New York’s Flatiron Constructing To Be Remodeled Into 60 Luxurious Condos
The enduring Flatiron Constructing in Manhattan is about to bear a metamorphosis from outdated workplace areas to luxurious residences and retail, in line with new constructing plans revealed earlier this week.
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New York’s iconic Flatiron Constructing in Manhattan is about to bear a metamorphosis from outdated workplace tower to luxurious residing with an anticipated opening in 2026, the New York Post reported Wednesday.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 utility to transform the 204,593-square-foot property at 175 Fifth Avenue right into a mixed-use residential and industrial house.
The redevelopment will embody 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 consider that the Flatiron Constructing is nicely suited to residences and we look ahead to working with town and the Landmarks Preservation Fee on this thrilling alternative,” Daniel Brodsky, managing accomplice of The Brodsky Group, stated within the launch.
Brodsky’s stake was bought following a court-ordered auction 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 supply 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 line with MultiFamily Dive.
Earlier than building begins, anticipated in early 2025, the applying should bear an intensive evaluation course of. Particulars in regards to the items, together with ground plans, facilities and unit sizes haven’t but been disclosed.
Information from town famous that the construction may accommodate round 100 items.
The redevelopment may even embody crucial 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 masking the outside.
In keeping with the New York Publish, the Flatiron Constructing is amongst 64 New York City office buildings undergoing conversion to residential items amid a struggling workplace market and an ongoing housing scarcity.
