NEW YORK CITY—The landmark office tower known as the Helmsley Building is up for sale, and industry watchers say the property could bring in more than $1.1 billion, according to Bloomberg. The 1.4 million-square-foot skyscraper straddles Park avenue and sits just north of Grand Central Terminal.
The property is being put on the market by Invesco Ltd. and Monday Properties, Darcy Stacom, vice chairman at CBRE—which is representing the owners—says. South Korea's National Pension Service also reportedly has a stake in the property.
The Helmsley Building “is a great below-replacement-cost play, a great value play at the most irreplaceable location you can get,” Stacom says.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
