square feet of retail space to rent at a time when Manhattan has plenty of vacant stores.
• The Empire State Building, though, has icon status and a particularly high-traffic location.
• Retail remains a modest contributor to revenue at the Empire State Building - $5.6M of the $233.1M total through the first nine months of 2017.