Yellowstone files to convert office to more than 400 apartments in Midtown West
1730 Broadway (Credit - Broadway)
Yellowstone Real Estate Investments submitted a major alteration application to convert the 26-story office building at 1730 Broadway in Midtown West, Manhattan into a 400-plus-unit residential building. Yellowstone bought the building last year from Blackstone Group for $185.9 million.
The plan was filed with the New York City Department of Buildings on March 26, 2025 under job number M01195246. It calls for a change in use of the building from a 26-story commercial building with no dwelling units to a 26-story building with 422 dwelling units. The project is described in the filing as: alteration and conversion of existing office into residential. Tomer Posner filed the plans. The estimated initial cost was set at $34.68 million. The prior address for the building was 1740 Broadway. The number of units in the Schedule of Occupancy was 469, as calculated by PincusCo, not 422.
Yellowstone Real Estate Investments has been an active buyer in recent years in Manhattan.
• Yellowstone signs $90M loan with Fortress for hotel in Midtown East (December 06, 2024)
1730 Broadway
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Sub-Cellar - 1 | MECHANICAL RM, LOCKER RM, STORAGE, ELECTRICAL RM, PLUMBING RM, TRASH RM | Storage of non combustible Materials | 30 | Storage | ||
| 2 | Sub-Cellar - 1 | LOUNGE ACCESSORY TO RESIDENITAL | Apartment | 24 | Residential | ||
| 3 | Sub-Cellar - 1 | ||||||
| 4 | Sub-Cellar - 1 | ||||||
| 5 | Sub-Cellar - 1 | ||||||
| 6 | Cellar | PET PLAY AND WASH RM, LAUNDRY RM, LOUNGE ACCESSORY TO RESIDENTIAL, AMENITY SPACES ACCESSORY TO RESIDENTIAL | Apartment | 119 | Residential | ||
| 7 | Cellar | LACTATION RM, RETAIL STORE | Business and Service | 0 | Business | ||
| 8 | Cellar | SIDEWALK VAULT, STORAGE | Storage of non combustible Materials | 0 | Storage | ||
| 9 | Cellar | ||||||
| 10 | Cellar | ||||||
| 11 | Cellar | ||||||
| 12 | 1 | LOUNGE ACCESSORY TO RESIDENTIAL | Apartment | 14 | Residential | ||
| 13 | 1 | ||||||
| 14 | 1 | ||||||
| 15 | 1 | ||||||
| 16 | 2 | ACCESSORY TO RESIDENTIAL EXERCISE RM, FITNESS RM, COWORKING SPACE | Apartment | 141 | Residential | ||
| 17 | 2 | LEASING OFFICE | Apartment | 8 | Residential | ||
| 18 | 2 | STORAGE | Storage of non combustible Materials | 0 | Storage | 6 | |
| 19 | 3 | SEVENTEEN (17) CLASS "A" APARTMENTS | Apartment | 0 | Residential | 17 | |
| 20 | 4 | TERRACE, STORAGE, LOUNGE ACCESSORY TO RESIDENITAL | Apartment | 86 | Residential | ||
| 21 | 4 | SEVENTEEN (17) CLASS "A" APARTMENTS | Apartment | 0 | Residential | 17 | |
| 22 | 5 | TWENTY-THREE (23) CLASS "A" APARTMENTS | Apartment | 0 | Residential | 23 | |
| 23 | 6 | TWENTY-THREE (23) CLASS "A" APARTMENTS | Apartment | 0 | Residential | 23 | |
| 24 | 6 | OFFICES | Offices | 113 | Business | 6 | 0 |
| 25 | 7 | TWENTY-THREE (23) CLASS "A" APARTMENTS | Apartment | 0 | Residential | 23 |
The property
The office building in Midtown West has 519,600 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 207 feet and is 172 feet deep with a total lot size of 29,505 square feet. The lot is irregular. The zoning is C6-6 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $256 million.
Prior sales and revenue
This property was sold by Blackstone Group for $185.9 million to Yellowstone Real Estate Investments on April 19, 2024.
The 519,600-square-foot property generated revenue of $40.4 million or $78 per square foot, according to the most recent income and expense figures.
Violations and lawsuits
According to city public data, the property has received $4,800 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 2nd highest sale turnover among other neighborhoods in the city with $2.7 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 34 million square feet of commercial and multi-family construction under development in the last two years, which represents 45 percent of the neighborhood’s built space.
The owner
The PincusCo database currently indicates that Yellowstone Real Estate Investments owned at least four commercial properties in New York City with 1,513,743 square feet and a city-determined market value of $527.9 million. (Market value is typically about 50% of actual value.) The portfolio has $240 million in debt, with top three lenders as Fortress Investment Group, BVK, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 50 percent of the 1,513,743 square feet of built space are hotel properties, with office properties next occupying 50 percent of the space. They are all located in Manhattan.
The surrounding
Within a 400-foot radius of 1730 Broadway, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. Of those five items, three were sales above $5 million totaling $215.8 million. The most recent of the three was Riu Hotels & Resorts which bought the 52,150-square-foot development site (V1) on 1708 Broadway for $172.8 million from Extell Development on October 13, 2023. Of those five items, two were loans above $5 million totaling $58.5 million. The most recent of the two was David Mandelbaum and Michael Mandelbaum in which borrowed $52.5 million from Bank OZK secured by the 63,450-square-foot, eight-unit office building (O3) on 245 West 55th Street on July 24, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.