Yellowstone buys $150M note secured by EPIC’s Times Square office, retail building

Yellowstone Real Estate Investments through the entity YS 220w42 Holdings LLC bought a note with an original principal of $150 million from M&T Bank secured by EPIC LLC’s office building (O4) at 220 West 42nd Street in Times Square, Manhattan.
The deal closed on November 15, 2021 and was recorded on November 23, 2021.
The property has 235,300 square feet of built space according to PincusCo analysis of city data.
The owner bought the property on November 29, 2012, for $261 million.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $3.8 million.
The property, Candler Tower at 220 West 42nd Street, is owned by Steven and Michael Elghanayan’s investment firm Epic.  The firm bought the property in 2012 for $261 million and on its website says net lease tenant Live Nation in 2020 would vacate and the building would be rehabilitated.  The debt buyer, Yellowstone, is based in Midtown Manhattan.

Within a 400-foot radius of 221 West 41st Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit application filed on January 27, 2020 for a 34,313-square-foot retail building at 215 West 42nd Street.
One of those four items was a sale which Benderson Development bought the 141,335-square-foot hotel (H2) on 220 West 41st Street for $89 million from Jed Manocherian on October 13, 2020.
Of those four items, two were loans above $5 million totaling $809.8 million. The most recent of the two was Rudin Management Company which borrowed $94.8 million from PGIM Real Estate secured by the 855,000-square-foot, two-unit office building (O4) on 3 Times Square on October 27, 2021.

Direct link to Acris document. link