Helmsley Building Listed for $670M Sale After RXR Loan Default
RXR is selling the iconic Helmsley Building in Manhattan for approximately $670 million, down from its $1.2 billion sale price in 2015. The company defaulted on a $670 million loan secured by the 35-story Park Avenue property in late 2023 and moved it to special servicing. The sale reflects ongoing challenges in New York City's office real estate market, where property values have declined significantly.
The Helmsley Building, a landmarked 35-story structure on Park Avenue near Grand Central Terminal, is being marketed for sale at $670 million by developer RXR, representing a significant decline from its $1.2 billion valuation in 2015. RXR defaulted on a $670 million commercial mortgage-backed securities loan in late 2023, triggering special servicing by Green Loan Services. The asking price is at or above the debt level, equating to approximately $481 per square foot. The building is currently 46% leased and houses Bobby Van's Steakhouse and other tenants, including StoneX, which expanded to nearly 95,000 square feet in February 2024. RXR had previously planned a conversion of the building for another use, though specific details remain unclear. The sale reflects broader market challenges in New York City's office sector.
What different sources said
- New York PostRight
Famed NYC office building seeks a $670M sale — after last trading hands for $1.2B in 2015
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