The Real Deal reported that Madison Realty Capital provided $480 million in construction financing to Yellowstone Real Estate Investments for the office-to-residential conversion of 1740 Broadway, the historic MONY building in Midtown Manhattan. Yellowstone, led by Isaac Hera, acquired the roughly 600,000-square-foot property in April 2024 and plans to develop it into a 422-unit mixed-use building with 182 luxury condos, 238 rental apartments, and over 60,000 square feet of amenities. The project is among the largest conversion efforts in a city that has more than 16,000 planned rental units in the conversion pipeline — roughly double the next most active market. Ackman-Ziff arranged the financing.

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