Tenants at RXR's Helmsley Building jump ship
Foreclosure action causes spike in vacancies at Midtown Manhattan's 230 Park Avenue.
As if things weren't already stressful enough for RXR's Helmsley Building, a recent foreclosure action has caused tenants to jump ship, leaving the vacancy rate at the Midtown Manhattan property to skyrocket to 44 percent.
The current vacancy rate is more than double the 20 percent rate that was reported in December when the foreclosure action was first filed, according to Crain's. The increased stress at the property has become apparent as tenants flee the building.
"The foreclosure action has caused a lot of uncertainty for tenants and many have chosen to leave the building rather than wait and see what happens," said a source familiar with the situation.
This sudden increase in vacancies has caused concern among industry experts, with some questioning the stability of the property and the impact it could have on the surrounding area.
Despite the turmoil, RXR remains confident that they will be able to turn things around and attract new tenants to fill the vacant spaces. "We are working diligently to address the foreclosure action and we are confident that we will be able to stabilize the property and attract new tenants," said a spokesperson for RXR.
https://therealdeal.com/new-york/2025/07/08/tenants-at-rxrs-helmsley-building-jump-ship/