Connect with us

Hi, what are you looking for?

Jewish Business News

Real Estate

Blackstone, RXR bought stake in Helmsley Building

Fund manager partnered with RXR in $1.2 Billion acquisition.

Scott Rechler bloomberg RXR Realty

 

The Blackstone Group partnered with RXR Realty in its $1.2 billion acquisition of the Helmsley Building at 230 Park Avenue and holds a minority stake in the tower, RXR’s CEO Scott Rechler told The Real Deal.

RXR announced the acquisition in May, but at the time no partners on the deal were revealed. A source close to Blackstone confirmed the joint venture arrangement. It wasn’t immediately clear how large the fund manager’s stake is, how much it paid for it, or which if its real estate funds was involved.

Please help us out :
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.

 

Jonathan Gray  Blackston

 

RXR and Blackstone bought the 1.4 million-square-foot, 34-story office building located just north of Grand Central Terminal from a partnership between Invesco, Monday Properties and South Korea’s Pension Service. Monday Properties had bought the tower for $1.15 billion at the height of the last market cycle in 2007, at the time with different partners.

This isn’t the first time the two firms partnered up. In February, RXR sold a 50 percent stake in a portfolio of New York office buildings to Blackstone, valuing the properties at a combined $4 billion.

Read the full story: click here

The Real Deal By Konrad Putzier

Helmsley_Building_detail

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.