Yellowstone Real Estate Investment has closed on a $480 million loan, which will be used to transform the former MONY Building into residential use, according to a LinkedIn post by Issac Hera, CEO of the private equity firm.
Madison Realty Capital provided the financing for the site at 1740 Broadway.
The plans call for turning the former 27-story office tower in Midtown Manhattan into 238 rental and 182 luxury units, with more than 60,000 square feet of amenities. The amenities include a 22,000-square-foot sports club, a coworking lounge, an entertainment and gaming area, a residents' lounge, a spa, activities for pets and a private club.
"The redevelopment of 1740 Broadway is set to transform one of Midtown Manhattan's most iconic buildings into a premier residential destination, blending its rich history with exceptional design and an unmatched amenity program," Hera said.
Yellowstone is working on at least one more office-to-residential project in Midtown. In March, the firm landed a $203 million loan to transform the Candler Building in Times Square at 220 west 42 Street into 176 apartments, according to a report from The Real Deal, citing the Commercial Observer.
In Manhattan, office-to-residential conversions have skyrocketed, with 2025 seeing five million square feet of starts — the highest annual total seen in two decades, according to a report from Cushman & Wakefield. The CRE brokerage projects that amount will nearly double this year to 9.8 million square feet. Currently, Midtown is home to 51.6 percent of the office conversion proposals, up from just 23.4 percent seen before the pandemic.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.