Flatiron Building Slated For Condo Conversion: What We Know

FLATIRON DISTRICT, NY - The Flatiron Building is getting the 100 Barclay treatment.

Residential developer the Brodsky Organization is set to convert the historic building into condo units after buying a stake in the property earlier this month, investors said.

The Sorgente Group and GFP Real Estate, two investors that took over the 22-story building in a high-profile auction earlier this year alongside Newmark and ABS Partners, tapped Brodsky to finance the conversion.

Approvals for the project will be sought in early 2024 by Brodsky, which will serve as managing partner of the venture. It’s not clear if the units will be marketed for sale or as rentals.

Speaking at the building’s recent auction in May, Jeff Gural of GFP Real Estate predicted the conversion would cost $100 million, according to The Real Deal.

Designed by Daniel Burnham and Frederick P. Dinkelberg, the Flatiron was completed in 1902 and is regarded as one of New York City’s most recognizable buildings. It was used as office space until 2019 when Macmillan vacated the space, leaving all 21 office floors empty, according to The New York Times.

The building was briefly considered in May for housing asylum seekers during the city’s ongoing migrant crisis, though Gural rejected the idea.

“There’s no bathrooms, there’s no heat, the building’s been gutted,” Gural told the Times.