Iconic NYC Flatiron Building to Be Converted into Luxury Condos After Four-Year Vacancy

Historic building's $161 million auction win by Brodsky Organization and GFP Real Estate sets stage for $100 million renovation into 40 condos, keeping ground floor as retail space.

The iconic New York Flatiron Building is set to be transformed into luxury condominiums following a four-year vacancy, a move that was announced by The Brodsky Organization and the building's co-owners - GFP Real Estate, the Sorgente Group, ABS Partners and investor Nathan Silverstein.
The property at 175 Fifth Avenue was purchased at auction for $161 million by the Brodsky Organization, who are planning a $100 million renovation that is expected to create 40 condos. The building's ground floor is intended to remain as retail space.
The renovation and conversion process is estimated to take around three years, which includes an approval process from the Department of City Planning that could last up to a year. After approval is granted, demolition and construction could take an additional two years.
Due to significant costs associated with the project, future occupants of the building could be charged around $3,000 per square foot to ensure the owners turn a profit, or $1,600 per square foot for the owners to break even. This would mean that the residences in the building could be among the most expensive in the city.
The Flatiron Building, a 120-year-old NYC landmark, has been vacant since 2019 after Macmillan Publishers, its sole office tenant, moved out. Disagreements about the vacant building's future led to it being put up for sale by a New York Supreme Court judge in January.