Scott Rechler’s RXR Realty is considering converting part of the Helmsley Building at 230 Park Avenue to residential use to address its $670 million debt. The building, which recently defaulted on its loan, is 83% occupied and was last renovated in 2018. RXR has secured a 90-day forbearance to explore the conversion’s feasibility, possibly leveraging a new 35-year tax break for office-to-residential conversions below 96th Street, requiring only six residential units with a quarter being affordable. Additionally, the building’s landmark status may qualify it for a federal Historic Preservation Tax Incentive.
230 Park Avenue
