230 Park Avenue was developed in 1929 by the New York Central Railroad and renamed the Helmsley Building after developer Harry Helmsley acquired it in 1978. RXR Realty acquired it in 2015, and raised the possibility that it could be partially converted to apartments in late 2024.
The Helmsley Building and its first-floor interior were designated New York City Landmarks in 1987. It is up the street from Grand Central Terminal and One Vanderbilt, and located in excellent proximity to Midtown East offices lining Park Avenue.
In summer 2025, a judge ruled that a foreclosure case could proceed at The Helmsley Building, a landmarked office tower next to Grand Central Terminal. A short time later, Helmsley Building owner RXR announced plans to sign an agreement to modify the property's mortgage that would include significant equity investment. Many office tenants have left, and the developer is mulling a partial residential conversion.
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