Helmsleys to unwind Malkin partnerships at Midtown office buildings

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]