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230 Park: Why They Sold It

NEW YORK CITY—Following last week's sale of the asset—also known as the Helmsley Building—Monday Properties' Anthony Westreich and and Invesco representative tell GlobeSt.com why they did the deal.

By Rayna Katz | Updated on May 08, 2015

NEW YORK CITY—At first glance, many investors likely would say that if they had 230 Park Ave. in their portfolio, they’d hang onto the trophy asset as long as possible. But the strategy of seller Monday Properties—along with the needs of its joint venture partner, Invesco Real Estate—led to the trade of the asset last week, executives with both companies tell GlobeSt.com. The building was sold to RXR Realty.

“Historically, we’ve focused on office space in New York and Washington, DC but some time ago, we made the strategic decision to start harvesting returns on our New York City assets because values are rising and we want to take advantage of that,” admits Anthony Westreich, chairman and CEO of Monday Properties. “We will redeploy the returns from this sale into other markets and asset classes.”

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