New York's Flatiron Building will be transformed into luxury flats

The iconic flatiron-shaped building will be transformed from empty offices into luxury residences. The project will be one of the most prestigious projects in Manhattan


The owners announced this project as one of the most prestigious projects in Manhattan, involving the transformation of a commercial building into residences. Forty happy families will soon be able to call this place their home. An iconic New York building known as the Flatiron will be transformed from empty offices into luxury apartments, its owners announced this week.

History of the building

The Flatiron Building, when it was built, was one of the tallest skyscrapers in the world. The 22-story, 120-year-old structure has endured turbulent years, having been abandoned since anchor tenant Macmillan Publishers vacated all 20 of its floors in 2019. After a failed attempt to sell the property at auction, the buyer who won it for $190 million failed to pay the required $19 million deposit and disappeared. Ultimately, the building was sold to one of the co-owners, real estate developer Jeff Gural, for $161 million in May 2023 - which could be considered a bargain considering that the building was valued at over $200 million before the pandemic emptied offices and seriously weakened the commercial real estate market.

Transformation into Modern Residences

The unique triangular structure, between 5th Avenue and Broadway and between 22nd and 23rd streets, will be transformed into approximately 40 condominiums or rental units, while maintaining ground-floor retail space. The conversion process, according to the New York Times, is expected to take about three years.

The Brodsky Organization, a residential real estate developer, acquired an interest in the Flatiron building this month and will lead the transformation process. The process includes relocating the stairs and elevators and transforming the interior of the building, which, according to author Louise Penny, was once a "rat's nest", into luxury apartments.

Flatiron Building

New York Development Plan

The conversion of the Flatiron Building will be one of the most significant commercial-to-residential conversion projects in New York, which has become a key part of the city's efforts to increase affordable housing. The building's narrow shape, many windows and location in a historic, high-demand mixed-use area make it ideal for residential conversion. Commercial tenants typically prefer newer Class A buildings that offer modern amenities such as open floor plans and higher-quality infrastructure.

New York City Mayor Eric Adams recently unveiled a plan to rezone the Midtown South area to encourage the construction of new housing and the conversion of office and manufacturing spaces into apartments. This area is located just north of the Flatiron building, and the goal is to transform more neighborhoods in Manhattan into 24-hour areas to live, work and play.

Cities around the world are increasingly interested in converting vacant or semi-vacant office buildings into housing to address both housing shortages and office space gluts. The Biden administration also recently entered this area, announcing it would provide loans to property owners who want to convert office buildings near mass transit into apartments at below-market rents.

31/10/2023     Redakcja

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