- Helmsley Building achieved a new record asking rent of $120 PSF in a recent StoneX lease expansion.
- StoneX added 21.9 KSF to its footprint, totaling nearly 95 KSF in the property.
- The 1.4 MSF landmark faces foreclosure risk after defaulting on a $670M loan.
- Property vacancy is 36%, more than double the Grand Central office market average.
StoneX Expands Footprint
According to CoStar, StoneX, a global financial services firm, signed a 10-year lease to expand by 21,904 SF on the 32nd floor of the Helmsley Building at 230 Park Ave. The asking rent hit a record $120 PSF—a first for this historic property above Grand Central Terminal. StoneX now occupies nearly 95 KSF across two floors.
Record Rents Amid Market Shifts
The transaction underscores ongoing flight-to-quality among tenants for prime Manhattan offices. The Park Avenue corridor, known for its corporate HQs, maintains one of the lowest vacancy rates in the city. Still, actual lease rates for StoneX were not disclosed.
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Financial Pressures Remain
Despite the new high in asking rent, the 34-story Helmsley Building is under financial strain after defaulting on a $670M CMBS loan last year. The owner, RXR, has secured a 90-day forbearance agreement expiring in March and is negotiating a loan restructuring. The property’s value has fallen by nearly 40% since 2021, and vacancy has soared to 36%—well above the Grand Central area average. Meanwhile, institutional investors have continued to recalibrate their Midtown office holdings, with several recent stake sales and portfolio reshuffles pointing to a more selective investment strategy in the submarket.
Aging Landmark Faces Uncertainty
Built in 1929, the Helmsley Building has struggled to modernize and retain major tenants in the post-pandemic era. Despite attracting premium rents, the property’s high vacancy and financial instability highlight ongoing challenges for aging Midtown trophy assets. RXR and its partners continue efforts to recapitalize the landmark amid shifting market dynamics.
