Two years after Isaac Hera’s Yellowstone Actual Property Investments bought the debt at 1740 Broadway, it’s advancing the mission 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 flats.
Positioned on the nook of Broadway between West fifty fifth Avenue and West 56th Avenue, 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 unique 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 also be slated to incorporate over 60,000 sq. toes 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 can even have pet facilities, together with an indoor canine run and grooming heart, a porte-cochére and a residents’ lounge with a 950-square-foot lounge pool.
Reuveni will probably be advertising and marketing the property.
The conversion mission at 1740 Broadway represents the most recent formidable entry into the road of conversion initiatives sweeping by way of 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 Avenue. 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 lively metropolis.
Hera’s agency has been significantly lively within the conversion area. In March, Yellowstone secured $203 million in debt for its mission at 220 West forty first Avenue, 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. toes of retail area.
In January, Yellowstone took out a $326 million construction loan from Barings for a hotel-to-residential conversion mission on the former Watson Resort at 440 West 57th Avenue, 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
