{"id":259844,"date":"2026-06-08T23:22:18","date_gmt":"2026-06-08T23:22:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/259844\/"},"modified":"2026-06-08T23:22:18","modified_gmt":"2026-06-08T23:22:18","slug":"rxr-puts-helmsley-building-up-for-sale-for-roughly-670m-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/259844\/","title":{"rendered":"RXR Puts Helmsley Building Up for Sale for Roughly $670M \u2013 Commercial Observer"},"content":{"rendered":"

Scott Rechler\u2019s RXR<\/a> is putting the landmarked Helmsley Building up for sale more than two years after defaulting on a loan tied to the Midtown property, Commercial Observer has learned.<\/p>\n

RXR is asking for roughly $670 million for the 1.4 million-square-foot office building at 230 Park Avenue, according to a source close to the deal. The asking price is at or above the debt level, or about $481 per square foot.<\/p>\n

SEE ALSO: Senior Housing Operator Omni Lifestyle Living Buys Midtown Marriott for $40M<\/a><\/p>\n

\u201cGiven the turnaround in the New York City office market, RXR made the strategic decision to put the building up for sale,\u201d a spokesperson for RXR said in a statement to CO.<\/p>\n

Newmark<\/a>\u2019s Adam Spies, Adam Doneger, Josh King, Marcella Fasulo and Avery Silverstein are marketing the building, according to marketing materials from the brokerage. Green Loan Services<\/a>, a division of SL Green Realty<\/a>, is acting as the special servicer.<\/p>\n

Newmark declined to comment, while a spokesperson for SL Green did not immediately respond to a request for comment. The Promote first reported<\/a> the news of the listing.<\/p>\n

The 35-story Helmsley Building, built between 1927 and 1929, is going up for sale after a few years of financial struggle under RXR\u2019s ownership. It originally defaulted on its $670 million single-asset, single-borrower commercial mortgage-backed securities (CMBS) loan secured by the building in November 2023.<\/p>\n

The $670 million portion of the loan, which was part of the Morgan Stanley Capital I Trust 2021-230P single-asset, single-borrower CMBS deal that totaled $795 million, transferred to special servicing due to \u201can imminent maturity default,\u201d CO reported at the time<\/a>.<\/p>\n

In July 2024, Rechler was in talks to potentially convert the property<\/a> into another use, but it\u2019s unclear what happened to those plans. RXR bought the Helmsley Building in May 2015 for $1.2 billion.<\/p>\n

Despite the landlord\u2019s financial troubles, 230 Park has seen some big office leases recently, including financial services firm StoneX\u2019s expansion<\/a> to 94,742 square feet at the property in February, and Banco de la Naci\u00f3n Argentina\u2019s renewal<\/a> for 23,407 square feet there in September.<\/p>\n

The building is currently 46 percent leased, according to the Newmark marketing materials.<\/p>\n

Isabelle Durso can be reached at idurso@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Scott Rechler\u2019s RXR is putting the landmarked Helmsley Building up for sale more than two years after defaulting…\n","protected":false},"author":2,"featured_media":259845,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[10909,10910,28548,3624,101081,101080,10913,75,84,83,10914,9,24,63,24858],"class_list":["post-259844","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-adam-doneger","tag-adam-spies","tag-avery-silverstein","tag-channel","tag-helmsley-building","tag-investments-sales-230-park-avenue","tag-josh-king","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-marcella-fasulo","tag-new-york","tag-new-york-city","tag-nyc","tag-scott-rechler"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/259844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=259844"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/259844\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/259845"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=259844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=259844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=259844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}