The iconic Flatiron Building in Manhattan is set to undergo a transformation from outdated office spaces to luxury residences and retail, according to new building plans revealed earlier this week.
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New York’s iconic Flatiron Building in Manhattan is set to undergo a transformation from outdated office tower to luxury living with an expected opening in 2026, the New York Post reported Wednesday.
Records from New York’s Department of City Planning reveal that The Brodsky Organization, The Sorgente Group, and GFP Real Estate have filed an application to convert the 204,593-square-foot property at 175 Fifth Avenue into a mixed-use residential and commercial space.
The redevelopment will include up to 60 market-rate condominiums and approximately 4,800 square feet of ground-floor retail space. Completion is anticipated by 2026.
New York’s Flatiron Building | Canva
News of the conversion originally came in late 2023.
MultiFamily Dive reported that the building, originally constructed in 1902 and designed by architect Daniel H. Burnham, would house 40 luxury condos after The Brodsky Organization acquired a 25 percent stake in the building for $40 million.
“We believe that the Flatiron Building is well suited for residences and we look forward to working with the city and the Landmarks Preservation Commission on this exciting opportunity,” Daniel Brodsky, managing partner of The Brodsky Organization, said in the release.
Brodsky’s stake was purchased following a court-ordered auction in March 2023 to resolve a dispute among owners, including real estate investor Jeffrey Gural. Jacob Garlick, a New York City investor, won the auction with a $190 million bid but failed to provide the deposit, leaving Gural uncertain about the building’s future.
The Flatiron Building has remained vacant since its last tenant, Macmillan Publishers, left in 2019, according to MultiFamily Dive.
Before construction begins, expected in early 2025, the application must undergo an extensive review process. Details about the units, including floor plans, amenities and unit sizes have not yet been disclosed.
Records from the city noted that the structure could accommodate around 100 units.
The redevelopment will also include necessary renovations to preserve the property, the MultiFamily Dive reported. Separate renovations, including repairs to the building’s terracotta facade, have been ongoing since 2019, with scaffolding covering the exterior.
According to the New York Post, the Flatiron Building is among 64 New York City office buildings undergoing conversion to residential units amid a struggling office market and an ongoing housing shortage.