RXR Puts Helmsley Building Up for Sale for Roughly $670M
The owner defaulted on a CMBS loan tied to the landmarked building more than two years ago, and now it’s selling at its debt level
By Isabelle Durso June 8, 2026 2:13 pm
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Scott Rechler’s RXR is putting the landmarked Helmsley Building up for sale more than two years after defaulting on a loan tied to the Midtown property, Commercial Observer has learned.
RXR is asking for roughly $670 million for the 1.4 million-square-foot office building at 230 Park Avenue, according to a source close to the deal. The asking price is at or above the debt level, or about $481 per square foot.
Newmark’s Adam Spies, Adam Doneger, Josh King, Marcella Fasulo and Avery Silverstein are marketing the building, according to marketing materials from the brokerage. Green Loan Services, a division of SL Green Realty, is acting as the special servicer.
Newmark declined to comment, while a spokesperson for SL Green did not immediately respond to a request for comment. The Promote first reported the news of the listing.
The 35-story Helmsley Building, built between 1927 and 1929, is going up for sale after a few years of financial struggle under RXR’s ownership. It originally defaulted on its $670 million single-asset, single-borrower commercial mortgage-backed securities (CMBS) loan secured by the building in November 2023.
The $670 million portion of the loan, which was part of the Morgan Stanley Capital I Trust 2021-230P single-asset, single-borrower CMBS deal that totaled $795 million, transferred to special servicing due to “an imminent maturity default,” CO reported at the time.
In July 2024, Rechler was in talks to potentially convert the property into another use, but it’s unclear what happened to those plans. RXR bought the Helmsley Building in May 2015 for $1.2 billion.
Despite the landlord’s financial troubles, 230 Park has seen some big office leases recently, including financial services firm StoneX’s expansion to 94,742 square feet at the property in February, and Banco de la Nación Argentina’s renewal for 23,407 square feet there in September.
The building is currently 46 percent leased, according to the Newmark marketing materials.
Isabelle Durso can be reached at idurso@commercialobserver.com.
