New York’s ‘Helmsley Building’ Sells to RXR (The Wall Street Journal)

Developer Scott Rechler hasn’t lost his taste for New York real estate. Just three months after selling a big chunk of his Manhattan portfolio to Blackstone Group, he is buying the historic office tower at 230 Park Avenue for $1.2 billion. Mr. Rechler’s company, RXR Realty, has closed on the purchase of the 1.4 million square foot building from a venture of Monday Properties and Invesco. The building, which is sometimes referred to as the Helmsley Building, is just north of Grand Central Terminal and known to many because Park Avenue foot and vehicle traffic run through it. The deal marks the latest chapter in the building, which ha [...]

RXR is one of the largest owners, managers, and developers in the New York Tri-State area with interests in
88 commercial real estate properties and investments containing 23.3 million square feet with an aggregate gross asset value of $12.0 billion. In addition, RXR has a residential development pipeline of approximately 3,000 units. RXR’s core growth strategy is focused on New York City and the surrounding Tri-State area markets.