{"id":272854,"date":"2026-06-20T22:32:24","date_gmt":"2026-06-20T22:32:24","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/272854\/"},"modified":"2026-06-20T22:32:24","modified_gmt":"2026-06-20T22:32:24","slug":"midtown-manhattan-office-to-residential-conversion-secures-480m-financing","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/272854\/","title":{"rendered":"Midtown Manhattan Office-to-Residential Conversion Secures $480M Financing"},"content":{"rendered":"<p>            <a href=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/06\/Untitled-April-05-2026-at-15.21.04-47.jpeg\" data-caption=\"\"><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"365\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/06\/Untitled-April-05-2026-at-15.21.04-47.jpeg\" alt=\"1740 Broadway\" title=\"1740 Broadway\"\/><\/a><\/p>\n<p><a href=\"https:\/\/www.madisonrealtycapital.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Madison Realty Capital<\/a> originated a $480-million loan to <a href=\"https:\/\/yellowstone-rei.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Yellowstone Real Estate Investments<\/a> for the conversion of <a href=\"https:\/\/www.madisonrealtycapital.com\/platform\/development\" target=\"_blank\" rel=\"noopener nofollow\">1740 Broadway<\/a>, a 523,051-square-foot, 27-story office building located along Broadway between 55th and 56th streets in Midtown Manhattan, into a 420-unit luxury residential project. Ackman-Ziff\u2019s Jason Krane, Russ Schildkraut and Simon Ziff arranged the financing on behalf of Yellowstone.<\/p>\n<p>With completion scheduled for the third quarter of 2029, 1740 Broadway will comprise 238 multifamily rental units across floors 3-13 and 182 condominium units across floors 14-27.<\/p>\n<p>\u201c1740 Broadway is a prime office-to-residential conversion that checks every box with strong sponsorship, a great location, and robust demand in Midtown Manhattan for both for-sale and rental housing,\u201d said Josh Zegen, co-founder and managing principal of Madison Realty Capital. \u201cWe were able to leverage our experience in this strategy having provided $720.0 MM for the conversion of the former Pfizer headquarters, as well as our existing relationship with Yellowstone as a repeat sponsor, to deliver a complex financing solution on an expedited basis.\u201d<\/p>\n<p><a class=\"gofollow\" data-track=\"MjQ1LDYsNjA=\" href=\"http:\/\/umadvisory.org\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" src=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2025\/10\/UMA-digi-ad-leaderboard.jpg\" title=\"UMAdvisory\" border=\"0px\"\/><\/a>        <\/p>\n","protected":false},"excerpt":{"rendered":"Madison Realty Capital originated a $480-million loan to Yellowstone Real Estate Investments for the conversion of 1740 Broadway,&hellip;\n","protected":false},"author":2,"featured_media":272855,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[36818,2003,11381,2364,75,8392,84,83,17024,2008,9,24,12,63,28934,2185,2010],"class_list":["post-272854","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-construction-financing","tag-deal-boom","tag-high-rise","tag-luxury","tag-manhattan","tag-manhattan-new-york","tag-manhattan-headlines","tag-manhattan-news","tag-mixed-use","tag-multifamily","tag-new-york","tag-new-york-city","tag-news","tag-nyc","tag-office-conversion","tag-redevelopment","tag-transit-oriented"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/272854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=272854"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/272854\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/272855"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=272854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=272854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=272854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}