Built in 1929, 230 Park Avenue is the Crown Jewel of Park Avenue. Architects Warren and Wetmore built the 34-story beaux arts building as the headquarters for the New York Central Railroad Company. With a rentable area of 1.4 million square feet, 230 Park features floor plates of 70,000 square feet on the base floors and 22,000 square feet on the tower floors.
Monday had served as the operating partner for the building from 1998 when the Bass Brothers bought the building from the Helmsley Organization. Monday led a $190 million capital improvement program to the building, including: modernization of the elevators, replacement of all the windows, HVAC plant, security, facade, tenant and common areas, update of the building’s power infrastructure and achievement of the first LEED Gold certification for a pre-war building in New York City.
Monday consolidated the tenancy from over 400 ‘non-credit’ tenants to less than 80 ‘investment grade’ companies. By rolling existing tenants to a market-based loss factor, Monday was able to increase the rentable square footage (RSF) of 230 Park Avenue from 980,000 RSF to 1,400,000 RSF. Since the 2011 recapitalization, Monday increased the building’s net operating income from $33 million to $45 million while improving the building's occupancy from 85% to 92%. Monday and its partners, Invesco and NPS sold 230 Park Avenue to RXR in May 2015 for a record $1.2B.
New York, NY