The Real Deal New York

Helmsley Building expected to fetch $1.1B

1.4 million-square-foot office tower is 94 percent occupied
October 08, 2014 04:55PM

A partnership between Monday Properties, Invesco and South Korea’s National Pension Service put their 1.4 million-square-foot office tower at 230 Park Avenue on the market.

The landmark skyscraper near East 46th Street, also known as the Helmsley Building, is expected to sell for $1.1 billion, or $800 per square foot. The property’s value was $635 per square foot back when the pension service and Invesco bought their stakes there in 2011.

Darcy Stacom, vice chair at CBRE, is representing the landlords. The building is 94 percent occupied and has 70,000 square feet of ground-floor retail space, which Stacom told Bloomberg News can be expanded.

Last month, the landlords were said to be considering listing it for $1.5 billion, as previously reported. [Bloomberg News]Mark Maurer

  • NAIOP to the recuse with. Clue whom the hidden buyers. Ideal building recommend
    increase. Profits bidding war due. Location next “Grand Central Station”. Eager to purchased by a REITT,LLC Group or Insurance firm. Probably Sino,Gulf States or Indian. Shall affluent families allow renowned. Trophy buildings to be acquired foreigners. Well it’s new market have. Paris,London,Lyon,Roma and Miami. New market cap investors only. Problem shall they retain the prizes, Or sell due decrease in revenue? Nipponese once bought NYC,Chicago and Nice. Then sold majority of it.