Published On: Sun, Sep 7th, 2014

The Helmsley Building Going for $1.5 Billion

Helmsley Building

The cornerstone of Harry and Leona Helmsley’s real estate empire, Manhattan’s Helmsley Building, could be up for sale for as much as $1.5 billion, Crain’s has reported.

The building is currently owned by a partnership between Monday Properties, Invesco and South Korea’s National Pension Service.

Located at 230 Park Ave., between East 45th and East 46th Streets in Midtown Manhattan, and built in 1929, The Helmsley Building has a total of 1.4 million square feet of space over 35 stories, including floor plates of 70, 000 square feet on the base floors and 22, 000 square feet on the tower floors. It has 25 passenger elevators, three service elevators and two loading docks.

It was designed by Warren & Wetmore, the architects of Grand Central Terminal, in the Beaux-Arts style.

The landmark building features an ornate lobby accented by Jaspé oriental marble walls and original bronze chandeliers and fixtures, a one of a kind cupola at the top of the building, breathtaking views up Park Avenue, direct access to Grand Central Station and two pedestrian through-block arcades connecting 45th and 46th Street.

The historic property has undergone significant restoration and modernization projects which included refinishing the exterior limestone and brick work, restoration of the cupola, upgrading of the pedestrian arcades, restoration of the storefronts to a dark bronze finish and refurbishment of the lobby and common corridors. Modernization projects have provided the building with card key access, a 24/7 manned security desk, point monitoring access and CCTV at all entry points, modernized elevators, backup electrical generators, and new operable thermo-pane windows throughout the building.

It was the first Pre-War Office Building to achieve LEED-EB GOLD Certification under the United States Green Building Council program and one of only three buildings in New York City with the designation. LEED-EB Certification. The LEED program requires excellence in site maintenance, water efficiency, energy efficiency, material selection, and indoor environmental quality.

The building’s chiller plant utilizes two Trane high-pressure steam two-stage absorbers and two York, Centrifugal steam driven turbine chillers, all connected to six new BAC cooling towers. The property also has three winterized cooling towers that provide year round, 24-hour condenser water to the tenants’ supplemental HVAC units.

230 Park Avenue’s current tenants include ING, HSH Nordbank, Otterbourg Steindler, PB Capital Corporation, HQ Global Workplaces, Tokio Marine Fire & Insurance, Banco de la Nacion Argentina, Simon Property Group and Six Flags.

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