Net Worth Ranker
What Is Anthony Malkin Net Worth?
Anthony Malkin, an American businessman prominent in the real estate sector, has a net worth estimated at $19.9 million as of November 2024. He has built his net worth through his leadership roles, primarily as the Chairman, President, and Chief Executive Officer of Empire State Realty Trust, Inc. (ESRT).
Early Life and Education
Born in August 1960 in New York City, Anthony Edward Malkin comes from a family with a strong legacy in real estate. His father, Peter L. Malkin, serves as the Chairman Emeritus of Empire State Realty Trust and has been a significant influence on Anthony’s career. Anthony’s early exposure to the real estate industry shaped his professional path. He pursued higher education at Harvard College, where he graduated cum laude in 1985, providing him with a solid foundation for his future endeavors.
Career Details and Compensation
In 1985, Anthony Malkin began his career by joining Chemical Venture Partners, L.P., a venture capital and leveraged buyout affiliate of Chemical Bank (now CCMP Capital). Later, in 1989, he transitioned to Malkin Holdings, the real estate acquisition, management, construction, and marketing arm of the Malkin family. This move marked a pivotal point in his career, allowing him to immerse himself in the family’s real estate ventures. In January 2012, Anthony E. Malkin was appointed as the CEO of Empire State Realty Trust, Inc., a position he has held for over 13 years. His total yearly compensation is reported as $13.19 million, comprised of 6.7% salary and 93.3% bonuses, including company stock and options. He directly owns 0.42% of the company’s shares, worth $8.30 million. In 2015, Malkin’s compensation included a $550,000 base salary, a bonus of approximately $1.2 million, and stock awards exceeding $1.6 million. Factoring in other compensation, such as nearly $100,000 for a car and full-time driver, his total earnings for that year amounted to $3.5 million. By 2023, his total compensation reached $8,963,424 according to the AFL-CIO.
Empire State Realty Trust and Key Projects
Anthony Malkin’s leadership is most notably associated with the Empire State Building. His involvement in the Empire State Building dates back to when his father and grandfather jointly bought it in 1961 with Harry Helmsley from Henry Crown. A key achievement in his career was overseeing the energy efficiency retrofit of the Empire State Building. This project, in partnership with the Clinton Global Initiative, Johnson Controls, JLL, and the Rocky Mountain Institute, has become a benchmark for sustainable building practices. The retrofit included the retrofit of all 6,514 windows, the reuse of 96% of the original frames and glassware, and the installation of 67 elevators that generate electricity instead of heat when braking. The building has surpassed its original energy consumption reduction target of 38% and is saving $4.4 million annually. The retrofit reduced energy use at the 2.8-million-square-foot property by more than 38 percent when completed in 2013, saving $4.4 million in annual energy costs. The Empire State Building achieved a 54% carbon emissions reduction through these interventions. The initial investment in new technology for the retrofit was projected to have a three-year return, including direct digital controls (DDC), tenant lighting, daylights, and plugs, variable air volume (VAV) air-handling units (AHUs), retrofit chiller plant, and radiative barrier.
The Wien group, which consists of each of the lineal descendants of Lawrence A. Wien, including Peter L. Malkin and Anthony E. Malkin (including spouses of such descendants), any estates of any of the foregoing, any trusts now or hereafter established for the benefit of any of the foregoing, or any corporation, partnership, limited liability company or other legal entity controlled by Anthony E. Malkin for the benefit of any of the foregoing, collectively owns participation interests in the subject LLCs and has advised that it will vote in favor of the consolidation and the third-party portfolio proposal.
Malkin Holdings and Investments
Malkin Holdings, a New York-based family office founded in 1993, is involved in diverse investments across various asset classes and geographies. Anthony Malkin leads the Malkin family office in additional investments in the United States and internationally. In January 2020, Malkin Holdings made an investment in Locale as part of their Series A funding round. Malkin Holdings was looking to form a REIT with the Empire State Building and 18 other properties. Peter Malkin and his son Anthony raised $930 million from the secondary offering and IPO of 18 buildings in their portfolio including the Empire State Building. Peter Malkin became chairman emeritus and Anthony became chairman, president, and CEO. The new publicly traded entity is named the Empire State Realty Trust (ticker ESRT). Prior to the IPO, the family firm, Wien and Malkin, was renamed Malkin Holdings.
