New York Central had merged with the Pennsylvania Railroad in 1968 to form the Penn Central Railroad.
The same year it was sold to the General Tire & Rubber Company.
After Penn Central went bankrupt in 1971, it sought to sell its properties.
By the next year, Penn Central trustees had signed contracts to sell the New York General Building.
The proceedings were delayed for several years, as federal judge John P. Fullam refused to approve the sale of the New York General Building, while approving four of Penn Central's other sales.
In December 1975, the trustees petitioned Fullam to sell the building to the New York Bank for Savings for $7 million in cash and $19 million in a 33.5-year mortgage.
The sale was finalized early the next year.
The major ownership stake was sold to Harry Helmsley's company Helmsley-Spear Management in 1977.

After Helmsley's purchase, both the exterior and interior of the New York General Building were restored.
The green rusted-copper roof, which suffered from leaks, was gilded and waterproofed.
The facade was also extensively cleaned.
The clock and other ornaments on the facade were also gilded, floodlights were activated at the top and bottom, and the letters helmsley building were installed on the facade.
The building became known as the Helmsley Building in December 1978, following the refurbishment project's completion.
According to Harry Helmsley, the renaming was suggested by his wife Leona.
Despite the name, the Helmsleys were only one of several stakeholders in 230 Park Avenue Associates, which owned the building.

The New York City Landmarks Preservation Commission designated the Helmsley Building and its first-floor interior as official city landmarks in 1987.
The first-floor interior designation included the lobby, seven of the eight elevator banks, and the entrance vestibules.
In 1994, a connection from the Grand Central North passageways to the building's pedestrian arcades was announced; these connections opened in 1999.
After Harry Helmsley died in early 1996, Leona transferred the building's management to the Helmsley-Noyes Company.
Leona Helmsley maintained her offices in the Helmsley Building.
New York Central had merged with the Pennsylvania Railroad in 1968 to form the Penn Central Railroad. The same year it was sold to the General Tire & Rubber Company. After Penn Central went bankrupt in 1971, it sought to sell its properties. By the next year, Penn Central trustees had signed contracts to sell the New York General Building. The proceedings were delayed for several years, as federal judge John P. Fullam refused to approve the sale of the New York General Building, while approving four of Penn Central's other sales. In December 1975, the trustees petitioned Fullam to sell the building to the New York Bank for Savings for $7 million in cash and $19 million in a 33.5-year mortgage. The sale was finalized early the next year. The major ownership stake was sold to Harry Helmsley's company Helmsley-Spear Management in 1977.
After Helmsley's purchase, both the exterior and interior of the New York General Building were restored. The green rusted-copper roof, which suffered from leaks, was gilded and waterproofed. The facade was also extensively cleaned. The clock and other ornaments on the facade were also gilded, floodlights were activated at the top and bottom, and the letters helmsley building were installed on the facade. The building became known as the Helmsley Building in December 1978, following the refurbishment project's completion. According to Harry Helmsley, the renaming was suggested by his wife Leona. Despite the name, the Helmsleys were only one of several stakeholders in 230 Park Avenue Associates, which owned the building.
The New York City Landmarks Preservation Commission designated the Helmsley Building and its first-floor interior as official city landmarks in 1987. The first-floor interior designation included the lobby, seven of the eight elevator banks, and the entrance vestibules. In 1994, a connection from the Grand Central North passageways to the building's pedestrian arcades was announced; these connections opened in 1999. After Harry Helmsley died in early 1996, Leona transferred the building's management to the Helmsley-Noyes Company. Leona Helmsley maintained her offices in the Helmsley Building.
Helmsley Building