Helmsleys to unwind Malkin partnerships at Midtown office buildings

September 23, 2010 08:30AM

New York Helmsley hotel also hits the market

New York Helmsley hotel

The Leona M. and Harry B. Helmsley Charitable Trust is looking to further reduce its $2.6 billion portfolio by selling stakes in some of the nine Midtown office buildings — including the Empire State Building — that it owns through partnerships with the Malkin family, Crain’s reported. The buildings are known as the W & H Portfolio, which is headed by Anthony Malkin. Members of the trust have reportedly met for preliminary talks with Malkin, bankers and attorneys, and ideas on the table include creating a public real estate investment trust for the buildings, each of which is currently structured as a separate entity. Meanwhile, according to the Post, the 788-room New York Helmsley hotel at 212 East 42nd Street, which is not part of the W & H Portfolio, has also hit the market. CB Richard Ellis brokers Darcy Stacom, Bill Shanahan and Brad Brunnell are handling the sale, which sources expect to garner more than $300 million. That same team helped sell the Helmsley Carlton House on the Upper East Side to Angelo Gordon & Co. and Gary Barnett for $170 million earlier this year. Barnett plans to convert the Upper East Side property into a condominium. [Crain’s] and [Post]