220 West 42nd Street Acquired by Yellowstone Real Estate Investments | Real Estate Services M&A Deal

Yellowstone Real Estate Investments has completed the acquisition of 220 West 42nd Street, a real estate development business in New York, for $203 million. Yellowstone Real Estate Investments acquisitions focus on office-to-residential conversion of a 25-story Midtown Manhattan property into a 221,000-square-foot multifamily building with 176 units and retail space. The real estate services M&A effort supports NY acquisitions by positioning the asset for affordable housing conversion under the 467m program, requiring at least 44 affordable units. The other acquisition is backed by a Bank Hapoalim U.S. loan plus $36 million mezzanine debt from Naftali Credit Partners, arranged by IPA Capital Markets, with Yellowstone pivoting from prior hotel plans.