The MONY Building has stood at 1740 Broadway since 1950, recognisable from the weather-star mast on its roof. Yellowstone Real Estate Investments is converting all 523,051 sq ft of it from office to 420 homes, on a $480 million construction loan from Madison Realty Capital that closed in June 2026.
Project Scope
The split runs vertically. Floors 3 through 13 become 238 rental apartments; floors 14 through 27 become 182 condominiums. BKSK Architects has design, Michaelis Boyd handles interiors, and Consigli Construction is general contractor. Yellowstone bought the building from Blackstone in 2024 for close to $186 million, having acquired the defaulted debt. Construction began in June 2026 with delivery targeted for the third quarter of 2029.
The floorplate is what makes this one work. A 1950 tower has a shallower depth and a higher window-to-core ratio than anything built in the 1980s, so light reaches the interior without the deep dark zones that kill most conversion pro formas. The weather star stays.
Why It Matters
Manhattan’s conversion wave started downtown, where obsolete stock was cheapest and the zoning was friendliest. 1740 Broadway is the wave reaching prime Midtown at full scale, and it got there because the building traded at a distressed basis rather than because the economics work at a normal price. That distinction matters for anyone underwriting the next one. At 420 units it’s among the largest active conversions in the borough.
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Project Team & Details
| Developer | Yellowstone Real Estate Investments |
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| Architect | BKSK Architects |
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| Consultants | Michaelis Boyd (Interiors) |
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| General Contractor | Consigli Construction Co., Inc. |
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| Status | Under Construction |
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| Funding Source | Private |
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