Manhattan’s landmarked Helmsley Building is known for its structural beauty, its nighttime light displays and as home to a location of the upscale steakhouse Bobby Van’s.
And now, it’s for sale for about $670 million — after last trading hands in 2015 for $1.2 billion, according to the Commercial Observer.
RXR is looking to sell the Park Avenue property more than two years after defaulting on a loan tied to it — the outlet notes the asking price is at or above the debt level, equating to some $481 per square foot.
“Given the turnaround in the New York City office market, RXR made the strategic decision to put the building up for sale,” an RXR spokesperson told the outlet in a statement.
RXR, headed by CEO Scott Rechler, defaulted on the $670 million single-asset, single-borrower commercial mortgage-backed securities loan the building secured in late 2023. It headed to special servicing for “an imminent maturity default,” according to CO.
A Newmark team of Adam Spies, Adam Doneger, Josh King, Marcella Fasulo and Avery Silverstein are marketing the 35-story edifice, which is 46% leased. Green Loan Services, which is part of office giant SL Green, is the special servicer.
In 2024, Rechler had planned a conversion of the building for another use, but it isn’t clear specifically what they were or what happened to them.
Still, the building, at 230 Park Ave., has seen some big leases of late, according to the outlet. StoneX, a financial services firm, for instance, expanded to nearly 95,000 square feet in February.
