Yellowstone Lands $480M for Manhattan Office Conversion
The property will undergo repositioning as a condo and rental community.
Yellowstone Real Estate Investments has secured $480 million in construction financing for the office-to-residential conversion of the former MONY building at 1740 Broadway in Manhattan, as first reported by The Promote. Ackman-Ziff arranged the financing from Madison Realty Capital.
The 600,000-square-foot former office building is slated to turn into a residential property encompassing 182 condominium units and 238 multifamily apartments. Plans call for 60,000 square feet of amenities, including a sports club, a private club, a swimming pool and an entertainment lounge, as well as coworking spaces, among other features.
Rising 27 stories, the tower debuted in 1950 with design provided by Shreve, Lamb & Harmon Associates for Mutual Life Insurance Co. of New York. For decades, it was known as the MONY Building until a 2007-rebrand revamped the tower following AXA Financial’s acquisition of Mutual Life three years earlier.
The property had several notable owners throughout the years, including Vornado and Blackstone. Yellowstone came into possession of the asset in 2024, paying $200 million to buy Blackstone’s defaulted $308 million CMBS loan.
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Ackman-Ziff Principals Russell Schildkraut and Jason Krane, along with President Simon Ziff, arranged Yellowstone’s financing from Madison Realty.
NYC office-to-resi pipeline nearly doubles
New York City has no shortage of office buildings transitioning to residential uses, as the metro had 16,358 units underway inside former workplace properties, according to a RentCafe report.
In fact, the metro’s pipeline grew by 97 percent year-over-year and the momentum is likely to carry on. Yellowstone’s commitment to turning aging Manhattan office stock to residential space is underlined by another development, for which the company secured $203 million in financing this April.
Another landmark conversion takes place at 25 Water St., where GFP Real Estate, Metro Loft and Rockwood Capital are working on the nation’s biggest conversion. The trio is turning a 1.1 million-square-foot former office building into a 1,320-unit multifamily community dubbed SoMA.
