The Palace rises 55 floors above Madison Avenue, sharing air space above the Villard Houses, a complex of town homes built in 1892 by financier Henry Villard. After paying an exorbitant price for the property directly across from St. Patrick's cathedral, Mr. Villard unfortunately went bankrupt before moving into the grand estate. The property was eventually bought by the Archdiocese of New York, its use changing from residential to office and back again throughout the years. Rather than demolish the Renaissance Revival buildings, the Helmsleys bought air rights and built around them in the late seventies. From 1980 to 1993, the hotel was known as the Helmsley Palace, but after the namesakes met their unfortunate fate, new owners took over and embarked on an extensive renovation.
