One Vanderbilt’s Summit has surpassed the Empire State Building Observatory in revenue for the first time, ending the latter's 95-year dominance in this area. According to financial filings from the buildings’ publicly traded owners, Summit generated $55.651 million in operating revenue during the first half of 2026, a 3.9% increase from $53.541 million in the same period of 2025. In contrast, the Empire State Observatory's revenue fell to $42.7 million from $57 million year-over-year.
Bank of Montreal analyst John P. Kim noted that Summit's revenue exceeded that of the Empire State Observatory in both the fourth quarter of 2025 and in 2026 thus far. The shift in revenue comes amid increased competition among Manhattan observation decks, which have grown from two after 9/11 to six currently. Additionally, international travel to New York City has decreased by 8% since the pandemic, impacting visitor numbers.
Several privately held companies operate four of the observation decks, including Tishman Speyer’s Top of the Rock and Related’s Edge, which do not disclose financial results. A new, free observation deck, Centre 360, has opened atop the Municipal Building at 1 Centre St., requiring advanced ticket bookings.
Kim stated that while the overall market for observation decks is expanding, the Empire State Building is feeling the most impact from this competition. He mentioned that various attractions are now offering unique experiences, including immersive installations and simulations.
Summit is located on the 97th to 99th floors of One Vanderbilt, while the Empire State Building has platforms on the 86th and 102nd floors. Visitor numbers cannot be directly inferred from revenue due to varying ticket prices. For example, Top of the Rock offers tickets ranging from $42 to $185.
Despite the revenue drop, the Empire State Observatory’s net operating income fell from $24.2 million to $12.4 million year-over-year in the second quarter, with a 28% decrease in visitors. CEO Tony Malkin indicated a reevaluation of the observatory's business model, which may reduce reliance on discounted third-party sightseeing passes. The decline led Empire State Realty Trust to write down $166 million in value related to the observatory, which constitutes nearly 25% of the net operating income for the company’s entire office portfolio. In contrast, the Empire State Building's office space is over 96% leased, with notable tenants like UTA securing large amounts of space.