–
The Helmsley Charitable Trust has divested itself of its final two properties in New York, receiving $200 million for them from the Malkins’ Empire State Realty Trust.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
Established by the late hotelier, a daughter of Polish Jewish Immigrants who was known as the Queen of Mean and her husband, Leona and Harry Helmsley, the Trust is selling off its assets to use the proceeds for charitable donations such as the $1.7 million it recently gave two Israeli institutions that help the handicapped. Empire’s founding chairman Peter Malkin was a longtime business partner of Harry Helmsley’s.
The first property, 112 West 34th Street, is a 26 story office building with 743, 369 rentable square feet of modern office space. Helmsley Trust sold its 25% stake in it for $77.5 million.
The tower features a sleek, new modern and energy efficient glass curtain wall; a renovated stone and marble lobby, which has a 30 foot undulating ceiling, state of the art visitor desk with concierge services, and new entryways at both 34th and 33rd Streets.
It also has newly renovated restrooms, air conditioned public corridors, upgraded building wide systems, including new safety, electrical, security, plumbing, and HVAC with a direct digital control Building Management System and several other energy efficiency upgrades.
Located at Herald Square, the building sits opposite the Macy’s flagship store.
The second property sold was 1400 Broadway, a 37 floor office building with a total of 897, 045 rentable square feet of office space. Helmsley Trust sold its more than 60% stake in it for $127 million.
It is currently undergoing a $45 million capital upgrade and already offers a newly designed lobby by architect Fifield Piaker Elman, with new entrance doors and canopy, a new ceiling, new lighting, and two new concierge desks with 24/7 security and turnstiles. Other renovations include new elevators, renovated air conditioned public corridors and restrooms, new windows, and upgraded building-wide systems, including state-of-the-art electrical, plumbing, HVAC, and security.
In building services include a full service hair salon, Food Exchange, Bank Leumi and Newsstand.
It is located by Herald Square in Midtown Manhattan’s Garment District and is only a ten minute walk away from the Penn Station and Times Square.
In all, Empire State Realty Trust, Inc. paid out about $734 million in cash, common stock and operating partnership units for full ownership of both properties.
