Two years after Isaac Hera’s Yellowstone Actual Property Investments bought the debt at 1740 Broadway, it’s advancing the challenge with a mortgage of its personal.
Yellowstone secured $480 million in building financing for its office-to-residential conversion of the historic MONY constructing from Madison Realty Capital, Hera introduced on LinkedIn.
In April 2024, Hera’s agency paid nearly $200 million to amass the roughly 600,000-square-foot constructing. Blackstone had defaulted on its mortgage on the property two years prior.
Hera’s agency plans to develop the Midtown workplace constructing right into a 422-unit mixed-use property with 182 luxurious condos and 238 rental residences.
Situated on the nook of Broadway between West fifty fifth Road and West 56th Road, the constructing impressed the 1968 single “Mony Mony” by Tommy James and the Shondells. The tune title got here from the signal on the prime of the constructing, an acronym for the property’s authentic proprietor, Mutual of New York.
Ackman-Ziff’s Jason Krane, Simon Ziff and Russell Schildkraut organized the financing.
The Promote first reported the news.
The constructing can be slated to incorporate over 60,000 sq. ft of facilities, together with a 22,000-square-foot sports activities membership, a personal membership, a resort-like spa with a 60-foot lap pool and an leisure lounge with a bowling alley and golf simulator, Hera wrote.
The property may even have pet facilities, together with an indoor canine run and grooming middle, a porte-cochére and a residents’ lounge with a 950-square-foot lounge pool.
Reuveni will probably be advertising the property.
The conversion challenge at 1740 Broadway represents the most recent formidable entry into the road of conversion initiatives sweeping by means of the town. Metroloft and David Werner are underway on their roughly 1,500-unit conversion of the previous Pfizer constructing at 219-235 East forty second Road. And a trio of big-name builders, Scott Rechler’s RXR, Marc Holliday’s SL Inexperienced and Marc Rowan’s Apollo World Administration, are turning 5 Instances Sq. into about 1,250 residential models.
In New York Metropolis, conversion initiatives account for greater than 16,000 deliberate rental models, roughly doubling the pipeline for the following most energetic metropolis.
Hera’s agency has been notably energetic within the conversion area. In March, Yellowstone secured $203 million in debt for its challenge at 220 West forty first Road, the place it plans to show the 25-story workplace constructing right into a 221,000-square-foot multifamily constructing with 176 models and 18,000 sq. ft of retail area.
In January, Yellowstone took out a $326 million construction loan from Barings for a hotel-to-residential conversion challenge on the former Watson Lodge at 440 West 57th Road, the place it deliberate to ship 316 models throughout two towers.
Learn extra
Yellowstone plans 422-unit conversion in Midtown West
Yellowstone secures $203M loan for office-to-resi conversion
Yellowstone drops approximately $200M on 1740 Broadway debt
