GRS | Corteq Provides Services on $1.2B Acquisition of Helmsley Building in New York

Matthew McGovern Director, GRS | Corteq

Matthew McGovern
Director, GRS | Corteq
(646) 760.0851
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GRS | Corteq recently provided assessment services on the $1.2B acquisition of the Helmsley Building—the landmark office tower that straddles Park Avenue just north of Grand Central Terminal in New York City.  Many know the trophy Midtown asset, located at 230 Park Avenue, because Park Avenue foot and vehicle traffic run through it.

Long Island-based RXR Realty purchased the 34-story, 1.4 million-square-foot historic skyscraper from a partnership between Monday Properties, Invesco and South Korea’s National Pension Service.

Before the electrification of the New York Central Railroad in 1912-1913, the neighborhood north of Grand Central Terminal was one of open-air railway yards and tracks used by steam locomotives. The electrification and subsequent covering of the yards enabled the continuation of Park Avenue to the north and the construction of new buildings to the area, including this one.

Built in 1929 as the headquarters for the New York Central Railroad Co., the 34-story structure straddles Park Avenue, as a visual termination point of the street.

Helmsley-Spear Management owned the building until August 1998, when the developers Max Capital purchased it for $253 million, under the condition that the building would officially remain as a Helmsley namesake.

GRS | Corteq’s services included environmental site assessment, property condition assessment, and appraisal.  GRS | Corteq director Matthew McGovern spearheaded the assessment servicing package.  http://grs-global.com

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