10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2013

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 0-2666

250 WEST 57th ST. ASSOCIATES L.L.C.

(Exact name of Registrant as specified in its charter)

A New York Limited Liability Company	13-6083380
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One Grand Central Place

60 East 42nd Street

New York, New York 10165

(Address of principal executive offices)

(212) 687-8700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12 (b) of the Act:

None

Securities registered pursuant to Section 12(g) of the Act:

$3,600,000 of Participations in LLC Member Interests

Indicate by check mark whether Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x.    No  ¨.

Indicate by check mark whether Registrant is a shell company (as defined in Rule 12b-2 of the Act)    Yes  ¨    No  x.

Indicate by check mark whether Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large Accelerated Filer	¨	Accelerated Filer	¨
Non-Accelerated Filer	¨	Smaller Reporting Company	x

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

250 West 57th St. Associates L.L.C.

(A Limited Liability Company)

Condensed Balance Sheets

	June 30, 2013			December 31, 2012
	(Unaudited)
Assets
Real Estate at 250-264 West 57th Street, New York, New York:
Building	$	4,940,682		$	4,940,682
Less: accumulated depreciation		(4,940,682	)		(4,940,682	)
		—			—
Building improvements		46,777,054			44,256,841
Less: accumulated depreciation		(8,012,016	)		(7,423,289	)
		38,765,038			36,833,552
Tenant improvements		6,921,375			6,733,105
Less: accumulated depreciation		(1,934,559	)		(1,287,226	)
		4,986,816			5,445,879
Land		2,117,435			2,117,435
Total real estate, net		45,869,289			44,396,866
Cash and cash equivalents		2,636,199			3,320,599
Due from Supervisor, a related party		60,000			60,000
Deferred costs		1,939,357			1,752,344
Other assets		30,778			45,956
Leasing costs, less accumulated amortization of $1,086,684 in 2013 and $996,614 in 2012, respectively		1,984,957			1,400,573
Mortgage financing costs, less accumulated amortization of $1,738,718 in 2013 and $1,580,197 in 2012, respectively		489,104			647,623
Total assets	$	53,009,684		$	51,623,961
Liabilities and members’ deficiency
Liabilities:
Mortgages payable	$	52,361,389		$	52,900,635
Accrued mortgage interest		224,781			230,972
Payable to Lessee, a related party		6,767,038			3,322,181
Deferred revenue		322,150			—
Accrued expenses		16,010			7,470
Due to Supervisor, a related party		419,653			621,233
Total liabilities		60,111,021			57,082,491
Commitments and contingencies		—			—
Members’ deficiency (at June 30, 2013 and December 31, 2012, there were 720 units (at $5,000 per unit) of participation units outstanding)		(7,101,337	)		(5,458,530	)
Total liabilities and members’ deficiency	$	53,009,684		$	51,623,961

See notes to the condensed financial statements.

250 West 57th St. Associates L.L.C.

(A Limited Liability Company)

Condensed Statements of Operations

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenue:
Basic minimum annual rent, from a related party	$	962,923		$	866,237		$	1,924,083		$	1,732,472
Advance of primary overage rent, from a related party		188,000			188,000			376,000			376,000
Total rent income		1,150,923			1,054,237			2,300,083			2,108,472
Interest and dividend income		156			164			394			350
Total revenue		1,151,079			1,054,401			2,300,477			2,108,822
Expenses:
Interest on mortgages		762,452			680,400			1,526,875			1,364,334
Supervisory services, to a related party		31,798			31,426			63,595			62,851
Depreciation of building and tenant improvements		620,068			438,025			1,236,060			838,534
Amortization of leasing costs		77,726			56,786			151,990			111,067
Formation transaction expenses		68,942			24,491			173,756			38,837
Professional fees, including amounts to a related party		192,793			49,229			398,265			103,003
Other		18,038			14,168			32,743			17,168
Total expenses		1,771,817			1,294,525			3,583,284			2,535,794
Net loss	$	(620,738	)	$	(240,124	)	$	(1,282,807	)	$	(426,972	)
Loss per $5,000 participation unit, based on 720 participation units outstanding during the period	$	(862.14	)	$	(333.51	)	$	(426,972	)	$	(593.02	)
Distributions per $5,000 participation unit consisted of the following:
Income	$	—		$	—		$	—		$	—
Return of capital		250.00			250.00			500.00			500.00
Total distributions	$	250.00		$	250.00		$	500.00		$	500.00

See notes to the condensed financial statements.

250 West 57^th St. Associates L.L.C.

(A Limited Liability Company)

Statements of Members’ Deficiency

	For the Six Months Ended June 30, 2013			For the Year Ended December 31, 2012
	(Unaudited)
Members’ deficiency
January 1, 2013	$	(5,458,530	)
January 1, 2012				$	(4,855,980	)
Add net income (loss):
January 1, 2013 through June 30, 2013		(1,282,807	)
January 1, 2012 through December 31, 2012					1,967,456
		(6,741,337	)		(2,888,524	)
Less distributions:
Distributions January 1, 2013 through June 30, 2013		360,000
Distributions January 1, 2012 through December 31, 2012					2,570,006
Total distributions		360,000			2,570,006
Members’ deficiency at the end of the period	$	(7,101,337	)	$	(5,458,530	)

See notes to the condensed financial statements.

250 West 57th St. Associates L.L.C.

(A Limited Liability Company)

Condensed Statements of Cash Flows

	For the Six Months Ended June 30, 2013			For the Six Months Ended June 30, 2012
	(Unaudited)			(Unaudited)
Cash flows from operating activities:
Net loss	$	(1,282,807	)	$	(426,972	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of building and tenant improvements		1,236,060			838,534
Amortization of leasing costs		151,990			111,067
Amortization of mortgage refinancing costs		158,521			158,522
Changes in operating assets and liabilities:
Other assets		15,178			(75,503	)
Deferred revenue		322,150			—
Due to Supervisor, a related party		66,018			(25,774	)
Accrued mortgage interest		(6,191	)		(3,717	)
Accrued supervisory fees, a related party		—			(20,000	)
Accrued expenses		8,540			(17,821	)
Net cash provided by operating activities		669,459			538,336
Cash flows from investing activities:
Increase in payable to Lessee, a related party		—			16,984
Net cash provided by investing activities		—			16,984
Cash flows from financing activities:
Repayment of mortgages payable		(539,246	)		(510,308	)
Deferred costs		(454,613	)		(377,170	)
Distributions to Participants		(360,000	)		(360,000	)
Net cash used in financing activities		(1,353,859	)		(1,247,478	)
Net decrease in cash and cash equivalents		(684,400	)		(692,158	)
Cash and cash equivalents, beginning of period		3,320,599			2,325,024
Cash and cash equivalents, end of period	$	2,636,199		$	1,632,866
Supplemental disclosure of cash flow information:
Cash paid for interest	$	1,374,545		$	1,209,528
Supplemental information of non-cash, investing and financing activities:
Deferred costs included in Due to Supervisor, a related party	$	154,433		$	139,730
Purchase of building and tenant improvements included in Payable to Lessee, a related party	$	6,030,664		$	7,120,700

See notes to the condensed financial statements.

Note A Interim Period Reporting

In the opinion of management, the accompanying unaudited condensed financial statements of 250 West 57th St. Associates L.L.C. (“Registrant”) reflect all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of Registrant as of June 30, 2013, its results of operations for the three and six months ended June 30, 2013 and 2012 and its cash flows for the six months ended June 30, 2013 and 2012. Information included in the condensed balance sheet as of December 31, 2012 has been derived from the audited balance sheet included in Registrant’s Form 10-K for the year ended December 31, 2012 (the “10-K”) previously filed with the Securities and Exchange Commission (the “SEC”). Pursuant to rules and regulations of the SEC, certain information and disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted from these financial statements unless significant changes have taken place since the end of the most recent fiscal year. Accordingly, these unaudited condensed financial statements should be read in conjunction with the financial statements, notes to financial statements and the other information in the 10-K. The results of operations for the three and six months ended June 30, 2013 are not necessarily indicative of the results to be expected for any interim period or the full year.

Note B Organization

Registrant is a New York limited liability company which was organized as a joint venture on May 25, 1953. On September 30, 1953, Registrant acquired fee title to the building known as 250 West 57^th Street (the “Building”), formerly known as the Fisk Building, and the land thereunder located at 250-264 West 57th Street, New York, New York (collectively, the “Property”). On November 30, 2001, Registrant converted to a limited liability company under New York law and is now known as 250 West 57^th St. Associates L.L.C. The conversion did not change any aspect of the assets and operations of Registrant other than to protect its Participants from future liability to a third party. Registrant’s members (“Members”) are Peter L. Malkin and Anthony E. Malkin (collectively, the “Agents”), each of whom also acts as an agent for holders of participations (“Participations”) in their respective member interests in Registrant (the “Participants”). The Members in Registrant hold senior positions at Malkin Holdings LLC (“Malkin Holdings” or the “Supervisor”), One Grand Central Place, 60 East 42nd Street, New York, New York, which provides supervisory and other services to Registrant and Lessee. See Note E below.

Note C Lease

Registrant does not operate the Property. Registrant leases the Property to Fisk Building Associates L.L.C. (the “Lessee”) under a long-term net operating lease dated May 1, 1954 (the “Lease”). In 1985, the Participants in Registrant consented to Registrant’s Agents granting Lessee four options to extend the Lease, in each case for an additional twenty-five year renewal period, the last expiring in 2103, all on the same terms as the original lease. The Agents intend to grant such options on behalf of Registrant, subject to Lessee’s compliance with such consents. Such options have been granted by the Agents and exercised by Lessee as to (a) the first renewal period from October 1, 2003 through September 30, 2028, and (b) the second renewal period from October 1, 2028 through September 30, 2053. The Participants in Registrant have consented to the granting of options to the Lessee to extend the lease for two additional 25-year renewal terms expiring in 2103. Lessee is a New York limited liability company whose members consist of, among others, Anthony E. Malkin and entities for the benefit of members of Peter L. Malkin’s and Anthony E. Malkin’s families, respectively.

Under the Lease, effective May 1, 1975, between Registrant and Lessee, basic annual rent (“Basic Rent”) was equal to mortgage principal and interest payments plus $28,000 for partial payment to Malkin Holdings for supervisory services. The lease modification dated November 17, 2000, and as further modified, between Registrant and Lessee provides that Basic Rent will be equal to the sum of $28,000 plus the installment payments for interest and amortization (not including any balloon payment due at maturity) currently payable on all mortgages. Basic Rent is payable in monthly installments on the first day of each calendar month in an amount equal to $2,333.33 plus the projected debt service due on the mortgages on the first day of the ensuing calendar month (with a reconciliation to be made as soon as practicable thereafter). Basic Rent shall be adjusted on a dollar-for-dollar basis by changes in the annual debt service on the mortgages. See Note D.

Lessee is required to make a monthly payment to Registrant, as an advance against primary overage rent (“Primary Overage Rent”), of an amount equal to its operating profit for its previous lease year in the maximum amount of $752,000 per annum. Lessee currently advances $752,000 each year, which is recorded in revenues in monthly installments of $62,667 and permits Registrant to make regular monthly distributions at 20% per annum on the Participants’ remaining cash investment (which remaining cash investment at June 30, 2013, was equal to the Participants’ original cash investment of $3,600,000) and to pay $1,667 monthly to Supervisor as an advance of the additional payment (the “Additional Payment”).

Lessee is also required to make an annual payment to Registrant of secondary overage rent (“Secondary Overage Rent”) subsequent to September 30^th of the amount representing 50% of the excess of the net operating profit (as defined) of the Lessee for the lease year ending September 30 over the Primary Overage Rent of $752,000, less the amount representing interest earned and retained by Registrant on funds borrowed for the building improvement program described below. Registrant recognizes Secondary Overage Rent when earned from the Lessee, at the close of the lease year ending September 30 and records such amount in revenue in the three months ended September 30.

Rent income, earned from a related party, was $2,300,083 and $2,108,472 for the six months ended June 30, 2013 and 2012, respectively.

For the lease year ended September 30, 2012, Lessee had net operating profit of $7,869,126 after deduction of Basic Rent. Lessee paid Primary Overage Rent of $752,000 for that lease year prior to September 30, 2012 and Secondary Overage Rent of $3,558,414 subsequent to September 30, 2012. The Secondary Overage Rent of $3,558,414 represents 50% of the excess of the Lessee’s net operating profit of $7,869,126 over $752,000, less $148 representing interest earned and retained by Registrant on funds borrowed for the improvement program. As a result, the Secondary Overage Rent paid by the Lessee subsequent to September 30, 2012 of $3,558,414 plus $148 of interest income was available for distribution by Registrant to the Participants. After deducting $1,500,000 for (i) fees relating to a proposed consolidation of Registrant, other public and private entities supervised by the Supervisor and the Supervisor and certain affiliated management companies into Empire State Realty Trust, Inc., a newly formed real estate investment trust (collectively the “Consolidation”) and the initial public offering of Class A common stock of Empire State Realty Trust, Inc. (the “IPO”), (ii) the increase in the supervisory fee to the Supervisor, (iii) accounting fees, (iv) general contingencies, (v) the Additional Payment to the Supervisor of $205,556 (Note E), and (vi) the annual New York State filing fee of $3,000, the balance of $1,850,006 was distributed by Registrant to the Participants on December 12, 2012.

As a result of its revenue recognition policy, rental income for the year ending December 31 includes Basic Rent and the advances of Primary Overage Rent received from October 1 to December 31, but does not include any portion of Secondary Overage Rent based on the Lessee’s operations during that period.

The Supervisor of the Registrant has solicited consents of Participants in the Registrant and other public limited liability companies supervised by the Supervisor to the proposed Consolidation pursuant to a prospectus/consent solicitation statement included in a registration statement on Form S-4 declared effective by the SEC. In the proposed transaction, (x) the property interests of the Registrant, such other public limited liability companies and certain private entities supervised by the Supervisor, and (y) the Supervisor and certain affiliated management companies would be contributed to the operating partnership of Empire State Realty Trust, Inc., a newly organized real estate investment trust.

Consents are required from Participants in the Registrant and such other public limited liability companies for them to contribute their interests in the Consolidation. The Supervisor of the Registrant has received the required consents of Participants in the Registrant to the Consolidation. The Supervisor has also received the required consents of participants in 60 East 42^nd St. Associates L.L.C. to the Consolidation. The Supervisor has received the required supermajority consent from participants in Empire State Building Associates L.L.C. Following the receipt of the required supermajority approval, each participant in Empire State Building Associates L.L.C who had voted against, or abstained, or not submitted a consent form regarding the Consolidation, was sent a 10-day buyout notice stating that its interest was subject to buyout for $100 if it did not consent to the Consolidation. The period for consenting to the Consolidation for those sent the buyout notice, as extended, has not yet terminated.

Consents have been obtained from participants in the private entities and the Supervisor and certain affiliated companies and affiliates of the Supervisor for them to make such contributions. The consideration to be paid to the contributing companies and entities in the Consolidation will be allocated in accordance with exchange values determined based on appraisals by an independent third party.

Note D Mortgages

On December 29, 2004, a first mortgage (the “First Mortgage”) was placed on the Property in the amount of $30,500,000 with Prudential Insurance Company of America. At closing, $3,000,000 was drawn and the remaining $27,500,000 was drawn during 2005. These draws paid off the pre-existing first mortgage of $15,500,000 with Emigrant Savings Bank on September 1, 2005 and were used to finance capital improvements as needed. The initial draw of $3,000,000 and all subsequent draws required constant equal monthly payments of interest only, at the rate of 5.33% per annum until January 5, 2007. Commencing February 5, 2007 Registrant is required to make monthly payments of $184,213 applied to interest and principal calculated on a 25-year amortization schedule. The balance of the First Mortgage is $26,036,875 at June 30, 2013. The First Mortgage matures on January 5, 2015 when the principal balance will be $24,680,713. The First Mortgage may be prepaid at any time, in whole only, upon payment of a prepayment penalty based on a yield maintenance formula. There is no prepayment penalty if the First Mortgage is paid in full during the last 60 days of the term.

On May 25, 2006, a second mortgage (the “Second Mortgage”) was placed on the Property in the amount of $12,410,000 with Prudential Insurance Company of America. At closing, $2,100,000 was drawn and the remaining $10,310,000 had been drawn as of March 5, 2009. The initial draw of $2,100,000 and all subsequent draws required constant equal monthly payments of interest only, at the rate of 6.13% per annum until March 5, 2009. Commencing April 5, 2009, Registrant is required to make monthly payments of $80,947 applied to interest and principal calculated on a 25-year amortization schedule. The balance of the Second Mortgage is $11,389,898 at June 30, 2013. The Second Mortgage matures on January 5, 2015 when the principal balance will be $10,936,920. The Second Mortgage may be prepaid at any time, in whole only, upon payment of a prepayment penalty based on a yield maintenance formula. There is no prepayment penalty if the Second Mortgage is paid in full during the last 60 days of the term.

On October 15, 2009, Registrant closed on a $21,000,000 line of credit from Signature Bank secured by a mortgage on the Property, subordinate to the existing senior mortgage debt held by Prudential Insurance Company of America in the original amount of $42,910,000, and to be used for capital improvements. At closing $934,616 was drawn, and an additional $14,000,000 used for improvements and tenanting costs has been drawn. The balance of the line of credit was $14,934,616 at June 30, 2013. The Signature Bank loan requires payments of interest only and is co-terminus with the existing senior mortgage debt. The $21,000,000 loan from Signature Bank was modified effective as of January 10, 2012 to provide for a reduction in the fluctuating rate of interest from a floor of 6.50% to 4.25% and to a reduction in the fixed rate to the greater of (i) 4.75% or (ii) 300 basis points in excess of the weekly average yield on U.S. Treasury Securities adjusted to a maturity date closest to the mortgage maturity date. The loan was also modified to allow borrower to elect prepayment without any prepayment fees if the fixed interest rate were the greater of (i) 5.00% or (ii) 300 basis points in excess of the weekly average yield on U .S. Treasury Securities adjusted to a maturity date closest to the mortgage maturity date.

The estimated fair value of Registrant’s mortgage debt based on available market information is approximately $54,526,767 as of June 30, 2013. The fair value of borrowings is estimated by discounting the future cash flows using current interest rates at which similar borrowings could be made by the Registrant.

In 1999, the Participants in Registrant and the members in Lessee consented to a building improvement program (the “Program”) estimated to cost approximately $12,200,000. In 2004, the Participants and Lessee approved an increase in the Program from $12,200,000 to approximately $31,400,000 under substantially the same conditions as had previously been approved. To induce the Lessee to approve the Program, Registrant’s Participants authorized a grant to the Lessee, upon completion of the Program, of the right to further extensions of the Lease beyond 2103, based on the net present benefit to Registrant of the improvements made.

The Program for improvements was further increased in 2006 from $31,400,000 to up to $82,300,000, again on the basis that such increase would allow a further extension of the Lease based on the net present benefit to Registrant of the improvements made. The Participants in Registrant and the members in Lessee have approved increasing the financing from the total of $42,910,000 provided by the First and Second Mortgages to up to $63,900,000. As of June 30, 2013, Registrant had incurred or accrued costs related to the improvement program of $54,386,429 and estimates that costs upon completion will be approximately $82,300,000. The balance of the costs of the Program will be financed primarily by the additional borrowing available under the $21,000,000 previously approved loan that closed on October 15, 2009 and Lessee’s operating cash flow. Amounts Payable to Lessee related to the program were $6,767,038 (for unpaid building improvements and leasing costs) and $3,322,181 as of June 30, 2013 and December 31, 2012, respectively.

Note E Supervisory Services

Supervisory and other services are provided to Registrant by its supervisor, Malkin Holdings, a related party. Beneficial interests in Registrant are held directly or indirectly by one or more persons at Malkin Holdings and/or their family members.

Registrant pays Supervisor for supervisory services and disbursements. The basic fee (the “Basic Payment”) had been payable at the rate of $40,000 per annum, payable $3,333 per month, since the fiscal year ended September 30, 1980. The Basic Payment was increased, with the approval of the Agents, by an amount equal to the increase in the Consumer Price Index since such date, resulting in an increase in the Basic Payment to $102,000 per annum effective July 1, 2010 to be adjusted annually for any subsequent increase in the Consumer Price Index. The Basic Payment was adjusted to $107,190 effective July 1, 2012. The fee is payable (i) not less than $2,333 per month, (ii) an additional $1,000 per month out of Primary Overage Rent and (iii) the balance out of available reserves from Secondary Overage Rent. Any deficiency in the portion of the fee payable from Primary or Secondary Overage Rent shall be payable out of Secondary Overage Rent in the next year in which Secondary Overage Rent is sufficient. The Agents also approved payment by Registrant, effective July 1, 2010, of the expenses in connection with regular accounting services related to maintenance of Registrant’s books and records. Such expenses were previously paid by Supervisor.

Registrant pays Supervisor an Additional Payment equal to 10% of all distributions to Participants in any year in excess of the amount representing a return to them at the rate 15% per annum on their remaining cash investment in Registrant (which remaining cash investment at June 30, 2013 was equal to the Participants’ original cash investment of $3,600,000). For tax purposes, such Additional Payment is recognized as a profits interest, and the Supervisor is treated as a partner, all without modifying each Participant’s distributive share of reportable income and cash distributions. For the year ended December 31, 2012, the Additional Payment was $225,556.

The basic supervisory services provided to Registrant by Supervisor include, but are not limited to, maintaining all of its entity and Participant records, performing physical inspections of the Building, providing or coordinating certain counsel services to Registrant, reviewing insurance coverage, conducting annual supervisory review meetings, receipt of monthly rent from Lessee, payment of monthly and additional distributions to the Participants, payment of all other disbursements, confirmation of the payment of real estate taxes, active review of financial statements submitted to Registrant by Lessee and financial statements audited by and tax information prepared by Registrant’s independent registered public accounting firm, and distribution of related materials to the Participants. Supervisor also prepares quarterly, annual and other periodic filings with the SEC and applicable state authorities.

Due from Supervisor, a related party, was $60,000 at June 30, 2013 and December 31, 2012, respectively. Due to Supervisor, a related party, was $419,653 and $621,233 at June 30, 2013 and December 31, 2012, respectively.

Registrant pays Supervisor for other services at hourly rates. Pursuant to the fee arrangements described herein, Registrant incurred supervisory fees of $63,595 and $62,851 the six-month periods ended June 30, 2013 and 2012, respectively. No remuneration was paid during the six-month periods ended June 30, 2013 and 2012 by Registrant to either of the Members. Included in professional fees are amounts for services from related parties of $30,230 and $73,602 for the three and six months month ended June 30, 2013, respectively, and $14,578 and $37,602 for the three and six months month ended June 30, 2012, respectively.

Distributions are paid from a cash account held by Supervisor. That account is included in the condensed Balance Sheets as “Due from Supervisor.” The funds of $60,000 at June 30, 2013 and December 31, 2012 were paid to Participants on July 1, 2013 and January 1, 2013, respectively.

Reference is made to Note C above for a description of the terms of the Lease between Registrant and Lessee. The respective interest, if any, of the Members in Registrant and in Lessee arise solely from ownership of Participations in Registrant and of Member interests or participations in Lessee. The Members as such receive no extra or special benefit not shared on a pro rata basis with all other Participants in Registrant or members in Lessee. However, all of the Members hold senior positions at Supervisor (which supervises Registrant and Lessee) and, by reason of their positions at Supervisor, may receive income attributable to supervisory or other remuneration paid to Supervisor by Registrant and Lessee.

Note F Subsequent Events

Except as disclosed in “Part II, Other Information, Item 1(b),” there have not been any events that have occurred that would require adjustments to or disclosure in this Quarterly Report on Form 10-Q.

Note G Fair Value Measurements

Fair value is a market-based measurement, not an entity-specific measurement, and should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, Financial Accounting Standards Board guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within levels one and two of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within level three of the hierarchy).

The Registrant uses the following methods and assumptions in estimating fair value disclosures for financial instruments.

Cash and cash equivalents, due from Supervisor, a related party, accrued mortgage interest, payable to Lessee, a related party, due to Supervisor, a related party, deferred revenue and accrued expenses: The carrying amount of cash and cash equivalents, due from Supervisor, a related party, accrued mortgage interest, payable to Lessee, a related party, due to Supervisor, a related party, deferred revenue and accrued expenses reported in Registrant’s Condensed Balance Sheets approximate fair value due to the short term maturity of these instruments.

Mortgages payable: The fair value of borrowings, as disclosed in Note D, is estimated by discounting the future cash flows using current interest rates at which similar borrowings could be made to the Registrant.

The methodologies used for valuing financial instruments have been categorized into three broad levels as follows:

Level 1—Quoted prices in active markets for identical instruments.

Level 2—Valuations based principally on other observable market parameters, including:

• Quoted prices in active markets for similar instruments;

• Quoted prices in less active or inactive markets for identical or similar instruments;

• Other observable inputs (such as risk free interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates); and

• Market corroborated inputs (derived principally from or corroborated by observable market data).

Level 3—Valuations based significantly on unobservable inputs.

• Valuations based on third-party indications (broker quotes or counterparty quotes) which were, in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations.

• Valuations based on internal models with significant unobservable inputs.

These levels form a hierarchy. The Registrant follows this hierarchy for its financial instruments measured at fair value on a recurring and nonrecurring basis and other required fair value disclosures. The classifications are based on the lowest level of input that is significant to the fair value measurement.

Fair Value of Financial Instruments

The following disclosures of estimated fair value were determined by management, using available market information and appropriate valuation methodologies as discussed in Fair Value Measurements. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Registrant could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

The mortgages payable had an estimated fair value based on discounted cash flow models, based on Level 3 inputs, of approximately $54,526,767, compared to the book value of the related debt of $52,361,389 at June 30, 2013.

Disclosure about fair value of financial instruments is based on pertinent information available to the Registrant as of June 30, 2013. Although the Registrant is not aware of any factors that would significantly affect the reasonable fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

Note H Offering Costs and Formation Transaction Expenses

In connection with the Consolidation and IPO, the Registrant has incurred or will incur incremental accounting fees, legal fees and other professional fees. Such costs will be deferred and recorded as a reduction of proceeds of the Consolidation and IPO, or expensed if the Consolidation and IPO is not consummated. Certain costs associated with the Consolidation and IPO not directly attributable to the solicitation of consents and the IPO, but rather related to structuring the formation transaction, are expensed as incurred.

Through June 30, 2013 the Registrant has incurred external offering costs of $1,939,357, of which the Registrant has incurred $187,013 and $389,229 for the six months ended June 30, 2013 and 2012, respectively which are reflected as deferred costs on Registrant’s Condensed Balance Sheets. A total of $154,433 and $422,031 of these costs are in Due to Supervisor at June 30, 2013 and December 31, 2012, respectively. Additional offering costs for work done by employees of the Supervisor of $73,602 and $37,602 for the six months ended June 30, 2013 and 2012, respectively, were incurred and advanced by the Supervisor and have or will be reimbursed to the Supervisor by the Registrant.

Correction of an Immaterial Error in the Financial Statements

The Registrant’s prior period financial results have been adjusted to reflect an immaterial correction which has no impact to the net change in cash reported on the statement of cash flows. During fiscal year 2012, the Registrant determined that certain costs related to the structuring of the consolidation transaction that were previously included in deferred offering costs should have been expensed in the periods incurred. The correction impacted the 2012, 2011 and 2010 periods and had accumulated to an amount of $252,337 as of June 30, 2012. Adhering to applicable guidance for accounting changes and error corrections, the Registrant concluded that the error was not material to any of the prior period financial statements. The correction resulted in immaterial changes to deferred costs and formation transaction expenses for the years ended December 31, 2011 and 2010, and for interim periods within those years and within 2012.

The Registrant applied the guidance for accounting changes and error corrections and revised the prior period financial statements presented.

The following table presents the effect this correction had on the Registrant’s prior period reported financial statements. Additionally, financial information included elsewhere in this Form 10-Q that is impacted by the adjustment have been revised, as applicable.

	For the six months ended June 30, 2012
	As reported			Adjustment			As adjusted
Formation transaction expenses	$	—		$	38,837		$	38,837
Net loss		(388,135	)		(38,837	)		(426,972	)
Net cash provided by operating activities		577,173			(38,837	)		538,336
Net cash used in financing activities		(1,286,315	)		38,837			(1,247,478	)
Net change in cash and cash equivalents		(692,158	)		—			(692,158	)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward Looking Statements

Readers of this discussion are advised that the discussion should be read in conjunction with the financial statements of Registrant (including related notes thereto) appearing elsewhere in this Form 10-Q. Certain statements in this discussion may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect Registrant’s current expectations regarding future results of operations, economic performance, financial condition and achievements of Registrant, and do not relate strictly to historical or current facts. Registrant has tried, wherever possible, to identify these forward-looking statements by using words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or words of similar meaning.

Although Registrant believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties, which may cause the actual results to differ materially from those anticipated in the forward looking statements. Such factors include, but are not limited to, the following: general economic and business conditions, which will, among other things, affect demand for rental space, the availability of prospective tenants, lease rents and the availability of financing; adverse changes in Registrant’s real estate market, including, among other things, competition with other real estate owners, risks of real estate development and acquisitions; governmental actions and initiatives; and environmental/safety requirements.

Financial Condition and Results of Operations

Registrant was organized solely for the purpose of owning the Property subject to a net operating lease of the Property held by Lessee. Registrant is required to pay, from Basic Rent under the Lease, the charges on the First and Second mortgages and the line of credit and amounts for supervisory services. Registrant is required to pay from Primary Overage Rent and Secondary Overage Rent the Additional Payment to Supervisor, other expenses and then to distribute the balance of such Overage Rent less any additions to reserves to the Participants. See Note C to the condensed financial statements. Pursuant to the Lease, Lessee has assumed responsibility for the condition, operation, repair, maintenance and management of the Property. Accordingly, Registrant need not maintain substantial reserves or otherwise maintain liquid assets to defray any operating expenses of the Property.

Registrant’s results of operations are affected primarily by the amount of rent payable to it under the Lease. The amounts of Primary Overage Rent and Secondary Overage Rent are affected by the New York City economy and real estate rental market, which is difficult for management to forecast.

During the six-month period ended June 30, 2013, Registrant made regular monthly distributions of $83.33 for each $5,000 Participation ($1,000 per annum for each $5,000 participation). There are no restrictions on Registrant’s present or future ability to make distributions; however, the amount of such distributions depends on the ability of Lessee to make monthly payments of Basic Rent, Primary Overage Rent, and Secondary Overage Rent to Registrant in accordance with the terms of the Lease. Registrant expects to make distributions so long as it receives the payments provided for under the Lease.

The following summarizes, with respect to the current period and corresponding period of the previous year, the material factors affecting Registrant’s results of operations for such periods:

Total rent income increased by $191,611 for the six month period ended June 30, 2013 as compared with the corresponding period of the prior year as a result of an increase in Basic Rent of $191,611 to cover an increase in debt service attributable to a November 7, 2012 $9,000,000 draw on the Signature Bank line of credit, which was used to fund improvements and tenanting costs, increasing the loan balance.

Total rent income increased by $96,686 for the three month period ended June 30, 2013 as compared with the corresponding period of the prior year as a result of an increase in Basic Rent of $96,686 to cover an increase in debt service attributable to a $9,000,000 draw on the Signature Bank line of credit, which was used to fund improvements and tenanting costs, increasing the loan balance.

Total expenses increased by $1,047,489 for the six month period ended June 30, 2013 as compared with the corresponding period of the prior year, attributable to: (a) a net increase in interest on the mortgages payable of $162,541, consisting of an increase of $193,377 due to the $9,000,000 increase of the Signature line of credit loan on November 7, 2012 and an aggregate decrease of $30,836 on the Prudential First Mortgage and Second Mortgage attributable to a reduction in the loan balance due to principal amortization, (b) an increase of supervisory fees of $744 representing a cost-of-living increase, (c) an increase in depreciation of building and tenant improvements of $397,526 attributable to depreciation on improvements placed in service during 2012 and the first six months of 2013, (d) an increase in amortization of leasing costs of $40,923 attributable to amortization of leasing costs capitalized during 2012 and the first six months of 2013 (e) an increase in other expenses of $15,575 mainly attributable to allocated officers and directors insurance which commenced in the second quarter of 2012, (f) an increase in professional fees of $295,262 including (i) a net increase in fees to Malkin Holdings of $36,000 and legal and accounting fees for services rendered in connection with the Consolidation and IPO, (ii) an increase in consulting fees for the design and implementation of a new accounting system, and (iii) matters pertaining to the class action litigation (as described in Legal Proceedings), and (g) an increase in formation transaction expenses of $134,919, mainly attributable to the solicitation of consents from Participants in the Registrant and other public limited liability companies supervised by the Supervisor to the proposed Consolidation and IPO.

Total expenses increased by $477,292 for the three month period ended June 30, 2013 as compared with the corresponding period of the prior year, attributable to: (a) a net increase in interest on the mortgages payable of $82,052, consisting of an increase of $98,452 due to the $9,000,000 increase of the Signature line of credit loan on November 7, 2012 and an aggregate decrease of $16,400 on the Prudential First Mortgage and Second Mortgage attributable to a reduction in the loan balance due to principal amortization, (b) an increase of supervisory fees of $372 representing a cost-of-living increase, (c) an increase in depreciation of building and tenant improvements of $182,043, attributable to depreciation on improvements placed in service during 2012 and the first six months of 2013, (d) an increase in amortization of leasing costs of $20,940, attributable to amortization of leasing costs capitalized during 2012 and the first six months of 2013 (e) an increase in other expenses of $3,870 mainly attributable to allocated officers and directors insurance which commenced in the second quarter of 2012, (f) an increase in professional fees of $143,564 including (i) a net increase in fees to Malkin Holdings of $15,652 and legal and accounting fees for services rendered in connection with the Consolidation and IPO, (ii) an increase in consulting fees for the design and implementation of a new accounting system, and (iii) matters pertaining to the class action litigation (as described in Legal Proceedings), and (g) an increase in formation transaction expenses of $44,451, mainly attributable to the solicitation of consents from Participants in the Registrant and other public limited liability companies supervised by the Supervisor to the proposed Consolidation and IPO.

Liquidity and Capital Resources

Registrant’s liquidity has decreased at June 30, 2013 as compared with December 31, 2012 as a result of 1) costs incurred in connection with the Consolidation and IPO, and 2) commitments for reimbursement to Lessee under the improvement program. Registrant may from time to time set aside cash for general contingencies. Adverse developments in economic, credit and investment markets over the last several years impaired general liquidity (although some improvement in such markets has arisen recently) and the developments may negatively impact Registrant and/or space tenants at the Building. Any such impact should be ameliorated by the fact that (a) each of Registrant and its Lessee has very low debt in relation to asset value, (b) the maturity of Registrant’s existing and planned debt will not occur within the next 18 months, and (c) the Building’s rental revenue is derived from a substantial number of tenants in diverse businesses with lease termination dates spread over numerous years.

Amortization payments due under the First Mortgage commenced February 5, 2007, calculated on a 25-year amortization schedule. Amortization payments under the Second Mortgage commenced April 5, 2009, calculated on a 25-year amortization schedule. The First and the Second Mortgages mature on January 5, 2015. The line of credit requires payment of interest only and also matures on January 5, 2015. Registrant does not maintain any reserve to cover the payment of such mortgage indebtedness at maturity. Therefore, repayment of mortgage debt will depend on Registrant’s ability to arrange a refinancing. Assuming that the Property continues to generate an annual net profit in future years comparable to that in past years, and assuming further that real estate capital and operating markets return to more stable patterns, consistent with long-term historical real estate trends in the geographic area in which the Property is located, Registrant anticipates that the value of the Property will be in excess of the amount of the senior mortgage debt and the line of credit balances at maturity.

Registrant anticipates that funds for short-term working capital requirements for the Property will be provided by cash on hand, approximately $6,000,000 available to be drawn on the line of credit from Signature Bank, and rental payments received from the Lessee. Long-term sources of working capital will be provided by rental payments received from the Lessee and/or external financing. However, as noted above, Registrant has no requirement to maintain substantial reserves to defray any operating expenses of the Property.

The Supervisor of the Registrant has solicited consents of Participants in the Registrant and other public limited liability companies supervised by the Supervisor to the proposed Consolidation pursuant to a prospectus/consent solicitation statement included in a registration statement on Form S-4 declared effective by the SEC. In the proposed transaction, (x) the property interests of the Registrant, such other public limited liability companies and certain private entities supervised by the Supervisor, and (y) the Supervisor and certain affiliated management companies would be contributed to the operating partnership of Empire State Realty Trust, Inc., a newly organized real estate investment trust.

Consents are required from Participants in the Registrant and such other public limited liability companies for them to contribute their interests in the Consolidation. The Supervisor of the Registrant has received the required consents of Participants in the Registrant to the Consolidation. The Supervisor has also received the required consents of participants in 60 East 42^nd St. Associates L.L.C. to the Consolidation. The Supervisor has received the required supermajority consent from participants in Empire State Building Associates L.L.C. Following the receipt of the required supermajority approval, each participant in Empire State Building Associates L.L.C who had voted against, or abstained, or not submitted a consent form regarding the Consolidation, was sent a 10-day buyout notice stating that its interest was subject to buyout for $100 if it did not consent to the Consolidation. The period for consenting to the Consolidation for those sent the buyout notice, as extended, has not yet terminated.

Consents have been obtained from participants in the private entities and the Supervisor and certain affiliated companies and affiliates of the Supervisor for them to make such contributions. The consideration to be paid to the contributing companies and entities in the Consolidation will be allocated in accordance with exchange values determined based on appraisals by an independent third party.

Inflation

Registrant believes that there has been no material change in the impact of inflation on its operations since the filing of its report on Form 10-K for the year ended December 31, 2012. Inflationary trends in the economy do not directly affect Registrant’s operations since Registrant does not actively engage in the operation of the Property. Inflation may impact the operations of Lessee. Lessee is required to pay Basic Rent, regardless of the results of its operations. Inflation and other operating factors affect the amount of Primary and Secondary Overage Rent payable by Lessee, which is based on Lessee’s net operating profit.

Security Ownership

The Members in Registrant do not hold any Participations in their individual capacities.

As of June, 2013, certain of the Members in Registrant held Participations as follows:

Entities for the benefit of members of Peter L. Malkin’s family owned of record and beneficially $167,500 of Participations. Peter L. Malkin disclaims any beneficial ownership of such Participations, except that related family trusts or entities are required to complete scheduled payments to Peter L. Malkin.

Peter L. Malkin owned of record as trustee, but not beneficially, $7,500 of Participations. Peter L. Malkin disclaims any beneficial ownership of such Participations.

Anthony E. Malkin owned of record as trustee and co-trustee, but not beneficially, $10,000 of Participations. Anthony E. Malkin disclaims any beneficial ownership of such Participations.

Item 4. Controls and Procedures.

• Evaluation of disclosure controls and procedures. The Supervisor after evaluating the effectiveness of Registrant’s “disclosure controls and procedures” (as defined in the Securities Exchange Act of 1934, Rules 13a-15(e) and 15d-15(e)) as of June 30, 2013, the end of the period covered by this report, has concluded that as of that date Registrant’s disclosure controls and procedures were effective and designed to ensure that material information relating to Registrant would be made known to it by others within those entities on a timely basis.

• Changes in internal controls over financial reporting. There were no changes in Registrant’s internal controls over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, Registrant’s internal controls over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

The Property of Registrant was the subject of the following material litigation:

(a) Malkin Holdings and Peter L. Malkin, a member in Registrant, were engaged in a proceeding with Lessee’s former managing agent, Helmsley-Spear, Inc., commenced in 1997, concerning the management, leasing, and supervision of the Property that is subject to the Lease to Lessee. In this connection, certain costs for legal and professional fees and other expenses were paid by Malkin Holdings and Mr. Malkin. Malkin Holdings and Mr. Malkin have represented that such costs will be recovered only to the extent that (a) a competent tribunal authorizes payment or (b) an investor voluntarily agrees that his or her proportionate share be paid. On behalf of himself and Malkin Holdings, Mr. Malkin has requested, or intends to request, such voluntary agreement from all investors, which may include renewing such request in the future for any investor who previously received such request and failed to confirm agreement at that time. Because any related payment has been, or will be, made only by consenting investors, Registrant has not provided for the expense and related liability with respect to such costs in these financial statements.

(b) In March 2012, five putative class actions, or the Class Actions, were filed in New York State Supreme Court, New York County by Participants in Empire State Building Associates L.L.C. (“ESBA”) and several other entities supervised by the Supervisor (on March 1, 2012, March 7, 2012, March 12, 2012, March 14, 2012 and March 19, 2012). The plaintiffs assert claims against Malkin Holdings LLC, Malkin Properties, L.L.C., Malkin Properties of New York, L.L.C., Malkin Properties of Connecticut, Inc., Malkin Construction Corp., Anthony E. Malkin, Peter L. Malkin, the Estate of Leona M. Helmsley, Empire State Realty OP, L.P. and Empire State Realty Trust, Inc. for breach of fiduciary duty, unjust enrichment, and/or aiding and abetting breach of fiduciary duty. They allege, among other things, that the terms of the Consolidation and the process by which it was structured (including the valuation that was employed) are unfair to the participants in the existing entities, the Consolidation provides excessive benefits to Malkin Holdings and its affiliates and the then-draft prospectus/consent solicitation filed with the SEC failed to make adequate disclosure to permit a fully informed decision about the proposed Consolidation. The complaints seek money damages and injunctive relief preventing the proposed Consolidation. The actions were consolidated and co-lead plaintiffs’ counsel were appointed by the New York State Supreme Court by order dated June 26, 2012. Furthermore, an underlying premise of the Class Actions, as noted in discussions among plaintiffs’ counsel and defendants’ counsel, was that the Consolidation had been structured in such a manner that would cause participants in ESBA, 60 East 42nd St. Associates L.L.C. and 250 West 57th St. Associates L.L.C. (the “subject LLCs”) immediately to incur substantial tax liabilities.

The parties entered into a Stipulation of Settlement dated September 28, 2012, resolving the Class Actions. The Stipulation of Settlement recites that the Consolidation was approved by overwhelming consent of the participants in the private entities. The Stipulation of Settlement states that counsel for the plaintiff class satisfied themselves that they have received adequate access to relevant information, including the independent valuer’s valuation process and methodology, that the disclosures in the Registration Statement on Form S-4, as amended, are appropriate, that the Consolidation presents potential benefits, including the opportunity for liquidity and capital appreciation, that merit the participants’ serious consideration and that each of named class representatives intends to support the Consolidation as modified. The Stipulation of Settlement further states that counsel for the plaintiff class are satisfied that the claims regarding tax implications, enhanced disclosures, appraisals and exchange values of the properties that would be consolidated into Empire State Realty Trust, Inc., and the interests of the participants in the subject LLCs and the private entities, have been addressed adequately, and they have concluded that the settlement pursuant to the Stipulation of Settlement and opportunity to consider the proposed Consolidation on the basis of revised consent solicitations are fair, reasonable, adequate and in the best interests of the plaintiff class.

The defendants in the Stipulation of Settlement denied that they committed any violation of law or breached any of their duties and did not admit that they had any liability to the plaintiffs.

The terms of the settlement include, among other things (i) a payment of $55 million, with plaintiffs’ counsel’s court-approved attorneys’ fees and, in the case of shares of common stock and/or operating partnership units, after the termination of specified lock-up periods, to participants in the subject LLCs, a minimum of 80% in cash and maximum of 20% in freely-tradable shares of common stock and/or freely-tradable operating partnership units to be distributed, after reimbursement of plaintiffs’ counsel’s court-approved expenses and payment of the subject LLCs and the private entities pursuant to a plan of allocation to be prepared by counsel for plaintiffs; (ii) defendants’ agreement that (a) the IPO will be on the basis of a firm commitment underwriting; (b) if, during the solicitation period of the subject LLCs, any of the three subject LLCs’ percentage of total exchange value is lower than what is stated in the final prospectus/consent solicitation statement by 10% or more, such decrease will be promptly disclosed by defendants to participants in the subject LLCs; and (c) unless total gross proceeds of $600,000,000 are raised in the IPO, defendants will not proceed with the Consolidation without further approval of the subject LLCs; and (iii) defendants’ agreement to make additional disclosures in the prospectus/consent solicitation regarding certain matters (which were included therein). The payment in settlement of the Class Actions will be made by the Estate of Leona M. Helmsley and affiliates of Malkin Holdings (provided that none of Malkin Holdings and its affiliates that would become a direct or indirect subsidiary of Empire State Realty Trust, Inc. in the Consolidation will have any liability for such payment) and certain participants in the private entities who agree to contribute. The Registrant and its participants will not bear any of the settlement payment.

The settlement further provides for the certification of a class of participants in the three subject LLCs and all of the private entities, other than defendants and other related persons and entities, and a release of any claims of the members of the class against defendants and related persons and entities, as well as underwriters and other advisors. The release in the settlement excludes certain claims, including but not limited to, claims arising from or related to any supplement to the Registration Statement on Form S-4 that is declared effective to which the plaintiffs’ counsel objects in writing, which objection will not be unreasonably made or delayed, so long as plaintiffs’ counsel has had adequate opportunity to review such supplement. The settlement is subject to court approval. It is not effective until such court approval is final, including the resolution of any appeal. Defendants continue to deny any wrongdoing or liability in connection with the allegations in the Class Actions.

On January 18, 2013, the parties jointly moved for preliminary approval of such settlement, for permission to send notice of the settlement to the class, and for the scheduling of a final settlement hearing (collectively, “preliminary approval”).

On January 28, 2013, six participants in ESBA filed an objection to preliminary approval, and cross-moved to intervene in the action and for permission to file a separate complaint on behalf of ESBA participants. The court denied the cross motion of such objecting participants, and the court denied permission for such objecting participants to file a separate complaint as part of the Class Action, but permitted them to file a brief solely to support their allegation that the buyout would deprive non-consenting participants in ESBA of “fair value” in violation of the New York Limited Liability Company Law. The court rejected the objecting participants’ assertion that preliminary approval be denied and granted preliminary approval of the settlement.

Pursuant to a decision issued on April 30, 2013, the court rejected the allegation regarding the New York Limited Liability Company Law and ruled in the Supervisor’s favor, holding that such buyout provisions are legally binding and enforceable and that participants do not have the rights they claimed under the New York Limited Liability Company Law.

On May 2, 2013, the court held a hearing regarding final approval of the Class Actions settlement, at the conclusion of which the court stated that it intended to approve the settlement. On May 17, 2013, the court issued its Opinion and Order. The court rejected the objections by all objectors and upheld the settlement in its entirety. Of the approximately 4,500 class members who are participants in all of the subject LLCs and private entities included in the Consolidation, 12 opted out of the settlement. Those who opted out will not receive any share of the settlement proceeds, but can pursue separate claims for monetary damages. They are bound by the settlement agreement regarding equitable relief, so they cannot seek an injunction to halt the Consolidation or IPO. The settlement will not become final until resolution of any appeal.

Also on May 17, 2013, the court issued its Opinion and Order on attorneys’ fees. Class counsel applied for an award of $15.0 million in fees and $295,895 in expenses, which the court reduced to $11.59 million in fees and $265,282 in expenses.

The participants who challenged the buyout provision filed a notice of appeal of the court’s April 30, 2013 decision and moved before the appellate court for a stay of all proceedings relating to the settlement, including such a stay as immediate interim relief. On May 1, 2013, their request for immediate interim relief was denied. On May 13, 2013, the supervisor filed its brief in opposition to the motion for the stay. On June 18, 2013, the appellate court denied the motion for the stay. On July 16, 2013, these participants filed their brief and other supporting papers on their appeal of the April 30, 2013 decision, which is required to perfect the appeal.

In addition, on June 20, 2013, these same participants filed additional notices of appeal of the trial court’s rulings in the Class Actions. These notices of appeals related to (i) the order entered February 22, 2013 granting preliminary approval of the Class Action settlement and setting a hearing for final approval; (ii) the order entered February 26, 2013, refusing to sign a proposed order to show cause for a preliminary injunction regarding the Consolidation; (iii) an order entered April 2, 2013, denying the motion to intervene and to file a separate class action on behalf ESBA participants; (iv) the order entered April 10, 2013, refusing to sign the order to show cause seeking to extend the deadline for class members to opt out of the Class Action settlement; (v) the Final Judgment and Order entered May 17, 2013; (vi) the order entered May 17, 2013 approving the Class Action settlement; and (vii) the order entered May 17, 2013 awarding class counsel attorneys’ fees and costs.

Any decision on the appeal on the New York Limited Liability Law issue could take many months. The Registrant cannot predict the timing or outcome of an appeal process or any related relief, if such appeal were successful. If the court’s decision were reversed by the appellate court, there is a risk that it could have a material adverse effect on Empire State Realty Trust, Inc., which could take the form of monetary damages or other equitable relief, and the court could order some or all of the relief that the objecting participants have requested, as described above. Although there can be no assurance, the Registrant believes that the trial court’s decision was correct, and that it will be upheld on appeal.

As noted, class members who objected to the Class Action settlement filed notices of appeal from the court’s decision to approve the Stipulation of Settlement. As a result, the Registrant and Empire State Realty Trust, Inc. may incur costs associated with defending any such appeal or paying any judgment if defendants lose. The Registrant cannot predict the timing or outcome of an appeal. If the court’s decision were reversed by an appellate court, there is a risk that it could have a material adverse effect on Empire State Realty Trust, Inc., including the imposition of monetary damages, injunctive relief or both. Although there can be no assurance, the Registrant believes that the trial court’s decision was correct, and that it will be upheld on appeal.

Item 4. Mine Safety Disclosures.

  Not applicable.

Item 6. Exhibits

EXHIBIT INDEX

Number	Document
24.1	Power of Attorney dated July 15, 2013 between Members in Registrant and Mark Labell which is being filed as Exhibit 24.1 to Registrant’s 10-Q for the period ended June 30, 2013.
31.1	Certification of Andrew Prentice, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Mark Labell, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Andrew Prentice, Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Mark Labell, Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definitions Documents
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The individual signing this report on behalf of Registrant is Attorney-in-Fact for Registrant and each of the Members in Registrant, pursuant to Power of Attorney, dated July 15, 2013 (the “Power”) and is supervisor of the accounting functions.

250 WEST 57th ST. ASSOCIATES L.L.C.
(Registrant)
By	/s/ Mark Labell
Mark Labell as Senior Vice President, Finance of Malkin Holdings LLC,
Supervisor of 250 West 57th St. Associates L.L.C.* and as Attorney-in-Fact on behalf of:
Peter L. Malkin, Member
Anthony E. Malkin, Member
August 9, 2013

* Registrant’s organizational documents do not provide for a Chief Executive Officer, Chief Financial Officer or Chief Accounting Officer or other officer with equivalent rights and duties. As described in the Report, Registrant is a limited liability company that is supervised by Malkin Holdings LLC. Accordingly, this Form 10-Q is being signed by a senior executive and a senior member of the financial/accounting staff of Registrant’s Supervisor in such capacities.

EX-24.1

Exhibit 24.1

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Mark Labell as his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign the Report on Form 10-Q for the quarter ended June 30, 2013 of 250 West 57th St. Associates L.L.C. and to file the same with all exhibits thereto, and other documents in connection therewith, with the United States Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent and his substitutes may lawfully do or cause to be done by virtue hereof.

NAME	CAPACITY	DATE
/s/ Peter L. Malkin	Member	July 15, 2013
Peter L. Malkin
/s/ Anthony E. Malkin	Member	July 15, 2013
Anthony E. Malkin

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Andrew Prentice, certify that:

• I have reviewed this Quarterly Report on Form 10-Q of 250 West 57th St. Associates L.L.C.;

• Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

• Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of Registrant as of, and for, the periods presented in this report;

• Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for Registrant and we have:

• Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to Registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

• Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

• Evaluated the effectiveness of Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

• Disclosed in this report any change in Registrant’s internal control over financial reporting that occurred during Registrant’s most recent fiscal quarter (Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, Registrant’s internal control over financial reporting; and

• Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to Registrant’s auditors and the audit committee of Registrant’s board of directors (or persons performing the equivalent functions):

• All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect Registrant’s ability to record, process, summarize and report financial information; and

• Any fraud, whether or not material, that involves management or other employees who have a significant role in Registrant’s internal controls over financial reporting.

Date: August 9, 2013

By	/s/ Andrew Prentice
	Name: Andrew Prentice
	Title: Chief Accounting Officer
	Malkin Holdings LLC, Supervisor of 250 West 57th St. Associates L.L.C.*

* Registrant’s organizational documents do not provide for a Chief Executive Officer or other officer with equivalent rights and duties. As described in the Report, Registrant is a limited liability company that is supervised by Malkin Holdings LLC. Accordingly, this Chief Executive Officer certification is being signed by a senior executive of Registrant’s supervisor.

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Mark Labell, certify that:

• I have reviewed this Quarterly Report on Form 10-Q of 250 West 57th St. Associates L.L.C.;

• Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

• Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of Registrant as of, and for, the periods presented in this report;

• Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for Registrant and we have:

• Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to Registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

• Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

• Evaluated the effectiveness of Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

• Disclosed in this report any change in Registrant’s internal control over financial reporting that occurred during Registrant’s most recent fiscal quarter (Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, Registrant’s internal control over financial reporting; and

• Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to Registrant’s auditors and the audit committee of Registrant’s board of directors (or persons performing the equivalent functions):

• All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect Registrant’s ability to record, process, summarize and report financial information; and

• Any fraud, whether or not material, that involves management or other employees who have a significant role in Registrant’s internal controls over financial reporting.

Date: August 9, 2013

By	/s/ Mark Labell
	Name: Mark Labell
	Title: Senior Vice President, Finance
	Malkin Holdings LLC, Supervisor of 250 West 57th St. Associates L.L.C.*

* Registrant’s organizational documents do not provide for a Chief Financial Officer or other officer with equivalent rights and duties. As described in the Report, Registrant is a limited liability company that is supervised by Malkin Holdings LLC. Accordingly, this Chief Financial Officer certification is being signed by a senior member of the financial/accounting staff of Registrant’s supervisor.

EX-32.1

EXHIBIT 32.1

250 West 57th St. Associates L.L.C.

Certification Pursuant to 18 U.S.C., Section 1350 as adopted

Pursuant to Section 906

of Sarbanes – Oxley Act of 2002

The undersigned, Andrew Prentice, is signing this Chief Executive Officer certification as Chief Accounting Officer of Malkin Holdings LLC, the supervisor* of 250 West 57th St. Associates L.L.C. (“Registrant”) to certify that:

• the Quarterly Report on Form 10-Q of Registrant for the quarterly period ended June 30, 2013 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

• the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Registrant.

Dated: August 9, 2013

By	/s/ Andrew Prentice
	Andrew Prentice
	Chief Accounting Officer of
	Malkin Holdings LLC, Supervisor of 250 West 57thSt. Associates L.L.C.*

* Registrant’s organizational documents do not provide for a Chief Executive Officer or other officer with equivalent rights and duties. As described in the Report, Registrant is a limited liability company that is supervised by Malkin Holdings LLC. Accordingly, this Chief Executive Officer certification is being signed by a senior executive of Registrant’s supervisor.

EX-32.2

Exhibit 32.2

250 West 57th St. Associates L.L.C.

Certification Pursuant to 18 U.S.C., Section 1350 as adopted

Pursuant to Section 906

of Sarbanes – Oxley Act of 2002

The undersigned, Mark Labell, is signing this Chief Financial Officer certification as a senior member of the financial/accounting staff of Malkin Holdings LLC, the supervisor* of 250 West 57th St. Associates L.L.C. (“Registrant”), to certify that:

• the Quarterly Report on Form 10-Q of Registrant for the quarterly period ended June 30, 2013 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934(15 U.S.C. 78m or 78o(d)); and

• the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Registrant.

Dated: August 9, 2013

By	/s/ Mark Labell
	Mark Labell
	Senior Vice President, Finance
	Malkin Holdings LLC, Supervisor of
	250 West 57th St. Associates L.L.C.*

* Registrant’s organizational documents do not provide for a Chief Financial Officer or other officer with equivalent rights and duties. As described in the Report, Registrant is a limited liability company that is supervised by Malkin Holdings LLC. Accordingly, this Chief Financial Officer certification is being signed by a senior member of the financial/accounting staff of Registrant’s supervisor.

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Offering Costs and Formation Transaction Expenses (Tables)

6 Months Ended

Jun. 30, 2013

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Effect of Correction on Combined Financial Statements

The following table presents the effect this correction had on the Registrant’s prior period reported financial statements. Additionally, financial information included elsewhere in this Form 10-Q that is impacted by the adjustment have been revised, as applicable.

	For the six months ended June 30, 2012
	As reported			Adjustment			As adjusted
Formation transaction expenses	$	—		$	38,837		$	38,837
Net loss		(388,135	)		(38,837	)		(426,972	)
Net cash provided by operating activities		577,173			(38,837	)		538,336
Net cash used in financing activities		(1,286,315	)		38,837			(1,247,478	)
Net change in cash and cash equivalents		(692,158	)		—			(692,158	)

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Condensed Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Revenue:
Basic minimum annual rent, from a related party	$ 962,923	$ 866,237	$ 1,924,083	$ 1,732,472
Advance of primary overage rent, from a related party	188,000	188,000	376,000	376,000
Total rent income	1,150,923	1,054,237	2,300,083	2,108,472
Interest and dividend income	156	164	394	350
Total revenue	1,151,079	1,054,401	2,300,477	2,108,822
Expenses:
Interest on mortgages	762,452	680,400	1,526,875	1,364,334
Supervisory services, to a related party	31,798	31,426	63,595	62,851
Depreciation of building and tenant improvements	620,068	438,025	1,236,060	838,534
Amortization of leasing costs	77,726	56,786	151,990	111,067
Formation transaction expenses	68,942	24,491	173,756	38,837
Professional fees, including amounts to a related party	192,793	49,229	398,265	103,003
Other	18,038	14,168	32,743	17,168
Total expenses	1,771,817	1,294,525	3,583,284	2,535,794
Net loss	$ (620,738)	$ (240,124)	$ (1,282,807)	$ (426,972)
Loss per $5,000 participation unit, based on 720 participation units outstanding during the period	$ (862.14)	$ (333.51)	$ (426,972.00)	$ (593.02)
Distributions per $5,000 participation unit consisted of the following:
Income
Return of capital	$ 250.00	$ 250.00	$ 500.00	$ 500.00
Total distributions	$ 250.00	$ 250.00	$ 500.00	$ 500.00

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Lease

6 Months Ended

Jun. 30, 2013

Leases [Abstract]

Lease

Note C Lease

Registrant does not operate the Property. Registrant leases the Property to Fisk Building Associates L.L.C. (the “Lessee”) under a long-term net operating lease dated May 1, 1954 (the “Lease”). In 1985, the Participants in Registrant consented to Registrant’s Agents granting Lessee four options to extend the Lease, in each case for an additional twenty-five year renewal period, the last expiring in 2103, all on the same terms as the original lease. The Agents intend to grant such options on behalf of Registrant, subject to Lessee’s compliance with such consents. Such options have been granted by the Agents and exercised by Lessee as to (a) the first renewal period from October 1, 2003 through September 30, 2028, and (b) the second renewal period from October 1, 2028 through September 30, 2053. The Participants in Registrant have consented to the granting of options to the Lessee to extend the lease for two additional 25-year renewal terms expiring in 2103. Lessee is a New York limited liability company whose members consist of, among others, Anthony E. Malkin and entities for the benefit of members of Peter L. Malkin’s and Anthony E. Malkin’s families, respectively.

Under the Lease, effective May 1, 1975, between Registrant and Lessee, basic annual rent (“Basic Rent”) was equal to mortgage principal and interest payments plus $28,000 for partial payment to Malkin Holdings for supervisory services. The lease modification dated November 17, 2000, and as further modified, between Registrant and Lessee provides that Basic Rent will be equal to the sum of $28,000 plus the installment payments for interest and amortization (not including any balloon payment due at maturity) currently payable on all mortgages. Basic Rent is payable in monthly installments on the first day of each calendar month in an amount equal to $2,333.33 plus the projected debt service due on the mortgages on the first day of the ensuing calendar month (with a reconciliation to be made as soon as practicable thereafter). Basic Rent shall be adjusted on a dollar-for-dollar basis by changes in the annual debt service on the mortgages. See Note D.

Lessee is required to make a monthly payment to Registrant, as an advance against primary overage rent (“Primary Overage Rent”), of an amount equal to its operating profit for its previous lease year in the maximum amount of $752,000 per annum. Lessee currently advances $752,000 each year, which is recorded in revenues in monthly installments of $62,667 and permits Registrant to make regular monthly distributions at 20% per annum on the Participants’ remaining cash investment (which remaining cash investment at June 30, 2013, was equal to the Participants’ original cash investment of $3,600,000) and to pay $1,667 monthly to Supervisor as an advance of the additional payment (the “Additional Payment”).

Lessee is also required to make an annual payment to Registrant of secondary overage rent (“Secondary Overage Rent”) subsequent to September 30^th of the amount representing 50% of the excess of the net operating profit (as defined) of the Lessee for the lease year ending September 30 over the Primary Overage Rent of $752,000, less the amount representing interest earned and retained by Registrant on funds borrowed for the building improvement program described below. Registrant recognizes Secondary Overage Rent when earned from the Lessee, at the close of the lease year ending September 30 and records such amount in revenue in the three months ended September 30.

Rent income, earned from a related party, was $2,300,083 and $2,108,472 for the six months ended June 30, 2013 and 2012, respectively.

For the lease year ended September 30, 2012, Lessee had net operating profit of $7,869,126 after deduction of Basic Rent. Lessee paid Primary Overage Rent of $752,000 for that lease year prior to September 30, 2012 and Secondary Overage Rent of $3,558,414 subsequent to September 30, 2012. The Secondary Overage Rent of $3,558,414 represents 50% of the excess of the Lessee’s net operating profit of $7,869,126 over $752,000, less $148 representing interest earned and retained by Registrant on funds borrowed for the improvement program. As a result, the Secondary Overage Rent paid by the Lessee subsequent to September 30, 2012 of $3,558,414 plus $148 of interest income was available for distribution by Registrant to the Participants. After deducting $1,500,000 for (i) fees relating to a proposed consolidation of Registrant, other public and private entities supervised by the Supervisor and the Supervisor and certain affiliated management companies into Empire State Realty Trust, Inc., a newly formed real estate investment trust (collectively the “Consolidation”) and the initial public offering of Class A common stock of Empire State Realty Trust, Inc. (the “IPO”), (ii) the increase in the supervisory fee to the Supervisor, (iii) accounting fees, (iv) general contingencies, (v) the Additional Payment to the Supervisor of $205,556 (Note E), and (vi) the annual New York State filing fee of $3,000, the balance of $1,850,006 was distributed by Registrant to the Participants on December 12, 2012.

As a result of its revenue recognition policy, rental income for the year ending December 31 includes Basic Rent and the advances of Primary Overage Rent received from October 1 to December 31, but does not include any portion of Secondary Overage Rent based on the Lessee’s operations during that period.

The Supervisor of the Registrant has solicited consents of Participants in the Registrant and other public limited liability companies supervised by the Supervisor to the proposed Consolidation pursuant to a prospectus/consent solicitation statement included in a registration statement on Form S-4 declared effective by the SEC. In the proposed transaction, (x) the property interests of the Registrant, such other public limited liability companies and certain private entities supervised by the Supervisor, and (y) the Supervisor and certain affiliated management companies would be contributed to the operating partnership of Empire State Realty Trust, Inc., a newly organized real estate investment trust.

Consents are required from Participants in the Registrant and such other public limited liability companies for them to contribute their interests in the Consolidation. The Supervisor of the Registrant has received the required consents of Participants in the Registrant to the Consolidation. The Supervisor has also received the required consents of participants in 60 East 42^nd St. Associates L.L.C. to the Consolidation. The Supervisor has received the required supermajority consent from participants in Empire State Building Associates L.L.C. Following the receipt of the required supermajority approval, each participant in Empire State Building Associates L.L.C who had voted against, or abstained, or not submitted a consent form regarding the Consolidation, was sent a 10-day buyout notice stating that its interest was subject to buyout for $100 if it did not consent to the Consolidation. The period for consenting to the Consolidation for those sent the buyout notice, as extended, has not yet terminated.

Consents have been obtained from participants in the private entities and the Supervisor and certain affiliated companies and affiliates of the Supervisor for them to make such contributions. The consideration to be paid to the contributing companies and entities in the Consolidation will be allocated in accordance with exchange values determined based on appraisals by an independent third party.

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Lease - Additional Information (Detail) (USD $)	6 Months Ended		9 Months Ended
	Jun. 30, 2013 Renewals OptionPlan	Jun. 30, 2012	Sep. 30, 2012	Dec. 12, 2012
Leases [Abstract]
Lease initiation date	May 01, 1954
Number of granting Lessee options to extend the Lease	4
Additional renewal period	25 years
Lease expiring date	2103
First renewal period of Lease	From October 1, 2003 through September 30, 2028
Second renewal period of Lease	From October 1, 2028 through September 30, 2053
Granting of options to the Lessee to extend the lease	For two additional 25-year renewal terms expiring in 2103
Number of additional renewals	2
Effective date of third modification lease	May 01, 1975
Amount of partial payment for basic supervisory services included in basic annual rent	$ 28,000
Effective date of six modification lease	Nov. 17, 2000
Amount included in monthly basic rent expense	2,333.33
Monthly advance of primary overage Rent	62,667
Maximum amount of advance annually against primary overage rent	752,000		752,000
Percentage of monthly distribution	20.00%
Participants original cash investment	3,600,000
Monthly Supervisory services expense additional payment	1,667
Percentage of excess amount of the net operating profit of the Lessee, as defined			50.00%
Rent income, earned from a related party	2,300,083	2,108,472
Net operating profit of lessee after deduction of basic rent			7,869,126
Primary Overage Rent paid by lessee			752,000
Secondary Overage Rent paid by lessee			3,558,414
Percentage of excess of the net operating profit, as defined			50.00%
Amount of interest earned on funds borrowed for the improvement program			148
Amount of additional payment to supervisor deducted before calculating amount distributed by registrant to the participants			1,500,000
Additional Payment to Supervisor			205,556
Annual New York State filing fee			3,000
Distributed by Registrant to the Participant				1,850,006
Interest subject to buyout	$ 100
Buyout notice period	10 days

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Statements of Members' Deficiency (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Members' deficiency
Members' deficiency, Balance	$ (5,458,530)	$ (4,855,980)
Add net income (loss):
Net income	(1,282,807)	1,967,456
Members' deficiency before distributions	(6,741,337)	(2,888,524)
Less distributions:
Monthly distributions	360,000	2,570,006
Total distributions	360,000	2,570,006
Members' deficiency, Balance	$ (7,101,337)	$ (5,458,530)

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Interim Period Reporting

6 Months Ended

Jun. 30, 2013

Quarterly Financial Information Disclosure [Abstract]

Interim Period Reporting

Note A Interim Period Reporting

In the opinion of management, the accompanying unaudited condensed financial statements of 250 West 57th St. Associates L.L.C. (“Registrant”) reflect all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of Registrant as of June 30, 2013, its results of operations for the three and six months ended June 30, 2013 and 2012 and its cash flows for the six months ended June 30, 2013 and 2012. Information included in the condensed balance sheet as of December 31, 2012 has been derived from the audited balance sheet included in Registrant’s Form 10-K for the year ended December 31, 2012 (the “10-K”) previously filed with the Securities and Exchange Commission (the “SEC”). Pursuant to rules and regulations of the SEC, certain information and disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted from these financial statements unless significant changes have taken place since the end of the most recent fiscal year. Accordingly, these unaudited condensed financial statements should be read in conjunction with the financial statements, notes to financial statements and the other information in the 10-K. The results of operations for the three and six months ended June 30, 2013 are not necessarily indicative of the results to be expected for any interim period or the full year.

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Mortgages

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Mortgages

Note D Mortgages

On December 29, 2004, a first mortgage (the “First Mortgage”) was placed on the Property in the amount of $30,500,000 with Prudential Insurance Company of America. At closing, $3,000,000 was drawn and the remaining $27,500,000 was drawn during 2005. These draws paid off the pre-existing first mortgage of $15,500,000 with Emigrant Savings Bank on September 1, 2005 and were used to finance capital improvements as needed. The initial draw of $3,000,000 and all subsequent draws required constant equal monthly payments of interest only, at the rate of 5.33% per annum until January 5, 2007. Commencing February 5, 2007 Registrant is required to make monthly payments of $184,213 applied to interest and principal calculated on a 25-year amortization schedule. The balance of the First Mortgage is $26,036,875 at June 30, 2013. The First Mortgage matures on January 5, 2015 when the principal balance will be $24,680,713. The First Mortgage may be prepaid at any time, in whole only, upon payment of a prepayment penalty based on a yield maintenance formula. There is no prepayment penalty if the First Mortgage is paid in full during the last 60 days of the term.

On May 25, 2006, a second mortgage (the “Second Mortgage”) was placed on the Property in the amount of $12,410,000 with Prudential Insurance Company of America. At closing, $2,100,000 was drawn and the remaining $10,310,000 had been drawn as of March 5, 2009. The initial draw of $2,100,000 and all subsequent draws required constant equal monthly payments of interest only, at the rate of 6.13% per annum until March 5, 2009. Commencing April 5, 2009, Registrant is required to make monthly payments of $80,947 applied to interest and principal calculated on a 25-year amortization schedule. The balance of the Second Mortgage is $11,389,898 at June 30, 2013. The Second Mortgage matures on January 5, 2015 when the principal balance will be $10,936,920. The Second Mortgage may be prepaid at any time, in whole only, upon payment of a prepayment penalty based on a yield maintenance formula. There is no prepayment penalty if the Second Mortgage is paid in full during the last 60 days of the term.

On October 15, 2009, Registrant closed on a $21,000,000 line of credit from Signature Bank secured by a mortgage on the Property, subordinate to the existing senior mortgage debt held by Prudential Insurance Company of America in the original amount of $42,910,000, and to be used for capital improvements. At closing $934,616 was drawn, and an additional $14,000,000 used for improvements and tenanting costs has been drawn. The balance of the line of credit was $14,934,616 at June 30, 2013. The Signature Bank loan requires payments of interest only and is co-terminus with the existing senior mortgage debt. The $21,000,000 loan from Signature Bank was modified effective as of January 10, 2012 to provide for a reduction in the fluctuating rate of interest from a floor of 6.50% to 4.25% and to a reduction in the fixed rate to the greater of (i) 4.75% or (ii) 300 basis points in excess of the weekly average yield on U.S. Treasury Securities adjusted to a maturity date closest to the mortgage maturity date. The loan was also modified to allow borrower to elect prepayment without any prepayment fees if the fixed interest rate were the greater of (i) 5.00% or (ii) 300 basis points in excess of the weekly average yield on U .S. Treasury Securities adjusted to a maturity date closest to the mortgage maturity date.

The estimated fair value of Registrant’s mortgage debt based on available market information is approximately $54,526,767 as of June 30, 2013. The fair value of borrowings is estimated by discounting the future cash flows using current interest rates at which similar borrowings could be made by the Registrant.

In 1999, the Participants in Registrant and the members in Lessee consented to a building improvement program (the “Program”) estimated to cost approximately $12,200,000. In 2004, the Participants and Lessee approved an increase in the Program from $12,200,000 to approximately $31,400,000 under substantially the same conditions as had previously been approved. To induce the Lessee to approve the Program, Registrant’s Participants authorized a grant to the Lessee, upon completion of the Program, of the right to further extensions of the Lease beyond 2103, based on the net present benefit to Registrant of the improvements made.

The Program for improvements was further increased in 2006 from $31,400,000 to up to $82,300,000, again on the basis that such increase would allow a further extension of the Lease based on the net present benefit to Registrant of the improvements made. The Participants in Registrant and the members in Lessee have approved increasing the financing from the total of $42,910,000 provided by the First and Second Mortgages to up to $63,900,000. As of June 30, 2013, Registrant had incurred or accrued costs related to the improvement program of $54,386,429 and estimates that costs upon completion will be approximately $82,300,000. The balance of the costs of the Program will be financed primarily by the additional borrowing available under the $21,000,000 previously approved loan that closed on October 15, 2009 and Lessee’s operating cash flow. Amounts Payable to Lessee related to the program were $6,767,038 (for unpaid building improvements and leasing costs) and $3,322,181 as of June 30, 2013 and December 31, 2012, respectively.

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Organization

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Organization

Note B Organization

Registrant is a New York limited liability company which was organized as a joint venture on May 25, 1953. On September 30, 1953, Registrant acquired fee title to the building known as 250 West 57^th Street (the “Building”), formerly known as the Fisk Building, and the land thereunder located at 250-264 West 57th Street, New York, New York (collectively, the “Property”). On November 30, 2001, Registrant converted to a limited liability company under New York law and is now known as 250 West 57^th St. Associates L.L.C. The conversion did not change any aspect of the assets and operations of Registrant other than to protect its Participants from future liability to a third party. Registrant’s members (“Members”) are Peter L. Malkin and Anthony E. Malkin (collectively, the “Agents”), each of whom also acts as an agent for holders of participations (“Participations”) in their respective member interests in Registrant (the “Participants”). The Members in Registrant hold senior positions at Malkin Holdings LLC (“Malkin Holdings” or the “Supervisor”), One Grand Central Place, 60 East 42nd Street, New York, New York, which provides supervisory and other services to Registrant and Lessee. See Note E below.

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Condensed Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Statement Of Financial Position [Abstract]
Accumulated amortized leasing costs	$ 1,086,684	$ 996,614
Accumulated amortized mortgage financing costs	1,738,718	1,580,197
Participation units outstanding	720	720
Participation unit, par value	$ 5,000	$ 5,000

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Fair Value Measurements

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note G Fair Value Measurements

Fair value is a market-based measurement, not an entity-specific measurement, and should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, Financial Accounting Standards Board guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within levels one and two of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within level three of the hierarchy).

The Registrant uses the following methods and assumptions in estimating fair value disclosures for financial instruments.

Cash and cash equivalents, due from Supervisor, a related party, accrued mortgage interest, payable to Lessee, a related party, due to Supervisor, a related party, deferred revenue and accrued expenses: The carrying amount of cash and cash equivalents, due from Supervisor, a related party, accrued mortgage interest, payable to Lessee, a related party, due to Supervisor, a related party, deferred revenue and accrued expenses reported in Registrant’s Condensed Balance Sheets approximate fair value due to the short term maturity of these instruments.

Mortgages payable: The fair value of borrowings, as disclosed in Note D, is estimated by discounting the future cash flows using current interest rates at which similar borrowings could be made to the Registrant.

The methodologies used for valuing financial instruments have been categorized into three broad levels as follows:

Level 1—Quoted prices in active markets for identical instruments.

Level 2—Valuations based principally on other observable market parameters, including:

• Quoted prices in active markets for similar instruments;

• Quoted prices in less active or inactive markets for identical or similar instruments;

• Other observable inputs (such as risk free interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates); and

• Market corroborated inputs (derived principally from or corroborated by observable market data).

Level 3—Valuations based significantly on unobservable inputs.

• Valuations based on third-party indications (broker quotes or counterparty quotes) which were, in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations.

• Valuations based on internal models with significant unobservable inputs.

These levels form a hierarchy. The Registrant follows this hierarchy for its financial instruments measured at fair value on a recurring and nonrecurring basis and other required fair value disclosures. The classifications are based on the lowest level of input that is significant to the fair value measurement.

Fair Value of Financial Instruments

The following disclosures of estimated fair value were determined by management, using available market information and appropriate valuation methodologies as discussed in Fair Value Measurements. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Registrant could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

The mortgages payable had an estimated fair value based on discounted cash flow models, based on Level 3 inputs, of approximately $54,526,767, compared to the book value of the related debt of $52,361,389 at June 30, 2013.

Disclosure about fair value of financial instruments is based on pertinent information available to the Registrant as of June 30, 2013. Although the Registrant is not aware of any factors that would significantly affect the reasonable fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

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Condensed Statements of Operations (Parenthetical) (USD $)	Jun. 30, 2013	Jun. 30, 2012
Income Statement [Abstract]
Stated amount per participation unit	$ 5,000	$ 5,000
Participation units outstanding	720	720

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Condensed Balance Sheets (USD $)	Jun. 30, 2013	Dec. 31, 2012
Real Estate at 250-264 West 57th Street, New York, New York:
Total real estate, net	$ 45,869,289	$ 44,396,866
Cash and cash equivalents	2,636,199	3,320,599
Due from Supervisor, a related party	60,000	60,000
Deferred costs	1,939,357	1,752,344
Other assets	30,778	45,956
Leasing costs, less accumulated amortization of $1,086,684 in 2013 and $996,614 in 2012, respectively	1,984,957	1,400,573
Mortgage financing costs, less accumulated amortization of $1,738,718 in 2013 and $1,580,197 in 2012, respectively	489,104	647,623
Total assets	53,009,684	51,623,961
Liabilities:
Mortgages payable	52,361,389	52,900,635
Accrued mortgage interest	224,781	230,972
Payable to Lessee, a related party	6,767,038	3,322,181
Deferred revenue	322,150
Accrued expenses	16,010	7,470
Due to Supervisor, a related party	419,653	621,233
Total liabilities	60,111,021	57,082,491
Commitments and contingencies
Members' deficiency (at June 30, 2013 and December 31, 2012, there were 720 units (at $5,000 per unit) of participation units outstanding)	(7,101,337)	(5,458,530)
Total liabilities and members' deficiency	53,009,684	51,623,961
Building [Member]
Real Estate at 250-264 West 57th Street, New York, New York:
Real estate	4,940,682	4,940,682
Less: accumulated depreciation	(4,940,682)	(4,940,682)
Total real estate, net
Building Improvements [Member]
Real Estate at 250-264 West 57th Street, New York, New York:
Real estate	46,777,054	44,256,841
Less: accumulated depreciation	(8,012,016)	(7,423,289)
Total real estate, net	38,765,038	36,833,552
Tenant Improvements [Member]
Real Estate at 250-264 West 57th Street, New York, New York:
Real estate	6,921,375	6,733,105
Less: accumulated depreciation	(1,934,559)	(1,287,226)
Total real estate, net	4,986,816	5,445,879
Land [Member]
Real Estate at 250-264 West 57th Street, New York, New York:
Total real estate, net	$ 2,117,435	$ 2,117,435

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Offering Costs and Formation Transaction Expenses - Effect of Correction on Combined Financial Statements (Detail) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Organization And Offering Costs [Line Items]
Formation transaction expenses	$ 68,942	$ 24,491	$ 173,756	$ 38,837
Net loss	(620,738)	(240,124)	(1,282,807)	(426,972)	1,967,456
Net cash provided by operating activities			669,459	538,336
Net cash used in financing activities			(1,353,859)	(1,247,478)
Net change in cash and cash equivalents			(684,400)	(692,158)
As Reported [Member]
Organization And Offering Costs [Line Items]
Net loss				(388,135)
Net cash provided by operating activities				577,173
Net cash used in financing activities				(1,286,315)
Net change in cash and cash equivalents				(692,158)
Adjustment [Member]
Organization And Offering Costs [Line Items]
Formation transaction expenses				38,837
Net loss				(38,837)
Net cash provided by operating activities				(38,837)
Net cash used in financing activities				38,837
As Adjusted [Member]
Organization And Offering Costs [Line Items]
Formation transaction expenses				38,837
Net loss				(426,972)
Net cash provided by operating activities				538,336
Net cash used in financing activities				(1,247,478)
Net change in cash and cash equivalents				$ (692,158)

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Subsequent Events

6 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

Note F Subsequent Events

Except as disclosed in “Part II, Other Information, Item 1(b),” there have not been any events that have occurred that would require adjustments to or disclosure in this Quarterly Report on Form 10-Q.

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Lease (Policies)

6 Months Ended

Jun. 30, 2013

Leases [Abstract]

Revenue Recognition

As a result of its revenue recognition policy, rental income for the year ending December 31 includes Basic Rent and the advances of Primary Overage Rent received from October 1 to December 31, but does not include any portion of Secondary Overage Rent based on the Lessee’s operations during that period.

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Supervisory Services

6 Months Ended

Jun. 30, 2013

Related Party Transactions [Abstract]

Supervisory Services

Note E Supervisory Services

Supervisory and other services are provided to Registrant by its supervisor, Malkin Holdings, a related party. Beneficial interests in Registrant are held directly or indirectly by one or more persons at Malkin Holdings and/or their family members.

Registrant pays Supervisor for supervisory services and disbursements. The basic fee (the “Basic Payment”) had been payable at the rate of $40,000 per annum, payable $3,333 per month, since the fiscal year ended September 30, 1980. The Basic Payment was increased, with the approval of the Agents, by an amount equal to the increase in the Consumer Price Index since such date, resulting in an increase in the Basic Payment to $102,000 per annum effective July 1, 2010 to be adjusted annually for any subsequent increase in the Consumer Price Index. The Basic Payment was adjusted to $107,190 effective July 1, 2012. The fee is payable (i) not less than $2,333 per month, (ii) an additional $1,000 per month out of Primary Overage Rent and (iii) the balance out of available reserves from Secondary Overage Rent. Any deficiency in the portion of the fee payable from Primary or Secondary Overage Rent shall be payable out of Secondary Overage Rent in the next year in which Secondary Overage Rent is sufficient. The Agents also approved payment by Registrant, effective July 1, 2010, of the expenses in connection with regular accounting services related to maintenance of Registrant’s books and records. Such expenses were previously paid by Supervisor.

Registrant pays Supervisor an Additional Payment equal to 10% of all distributions to Participants in any year in excess of the amount representing a return to them at the rate 15% per annum on their remaining cash investment in Registrant (which remaining cash investment at June 30, 2013 was equal to the Participants’ original cash investment of $3,600,000). For tax purposes, such Additional Payment is recognized as a profits interest, and the Supervisor is treated as a partner, all without modifying each Participant’s distributive share of reportable income and cash distributions. For the year ended December 31, 2012, the Additional Payment was $225,556.

The basic supervisory services provided to Registrant by Supervisor include, but are not limited to, maintaining all of its entity and Participant records, performing physical inspections of the Building, providing or coordinating certain counsel services to Registrant, reviewing insurance coverage, conducting annual supervisory review meetings, receipt of monthly rent from Lessee, payment of monthly and additional distributions to the Participants, payment of all other disbursements, confirmation of the payment of real estate taxes, active review of financial statements submitted to Registrant by Lessee and financial statements audited by and tax information prepared by Registrant’s independent registered public accounting firm, and distribution of related materials to the Participants. Supervisor also prepares quarterly, annual and other periodic filings with the SEC and applicable state authorities.

Due from Supervisor, a related party, was $60,000 at June 30, 2013 and December 31, 2012, respectively. Due to Supervisor, a related party, was $419,653 and $621,233 at June 30, 2013 and December 31, 2012, respectively.

Registrant pays Supervisor for other services at hourly rates. Pursuant to the fee arrangements described herein, Registrant incurred supervisory fees of $63,595 and $62,851 the six-month periods ended June 30, 2013 and 2012, respectively. No remuneration was paid during the six-month periods ended June 30, 2013 and 2012 by Registrant to either of the Members. Included in professional fees are amounts for services from related parties of $30,230 and $73,602 for the three and six months month ended June 30, 2013, respectively, and $14,578 and $37,602 for the three and six months month ended June 30, 2012, respectively.

Distributions are paid from a cash account held by Supervisor. That account is included in the condensed Balance Sheets as “Due from Supervisor.” The funds of $60,000 at June 30, 2013 and December 31, 2012 were paid to Participants on July 1, 2013 and January 1, 2013, respectively.

Reference is made to Note C above for a description of the terms of the Lease between Registrant and Lessee. The respective interest, if any, of the Members in Registrant and in Lessee arise solely from ownership of Participations in Registrant and of Member interests or participations in Lessee. The Members as such receive no extra or special benefit not shared on a pro rata basis with all other Participants in Registrant or members in Lessee. However, all of the Members hold senior positions at Supervisor (which supervises Registrant and Lessee) and, by reason of their positions at Supervisor, may receive income attributable to supervisory or other remuneration paid to Supervisor by Registrant and Lessee.

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Condensed Statements of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities:
Net loss	$ (1,282,807)	$ (426,972)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of building and tenant improvements	1,236,060	838,534
Amortization of leasing costs	151,990	111,067
Amortization of mortgage refinancing costs	158,521	158,522
Changes in operating assets and liabilities:
Other assets	15,178	(75,503)
Deferred revenue	322,150
Due to Supervisor, a related party	66,018	(25,774)
Accrued mortgage interest	(6,191)	(3,717)
Accrued supervisory fees, a related party		(20,000)
Accrued expenses	8,540	(17,821)
Net cash provided by operating activities	669,459	538,336
Cash flows from investing activities:
Increase in payable to Lessee, a related party		16,984
Net cash provided by investing activities		16,984
Cash flows from financing activities:
Repayment of mortgages payable	(539,246)	(510,308)
Deferred costs	(454,613)	(377,170)
Distributions to Participants	(360,000)	(360,000)
Net cash used in financing activities	(1,353,859)	(1,247,478)
Net decrease in cash and cash equivalents	(684,400)	(692,158)
Cash and cash equivalents, beginning of period	3,320,599	2,325,024
Cash and cash equivalents, end of period	2,636,199	1,632,866
Supplemental disclosure of cash flow information:
Cash paid for interest	1,374,545	1,209,528
Supplemental information of non-cash, investing and financing activities:
Deferred costs included in Due to Supervisor, a related party	154,433	139,730
Purchase of building and tenant improvements included in Payable to Lessee, a related party	$ 6,030,664	$ 7,120,700

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Mortgages - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended					6 Months Ended		1 Months Ended		6 Months Ended	12 Months Ended		1 Months Ended			6 Months Ended
	Dec. 31, 2006	Jun. 30, 2013	Dec. 31, 2006	Dec. 31, 2004	Dec. 31, 1999	Dec. 31, 2012	Oct. 15, 2009	Jun. 30, 2013 Line of Credit [Member]	Oct. 15, 2009 Line of Credit [Member]	Jan. 31, 2012 Line of Credit [Member] Minimum [Member]	Dec. 29, 2004 First Mortgage [Member]	Jun. 30, 2013 First Mortgage [Member]	Dec. 31, 2005 First Mortgage [Member]	Jan. 05, 2007 First Mortgage [Member]	Sep. 01, 2005 Pre-Existing First Mortgage [Member]	Mar. 05, 2009 Second Mortgage [Member]	May 25, 2006 Second Mortgage [Member]	Jun. 30, 2013 Second Mortgage [Member]
Debt Instrument [Line Items]
Debt instrument amount							$ 42,910,000		$ 21,000,000		$ 30,500,000						$ 12,410,000
Repayments of debt											3,000,000		27,500,000		15,500,000	10,310,000	2,100,000
Debt instrument interest rate														5.33%		6.13%
Loan, monthly payments												184,213						80,947
Term of mortgage												25 years						25 years
Loan, balance amount												26,036,875						11,389,898
Principal amount on maturity date												24,680,713						10,936,920
Debt maturity date												Jan. 05, 2015						Jan. 05, 2015
Maximum period for no prepayment penalty at the end of term												60 days						60 days
Debt instrument outstanding		14,934,616					934,616
Debt instrument additional balance		14,000,000
Interest rate basis points								5.00% or (ii) 300 basis points in excess of the weekly average yield on U .S. Treasury Securities adjusted to a maturity date closest to the mortgage maturity date
Previous floor rate on line of credit		6.50%
Floor rate on line of credit		4.25%
Interest rate under condition first for fixed rate calculation										4.75%
Basis points in addition to weekly average yield under second condition for fixed rate calculation		3.00%
Modified fixed interest rate for prepayment without prepayment fees		5.00%
Fair value of mortgage debt		54,526,767
Increase in building improvement program costs	82,300,000		82,300,000	31,400,000	12,200,000
Previous debt instrument maximum amount		42,910,000
Debt instrument maximum amount		63,900,000
Actual improvement costs		54,386,429
Additional borrowing available from line of credit		21,000,000
Payable to Lessee, a related party		$ 6,767,038				$ 3,322,181

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Offering Costs and Formation Transaction Expenses

6 Months Ended

Jun. 30, 2013

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Offering Costs and Formation Transaction Expenses

Note H Offering Costs and Formation Transaction Expenses

In connection with the Consolidation and IPO, the Registrant has incurred or will incur incremental accounting fees, legal fees and other professional fees. Such costs will be deferred and recorded as a reduction of proceeds of the Consolidation and IPO, or expensed if the Consolidation and IPO is not consummated. Certain costs associated with the Consolidation and IPO not directly attributable to the solicitation of consents and the IPO, but rather related to structuring the formation transaction, are expensed as incurred.

Through June 30, 2013 the Registrant has incurred external offering costs of $1,939,357, of which the Registrant has incurred $187,013 and $389,229 for the six months ended June 30, 2013 and 2012, respectively which are reflected as deferred costs on Registrant’s Condensed Balance Sheets. A total of $154,433 and $422,031 of these costs are in Due to Supervisor at June 30, 2013 and December 31, 2012, respectively. Additional offering costs for work done by employees of the Supervisor of $73,602 and $37,602 for the six months ended June 30, 2013 and 2012, respectively, were incurred and advanced by the Supervisor and have or will be reimbursed to the Supervisor by the Registrant.

Correction of an Immaterial Error in the Financial Statements

The Registrant’s prior period financial results have been adjusted to reflect an immaterial correction which has no impact to the net change in cash reported on the statement of cash flows. During fiscal year 2012, the Registrant determined that certain costs related to the structuring of the consolidation transaction that were previously included in deferred offering costs should have been expensed in the periods incurred. The correction impacted the 2012, 2011 and 2010 periods and had accumulated to an amount of $252,337 as of June 30, 2012. Adhering to applicable guidance for accounting changes and error corrections, the Registrant concluded that the error was not material to any of the prior period financial statements. The correction resulted in immaterial changes to deferred costs and formation transaction expenses for the years ended December 31, 2011 and 2010, and for interim periods within those years and within 2012.

The Registrant applied the guidance for accounting changes and error corrections and revised the prior period financial statements presented.

The following table presents the effect this correction had on the Registrant’s prior period reported financial statements. Additionally, financial information included elsewhere in this Form 10-Q that is impacted by the adjustment have been revised, as applicable.

	For the six months ended June 30, 2012
	As reported			Adjustment			As adjusted
Formation transaction expenses	$	—		$	38,837		$	38,837
Net loss		(388,135	)		(38,837	)		(426,972	)
Net cash provided by operating activities		577,173			(38,837	)		538,336
Net cash used in financing activities		(1,286,315	)		38,837			(1,247,478	)
Net change in cash and cash equivalents		(692,158	)		—			(692,158	)

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Offering Costs and Formation Transaction Expenses - Additional Information (Detail) (USD $)	6 Months Ended		12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Incurred external offering cost	$ 1,939,357
External offering costs during period	187,013	389,229
Offering costs Due to Supervisor	154,433		422,031
Additional offering costs for work done by Supervisor's employees	73,602	37,602
Accumulated correction impacted amount	$ 1,939,357	$ 252,337	$ 1,752,344

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Supervisory Services - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Related Party Transaction [Line Items]
Basic fee payable at rate per annum			$ 40,000
Basic fee payable at rate per month			3,333
Increase in Basic Payment plus annual CPI adjustment			102,000
Minimum monthly payment for supervisory services			2,333
Additional monthly payment for supervisory services out of Primary Overage Rent payment			1,000
Additional Payment to Supervisor based on annual distributions to Participants			10.00%
Required rate of return on cash investment for additional payment			15.00%
Original cash investment	3,600,000		3,600,000
Additional payment made to supervisor					225,556
Due from Supervisor, a related party	60,000		60,000		60,000
Due to Supervisor, a related party	419,653		419,653		621,233
Supervisory fees			63,595	62,851
Remuneration paid by registrants			0	0
Professional fees including amounts to a related party	30,230	14,578	73,602	37,602
Due from Supervisor, a related party	60,000		60,000		60,000
Effective July 1, 2012 [Member]
Related Party Transaction [Line Items]
Increase in Basic Payment plus annual CPI adjustment			$ 107,190

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Document and Entity Information	6 Months Ended
	Jun. 30, 2013
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Trading Symbol	westas
Entity Registrant Name	250 WEST 57TH ST ASSOCIATES L.L.C.
Entity Central Index Key	0000100412
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0

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Fair Value Measurements - Additional Information (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Fair Value Disclosures [Abstract]
Estimated fair value of mortgages payable	$ 54,526,767
Book value of the related debt	$ 52,361,389	$ 52,900,635