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Only two weeks after the death of real estate mogul Harry Helmsley, his widow Leona is selling off the first portfolio of her interests in the massive Helmsley real estate holdings, say real estate sources.
The portfolio encompasses Mrs. Helmsley's interests in scores of buildings, including the Fisk Building, at 250 W. 57th St.; the Flatiron Building, at 175 Fifth Ave.; and the Children's Apparel Center, at 112 W.34th St. The entire package of minority interests in perhaps $500 million worth of property, the bulk of it in New York, is expected to bring $150 million to $200 million to Mrs. Helmsley.
The buyer for the deal, which could be signed as early as this week, is said to be a real estate investor from outside the city who would be making his first New York purchase.
In the untangling of the web of more than 100 partnerships set up by Mr. Helmsley since the 1950s, this pending sale is anticipated to be the first of many (Crain's, Jan. 13).
A source close to Mrs. Helmsley expects as many as a half-dozen different portfolios of Mrs. Helmsley's interests to be put on the block within the next year. Mrs. Helmsley would not comment.
Given...