One Vanderbilt's Summit observation deck has surpassed the Empire State Building Observatory in revenue, marking a significant shift in the New York City skyline's competitive viewing deck market. Summit, which opened five years ago, generated $55.651 million in operating revenue in the first half of 2026, exceeding the Empire State Observatory's $42.7 million for the same period.
This financial performance represents a new development for the Empire State Building Observatory, which had maintained its position for 95 years. According to Manhattan-based Bank of Montreal analyst John P. Kim, Summit's revenue also exceeded the Empire State Observatory's in the fourth quarter of 2025 and continued to do so in the first half of 2026.
In contrast, the Empire State Observatory's revenue saw a decline, falling to $42.7 million in the first half of 2026 from $57 million in the first half of 2025. The Empire State Realty Trust reported that the number of visitors to its observatory fell 28% year-over-year in the second quarter, leading to a $12.4 million decrease in net operating income compared to the previous year.
This shift occurs amidst increased competition in the observation deck sector. New York City now has approximately six major observation decks, a stark increase from the two available after 9/11. This rise in competition, coupled with an 8% decrease in international travelers to the city since the pandemic, has intensified the struggle for visitors. Several privately owned observation decks, such as Top of the Rock, Edge, One World Observatory, and Times Square Skywalk, do not publicly disclose their financial results.
The Empire State Realty Trust has initiated a strategic re-evaluation of its observatory business model. Chief Executive Tony Malkin indicated a potential reduction in reliance on third-party sightseeing passes that offer bundled discount admissions. The observatory's performance challenges have led to a $166 million write-down in its value, which previously accounted for nearly 25% of the company's net operating income for its office portfolio. In comparison, the Empire State Building's office spaces remain over 96% leased.
One Vanderbilt's Summit occupies floors 97 through 99, while the Empire State Building offers viewing platforms on the 86th and 102nd floors. Both venues employ various attractions to draw visitors, including immersive light-and-video installations and interactive displays. Admission prices vary significantly across different observation decks, making direct visitor number comparisons from revenue figures difficult. For instance, tickets at Top of the Rock can range from $42 to $185 for a VIP pass.