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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.
Yellowstone Real Estate just snapped up the defaulted commercial mortgage-backed securities loan on 1740 Broadway.
Yellowstone has gotten its hand on The New Yorker Hotel, 220 West 42nd Street and the Maxwell Hotel since launching during the pandemic.
BHI has upsized its capital call line facility for Yellowstone Real Estate Investments to $150 million from $90 million.
Merchants Hospitality sold its 100-key Long Island City hotel building to a creditor, Taconic Capital, for almost $38.4 million.