The Real Deal New York

RXR Realty close to nabbing 230 Park for $1B

Invesco was initially looking to fetch $1.5 billion for the former Helmsley Building

January 27, 2015 10:09AM

From left: 230 Park Avenue and Scott Rechler

From left: 230 Park Avenue and Scott Rechler

Scott Rechler’s RXR Realty is close to acquiring Invesco’s 230 Park Avenue for $1 billion.

Invesco, an investment management company, hoped to get roughly $1.5 billion for the 1.3 million-square-foot cupola-topped office building near Grand Central Terminal.  The early high bidders, however, dropped out of the race after encountering unspecified issues, the New York Post reported. Until recently, the property was known as the Helmsley Building.

Rechler, who moonlights as a Port Authority commissioner, also owns 237 Park Avenue, 75 Rockefeller Plaza and the Starrett-Lehigh Building.

Anthony Weistrech’s Monday Properties is managing and leasing the skyscraper. CBRE’s Darcy Stacom and Bill Shanahan have been shopping the property since October.

If completed, the sale will be the first contracted deal of more than $1 billion in 2015. The $2.25 billion sale of 1095 Sixth Avenue closed earlier this month, according to the newspaper, and the $1.75 billion sale of the Crown Building at 730 Fifth Avenue is also expected to close soon. [NYP] — Claire Moses

MENU