Madison Realty Capital has originated a $480 million loan to Yellowstone Real Estate Investments for the conversion of 1740 Broadway, a 523,051-square-foot, 27-story office building in Midtown Manhattan, into a 420-unit luxury residential project.
The property is located along Broadway between 55th and 56th streets, just south of Columbus Circle. The project is expected to be completed in third quarter 2029. Ackman-Ziff’s Jason Krane, Russ Schildkraut and Simon Ziff arranged the financing on behalf of Yellowstone.
Upon completion, 1740 Broadway will comprise 238 multifamily rental units across floors three through 13 and 182 condominium units across floors 14 through 27. Residences will feature ceilings of more than 10 feet, white oak flooring, custom Italian kitchen cabinets, Gaggenau appliances and built-in washers and dryers in every unit.
The property will offer more th
