Yellowstone Real Estate Investments has announced plans to transform a prominent 26-story office building located at 1730 Broadway into 422 residential units. The official filing was submitted this week to the New York City Department of Buildings.

Project Details

The proposed redevelopment involves converting a 578,000-square-foot structure previously known as 1740 Broadway. The anticipated cost for this conversion is estimated at $34.7 million.

The filing was submitted by Tomer Posner, the managing director of development at Yellowstone, while BKSK Architects has been designated as the project’s architectural firm.

Background on the Property

This office building was purchased by Yellowstone from Blackstone Group for $185.9 million last year. The move to convert office spaces to residential units aligns with a broader trend in New York City, particularly in Midtown, which has seen an uptick in such projects.

Midtown’s Conversion Trend

While many office-to-residential conversions have primarily occurred in Lower Manhattan, Midtown is gaining momentum. As of October, the city has identified 26 properties slated for conversion between 2020 and 2024, as reported by The Real Deal.

Recent projects in Midtown include:

• Apollo Global Management: Plans for a residential and commercial building at 5 Times Square with 942 units.
• SL Green Realty: Another conversion initiative at 355 Lexington Avenue.

Comparative Projects in Lower Manhattan

In addition to Midtown developments, Lower Manhattan is also active with multiple conversion projects. Current undertakings include:

• 222 Broadway
• 2 Wall Street
• 80 Pine Street
• 111 Wall Street
• 55 Broad Street