The unit screens attractively valued at a price-to-operating-cash-flow of 6.4x with exceptional free cash flow conversion, but already trades above its measured resistance target with no remaining geometric upside, an RSI reading at extreme overbought levels characteristic of a bear-market rally, and a confirmed longer-term downtrend—the setup does not favor new positions.
Thesis pillars
- Reit Ocf Valuation Discount→Stable
- Strong Free Cash Conversion→Stable
- Overbought Bear Rally Risk↑Improving
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Mar 2, 2026
Empire State Realty OP, L.P. Se (FISK) Stock Analysis
Recovery setup · Sector Rotation edge
Real Estate · REIT - Office
Sell if holding. Multiple concerning factors at $4.91: Concentration risk — Geographic: New York City; V7 low-quality RISK_OFF penalty: -0.5 (Q=5.3).
Empire State Realty OP, L.P. is the operating partnership through which Empire State Realty Trust runs a New York City-focused REIT portfolio of roughly 7.9 million square feet of office space, 0.8 million square feet of retail, and 743 residential units, anchored by the Empire... Read more
Sell if holding. Multiple concerning factors at $4.91: Concentration risk — Geographic: New York City; V7 low-quality RISK_OFF penalty: -0.5 (Q=5.3). Chart setup: Death cross but MACD improving, RSI 82. Score 5.1/10, moderate confidence.
Passes 7/10 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, earnings proximity no date, semi cycle peak clear, materials cycle peak clear). Suitability: aggressive.
Thesis
Key Metrics
Quality Signals
Concentration Risks(10-K Item 1A)
- HIGHGeographicNew York City10-K Item 1A: 'Our commercial portfolio is comprised of properties in New York City. As a result, our business is dependent on the New York City economy'
- LOWTenantfive largest tenants17%10-K Item 1A: 'our five largest tenants together represented approximately 17.4% of our total commercial portfolio's annualized rent'
- LOWPropertyretail20%10-K Item 1A: 'approximately 20.1% of our commercial portfolio's annualized rent was comprised of retail tenants'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. People who build TrendMatrix, or entities they control, may hold positions, long or short, in securities it covers, and may trade them at any time. Positions are not disclosed individually. Verdicts are generated by an automated model applied by the same rules to every covered stock, and are not adjusted for any position held by the people who build TrendMatrix. We do not accept payment from issuers for coverage.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Rating Breakdown
3 floor-breakers
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Growth below the gate floor. Component breakdown shows what dragged the score down.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Price Targets
Position Sizing
Analyst Consensus
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Multiple concerning factors at $4.91: Concentration risk — Geographic: New York City; V7 low-quality RISK_OFF penalty: -0.5 (Q=5.3). Chart setup: Death cross but MACD improving, RSI 82. Prior stop was $4.71. Score 5.1/10, moderate confidence.
Default target: $5.64 (+15.0% upside). Prior stop was $4.71. Stop-loss: $4.71.
Concentration risk — Geographic: New York City; V7 low-quality RISK_OFF penalty: -0.5 (Q=5.3); Sector modifier (Real Estate): -1.2.
Empire State Realty OP, L.P. Se trades at a P/E of 245.3 (forward N/A). TrendMatrix value score: 7.9/10. Verdict: Sell.
What does Empire State Realty OP, L.P. Se do?Empire State Realty OP, L.P. is the operating partnership through which Empire State Realty Trust runs a New York...
Empire State Realty OP, L.P. is the operating partnership through which Empire State Realty Trust runs a New York City-focused REIT portfolio of roughly 7.9 million square feet of office space, 0.8 million square feet of retail, and 743 residential units, anchored by the Empire State Building. The company earns revenue from base rents, escalations, and tenant expense reimbursements across its office, retail, and multifamily leases, plus a separate Observatory segment operating the building's 86th and 102nd floor attractions.