Yellowstone Plans 422-Unit Office-to-Resi Conversion at 1730 Broadway

Yellowstone Real Estate Investments has filed plans for the latest office-to-residential conversion in Midtown.

Yellowstone wants to turn the 26-story office building at 1730 Broadway into 422 residential units, according to plans filed this week with the New York City Department of Buildings.

Tomer Posner, managing director of development at Yellowstone, filed the plans, while BKSK Architects was listed as the architect for the project, according to the filing.

Spokespeople for Yellowstone and BKSK did not immediately respond to requests for comment. PincusCo first reported the news.

Yellowstone bought the building between West 55th and West 56th streets last year from Blackstone (BX) for $185.9 million, property records show.

The estimated cost of converting the 578,000-square-foot building, which had a previous address of 1740 Broadway, was set at $34.7 million, according to the filing.

While most of the New York City office-to-residential conversions are taking place in Lower Manhattan, Midtown has been gaining traction as the new landing pad for conversions.

As of October, 26 properties were slated for conversion across the city between 2020 and 2024, The Real Deal reported.

In Midtown, that includes plans by Apollo Global Management, SL Green Realty and RXR to convert the office building at 5 Times Square into a 942-unit residential and commercial building, as well as Rudin’s proposal to turn the office tower at 355 Lexington Avenue into apartments.

Meanwhile, in Lower Manhattan, conversion projects are underway at 222 Broadway, 2 Wall Street, 80 Pine Street, 111 Wall Street, and 55 Broad Street, among other locations.

Yellowstone’s latest bid to convert 1730 Broadway comes after the firm acquired the 697-key shuttered East Maxwell hotel in Midtown in October for $140 million, as Commercial Observer previously reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.