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Yellowstone Real Estate forked over a mere $185 million -- a major haircut from the $420 million the famed Mutual of New York tower fetched a decade ago -- to purchase the remaining debt on the near-empty office building now simply called 1740 Broadway, according city Department of Finance records.
It's easier said than done to convert fiscally distressed office towers into affordable housing.
High interest rates, crippling regulations and large vacancies caused by work-from-home and pandemic downsizing are to blame.
New York City commercial brokerage leaders came together on April 13th to honor winners of the Real Estate Board of New York (REBNY)’s Sales Brokers Most Ingenious Deal of the Year Awards. Conceived in 1944, the member contest honors resourcefulness and ingenuity in solving difficult problems in property negotiation. Co-Chairs of...