A note to Insiders: We love ourselves a good full-circle deal, a transaction, or series of transactions, that serve as lil’ windows into different eras of the market, from irrational exuberance to trauma bonds to distressed debt. Today’s dive into 1740 Broadway – best known as the MONY Building – checks all our boxes, and then some. And the sponsor here is def getting our attention w/ all its canny capstack-sniping. - HS

“You got me tossin' turnin' in the middle of the night, and I feel alright.” - Tommy James and The Shondells 🎶

A Manhattan office building with the ignominious distinction of being the scene of the first AAA CMBS losses since the GFC is set to be reborn as a resi conversion, thanks to a just-closed construction loan of nearly half a billion dollars. That’s the news. But it’s the backstory and behind-the-scenes intrigue you’re all really here for. So let’s get into it. 👇