The long-lasting Flatiron Constructing in Manhattan is about to bear a change from outdated workplace areas to luxurious residences and retail, in keeping with new constructing plans revealed earlier this week.
Whether or not it’s refining your corporation mannequin, mastering new applied sciences, or discovering methods to capitalize on the subsequent market surge, Inman Join New York will put together you to take daring steps ahead. The Subsequent Chapter is about to start. Be a part of it. Be part of us and hundreds of actual property leaders Jan. 22-24, 2025.
New York’s iconic Flatiron Constructing in Manhattan is about to bear a change from outdated workplace tower to luxurious dwelling with an anticipated opening in 2026, the New York Publish reported Wednesday.
Information from New York’s Division of Metropolis Planning reveal that The Brodsky Group, The Sorgente Group, and GFP Actual Property have filed an software to transform the 204,593-square-foot property at 175 Fifth Avenue right into a mixed-use residential and business house.
The redevelopment will embrace as much as 60 market-rate condominiums and roughly 4,800 sq. toes of ground-floor retail house. Completion is anticipated by 2026.
New York’s Flatiron Constructing | Canva
Information of the conversion initially got here in late 2023.
MultiFamily Dive reported that the constructing, initially constructed in 1902 and designed by architect Daniel H. Burnham, would home 40 luxurious condos after The Brodsky Group acquired a 25 % stake within the constructing 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 companion of The Brodsky Group, mentioned within the launch.
Brodsky’s stake was bought following a court-ordered public sale in March 2023 to resolve a dispute amongst homeowners, together with actual property investor Jeffrey Gural. Jacob Garlick, a New York Metropolis investor, gained the public sale with a $190 million bid however failed to offer the deposit, leaving Gural unsure in regards to the constructing’s future.
The Flatiron Constructing has remained vacant since its final tenant, Macmillan Publishers, left in 2019, in keeping with MultiFamily Dive.
Earlier than building begins, anticipated in early 2025, the applying should bear an in depth assessment course of. Particulars in regards to the items, together with flooring plans, facilities and unit sizes haven’t but been disclosed.
Information from the town famous that the construction might accommodate round 100 items.
The redevelopment will even embrace needed renovations to protect the property, the MultiFamily Dive reported. Separate renovations, together with repairs to the constructing’s terracotta facade, have been ongoing since 2019, with scaffolding overlaying the outside.
In accordance with the New York Publish, the Flatiron Constructing is amongst 64 New York Metropolis workplace buildings present process conversion to residential items amid a struggling workplace market and an ongoing housing scarcity.
