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Flatiron Building (CityRealty)

From Great Listings Amidst rumblings of partial condo conversion of the Flatiron Building, learn about the iconic building's history and see nearby listings

By CityRealty Staff Wednesday, May 31, 2023

Updated 5/31/2023 with details on the second auction and the new buyer’s plans for the Flatiron Building.

In March 2023, the Flatiron Building dominated New York headlines when it sold at auction for $190 million. It was originally sold to Jacob Garlick, a managing partner at Abraham Trust, but the deal fizzled out when he failed to pay a 10% deposit. It returned to auction on May 23, at which time bidders were required to bring a $100,000 certified check to prevent a similar scenario from playing out again. The winner of the second auction was a group led by GFP Real Estate, one of the companies that currently controls the building, which won with a $161 million bid.

Shortly after the auction, GFP Real Estate Chairman Jeff Gural announced that the Flatiron Building’s owners planned to convert the upper floors to residential use while keeping the lower floors for offices. The remarks come at a time when hybrid work environments show no sign of going away and empty office buildings are widely seen as a solution to New York’s housing shortage. The possible conversion also comes on the heels of One Wall Street, the Woolworth Tower Residences, and 108 Leonard, to name but a few successful office-to-condo conversions.

It is important to note that the shapes of the aforementioned office buildings lent themselves more easily to residential than the Flatiron Building, which has a unique shape that will make the creation of well laid out, properly lit and ventilated units a challenge. Moreover, as it is an individual New York City Landmark, the partial conversion cannot take place without the approval of the Landmarks Preservation Commission.

This article examines the history of the Flatiron Building as well as its impact on the surrounding neighborhood. And for those who don’t want to wait for it to be converted to residential, if this indeed comes to pass, we present a selection of apartment listings located less than one mile from the Flatiron Building.

History

Construction details (By Credited to the Library of Congress - From The Times online store, located here., Public Domain, https://commons.wikimedia.org/w/index.php?curid=3504040)

The building at 175 Fifth Avenue dates back to 1902, when it rose on the corner where Broadway and Fifth Avenue intersect at 23rd Street. It was originally christened “the Fuller Building” in honor of its first owner, the construction company that developed it, but its resemblance to a clothing iron inspired a name that stuck better.

As time passed, tenants came to include the Equitable Life Assurance Company, music publishers from Tin Pan Alley, clothing and toy companies, St. Martin’s Press, and, most recently, St. Martin’s parent company Macmillan Publishers. A number of imprints took shape during Macmillan’s time there, and they would occupy the whole building. However, the publisher moved out in 2019.

Before the auction, a consortium of real estate developers (GFP Real Estate, Newmark, Sorgente Group, and ABS Real Estate Partners) owned 75% of the building, and Nathan Silverstein owned the other 25%. While they embarked on a renovation to reduce its carbon footprint, modernize it, and restore its facade, a series of disagreements on everything from construction costs to building use became so bitter that a judge ordered the auction. At the second auction, the group led by GFP Real Estate essentially bought out Mr. Silverstein.

Architecture

Architectural details (David Becker on Unsplash)

Architect Daniel H. Burnham is best known for his work in Chicago, but made his mark on New York with the Flatiron Building. The tight triangular site motivated him to get creative with the shape. Some were afraid the building would collapse due to the force of the wind; however, it was one of the first buildings to use a steel frame, which has held fast. It is further distinguished by detailed ornamentation and other Beaux Arts influences.

“Although a utilitarian office building, it has inspired literary outpourings of an almost poetic quality” – Landmarks designation report

When the Flatiron Building was complete, it was the tallest building north of the Financial District and the first skyscraper north of 14th Street. The Chrysler Building and Empire State Buildings would eventually outstrip it in terms of height, but nothing would replace it in terms of its distinctive shape, steel frame, and opulent ornamentation. It was designated a New York City Landmark in 1966, added to the National Register of Historic Places in 1979, and designated a National Historic Landmark in 1989.

Present Day

Flatiron District (CityRealty)

Over the years, the profiles of the Flatiron building and the neighborhood it serves as a namesake for have risen. The building has appeared in a number of films, including Spider-Man, The Usual Suspects, and Godzilla, and millions of Instagram posts. The renovation of Madison Square Park, the opening of Eataly, and the rise of NoMad haven’t hurt matters, either.

On the stretch of Broadway in front of the building, the Flatiron Plaza is closed to car traffic and offers tables and chairs, seasonal plantings, food kiosks, and free Wi-Fi. More recently, construction kicked off on a new phase of the “Broadway Vision” plan that will bring two new plazas, a two-way bike lane from West 25th to 32nd Streets, and permanent capital improvements along Broadway from West 21st to West 33rd Streets.

Such features make the Flatiron Building appealing to people all over New York, and indeed the world, and the area has emerged as a residential destination as well. The office buildings were prime candidates for loft residence conversions, and new construction has taken shape.

241 FIFTH, #12C
$1,315,000

Flatiron/Union Square | Condominium | 1 Bedroom, 1 Bath

241 FIFTH, #12C (Corcoran Group)

From the Listing: This super designer one-bedroom features floor-to-ceiling windows with sunny eastern views of the New York Life Building and ample living space with generous closets and solid oak white flooring. A fully equipped open kitchen with all Miele stainless steel appliances, glass kitchen cabinetry, basaltina stone counters, and a porcelain backsplash sets the stage for meals at home. There is a stacked Bosch Axxis washer/dryer, and individual heating/cooling units are in each room. See floor plan and full details here.

21 East 22nd Street, #2D
$2,195,000 (-6.2%)

Flatiron/Union Square | Cooperative | 2 Bedrooms, 3 Baths | 1,700 ft²

21 East 22nd Street, #2D (Engel & Volkers New York Real Estate LLC)

From the Listing: Steps from Madison Square Park, this stunning loft delivers the “wow-factor” boasting an expansive great room, 12-foot beamed ceilings, double-wide windows and sleek electric fireplace, perfect for entertaining or relaxing at home. The spacious primary bedroom features an en-suite renovated bathroom and additional laundry room with coveted in-unit washer/dryer. The kitchen boasts stainless steel appliances, granite countertop, exposed brick backsplash and additional adjacent room perfect for dining, gym or, to create a grand, open chef's kitchen (with board approval). See floor plan and full details here.

The Bullmoose, #5C
$2,365,000 (-5.2%)

Flatiron/Union Square | Condominium | 2 Bedrooms, 2 Baths | 1,602 ft²

The Bullmoose, #5C (Engel & Volkers New York Real Estate LLC)

From the Listing: The large and inviting living/dining space has oversized, south-facing Pella windows and an open kitchen featuring Poggenpohl cabinetry, 2" thick Carrara marble counters and matching backsplash, 5-burner Viking gas cooktop and electric oven, built-in GE Profile microwave, Sub-Zero refrigerator and dual temperature Kitchen Air wine cooler, Bosch dishwasher, and garbage disposal. The gracious primary bedroom has a large walk-in closet with upper-level storage, and two reach-in closets. See floor plan and full details here.

Madison Green, #29C
$2,500,000 (-7.4%)

Flatiron/Union Square | Condominium | 2 Bedrooms, 2 Baths

Madison Green, #29C (Brown Harris Stevens Residential Sales LLC)

From the Listing: Live on the best Flatiron tree-lined block surrounded by incredible architecture. This quiet sun-flooded south and east corner home boasts amazing views through oversized windows. Below on the east side is large set-back landscaped garden allowing a nice open distance from the neighboring buildings. Both bedrooms are newly renovated with en suite baths and walk-in custom closets. If you enjoy cooking, this spacious kitchen has an abundance of cabinets with stainless steel appliances. Enjoy cocktails and sunsets from your balcony overlooking the Ladies' Mile historic neighborhood and all of downtown. See floor plan and full details here.

142 Flatiron, #3
$2,925,000

Chelsea | Condominium | 2 Bedrooms, 2 Baths | 1,543 ft²

142 Flatiron, #3 (Compass)

From the Listing: Perched on the third floor, this refined and luxurious two-bedroom + home office floor-through residence is the perfect place to call home. The second you enter your private floor via a key locked elevator, a sense of home overcomes you. You're welcomed by five oversized windows, high ceilings, 7-inch-wide plank oak flooring and an open chef's kitchen featuring top-of-the-line appliances from Miele. With abundant art and media walls the flexible Great Room accentuates a loft-like feel. As you venture down the hall you come across a large home office. The primary suite features large windows, an oversized closet, and a luxurious five-fixture Carrara marble bath. See floor plan and full details here.

131 Fifth Avenue, #501
$3,250,000

Flatiron/Union Square | Cooperative | 2 Bedrooms, 2.5 Baths | 2,300 ft²

131 Fifth Avenue, #501 (POG Real Estate Inc)

From the Listing: This expansive duplex home with a mezzanine level and roof garden is a rare find and exceptional value in one of the most desired neighborhoods in Manhattan. Enter the premises along a dramatic foyer opening into a double-height reception area filled with gallery-quality natural light permeating through oversized wall to wall windows on the upper level and in the living room. To the left is the grand 40' x 23' living / entertainment area featuring an angled original brick wood-burning fireplace and floor to ceiling windows. The recently renovated open kitchen boasts state-of-the-art Miele appliances with a Quartzite backsplash and Caesarstone countertops. On the upper level is the primary bedroom with large triangular windows overlooking the roof garden. See floor plan and full details here.

9 West 20th Street, #7
$3,725,000

Flatiron/Union Square | Condominium | 3 Bedrooms, 2 Baths | 2,152 ft²

9 West 20th Street, #7 (The Burkhardt Group LLC)

From the Listing: This recently renovated residence int he heart of the Flatiron District offers a luxurious and spacious living experience, enhanced with thoughtful upgrades and custom-designed features. One of the standout additions is the abundance of closets throughout the apartment, providing ample storage space for all your belongings. The main living space is a picture of elegance and spaciousness, with the open floor plan connecting the living, dining, and kitchen areas. The gourmet kitchen, with its top-of-the-line stainless steel appliances and sleek countertops, remains a centerpiece for culinary creativity and entertaining guests. Additionally, a custom office nook has been cleverly integrated into the apartment's layout. See floor plan and full details here.

Grand Madison, #PHH
$3,750,000

Flatiron/Union Square | Condominium | 3 Bedrooms, 3 Baths | 1,987 ft²

Grand Madison, #PHH (Compass)

From the Listing: Upon entering this quintessential three-bedroom, three-bathroom duplex penthouse, you are swept away by the soaring 11-foot ceilings and oversized windows, inviting plenty of light throughout the home. The beautifully appointed Poggenpohl chef's kitchen is perfect for entertaining and fully equipped with a Viking oven and stove, Viking Refrigerator and Bosch dishwasher. Wide plank oak floors lead you to the expansive living/ dining room. Follow the beautiful stairwell to the upper level with a sundrenched oversized primary bedroom with more than enough room for a sitting area, home office or a beautiful family room, overlooking a 281-square-foot terrace that is large enough to enjoy lounging and dining with views of the Empire State Building and New York skyline. See floor plan and full details here.

10 Madison Square West, #16C
$4,295,000 (-3.5%)

Flatiron/Union Square | Condominium | 2 Bedrooms, 2.5 Baths | 1,779 ft²

10 Madison Square West, #16C (Douglas Elliman Real Estate)

From the Listing: The first time being offered since the sponsor; this sundrenched high-floor split two bedroom, two and a half bathroom apartment located in the highly sought after 10 Madison Square West designed by Alan Wanzenberg. The entry hallway, equipped with a powder room and two closets with one featuring a full size vented washer/dryer, leads you into the expansive open living space with soaring 11' ceilings and custom recessed lighting. The gourmet kitchen features custom SieMatic cabinetry, Bianco Carrera marble countertops, and top-of-the-line appliances. The bright primary suite boasts another two large south-facing windows, multiple custom built-out closets, and a lavish primary bath. See floor plan and full details here.

141 Fifth Avenue, #4AB
$6,500,000

Flatiron/Union Square | Condominium | 3 Bedrooms, 3.5 Baths | 2,962 ft²

141 Fifth Avenue, #4AB (Corcoran Group)

From the Listing: From the moment you walk through the door, this sprawling three-bedroom loft in the heart of the Flatiron is sure to impress. Combining old world historical charm with updated, modern features, this is an ideal home in the perfect location. With almost 45 feet of uninterrupted frontage over Fifth Avenue and 10-foot beamed ceilings, this triple-mint condition home boasts stunning interior design by Samuel Amoia, and features custom millwork throughout that seamlessly provides a multitude of well-designed living and storage options. The grand scale primary bedroom is pin-drop quiet with an enormous and well-appointed walk-in closet. The two guest rooms enjoy abundant privacy, large closets and elegant bathrooms. The custom kitchen is every gourmet's dream. See floor plan and full details here.

Madison Square Park Tower, #42A
$6,985,000 (-6.9%)

Flatiron/Union Square | Condominium | 3 Bedrooms, 3 Baths | 2,433 ft²

Madison Square Park Tower, #42A (Brown Harris Stevens Residential Sales LLC)

From the Listing: This grand, nearly 2,500-square-foot home features floor to ceiling windows throughout, providing dramatic views south to the financial district and New York Harbor, west to Hudson Yards and the Hudson River and north to Madison Square Park and midtown. Perched high above Madison Square Park, the gracious living room/dining room boasts ample room for entertaining, complete with a wet bar and wine refrigerator. The top-of-the-line, windowed chef's kitchen features marble countertops and backsplash, custom Molteni cabinetry, Nanz hardware, Sub-Zero and Miele appliances and an open north exposure. The striking, sunny primary bedroom provides endless southern views and a massive dressing area. See floor plan and full details here.

50 Madison Avenue, #PH
$10,000,000

Flatiron/Union Square | Condominium | 4 Bedrooms, 3.5 Baths | 3,564 ft²

50 Madison Avenue, #PH (Compass)

From the Listing: Create park-side penthouse perfection in this spectacular four-bedroom, three-and-a-half-bathroom duplex awaiting your personal touch directly on Madison Square Park. Here, you'll enjoy a townhouse-in-the-sky lifestyle with key-locked elevator access, sprawling interiors and approximately 1,500 square feet of private outdoor space in an exclusive full-service condominium. Inside the 3,564-square-foot duplex, you'll find a showplace-in-the-making filled with herringbone hardwood floors, walls of windows, and furnishings owned by the late Gianni Versace himself. (Yes, they're available with the home). See floor plan and full details here.

212 Fifth Avenue, #6A
$10,750,000 (-2.2%)

Flatiron/Union Square | Condominium | 3 Bedrooms, 3.5 Baths | 3,008 ft²

212 Fifth Avenue, #6A (Elegran LLC)

From the Listing: Residence 6A offers 52 feet of direct frontage on Madison Square Park. Carefully selected to optimize the view, the sixth floor offers a unique vantage from which to enjoy the vibrancy of life under the parks canopy and the tranquility of iconic vistas above. The book-matched marble foyer and gallery differentiate the living and private spaces. Chevron floors, custom millwork and marble artistry are but a few of the homes fineries, perhaps the most impressive being the gorgeous primary bath. See floor plan and full details here.

35 East 20th Street, #PH8
$11,500,000

Flatiron/Union Square | Cooperative | 5 Bedrooms, 4.5 Baths | 4,000 ft²

35 East 20th Street, #PH8 (Douglas Elliman Real Estate)

From the Listing: Welcome to this breathtaking full-floor penthouse loft located in the heart of the Historic Flatiron District. Recently renovated by award winning Andrew Franz Architect, this 5-bedroom, 4-bathroom loft blends modern luxury with historic charm. The interior spans an impressive 4,000 square feet and features custom Terra Cotta details throughout, adding to the loft's unique character. The great room is truly spectacular, boasting a 19'10" ceiling height and an open floor plan that includes the kitchen, dining area, and living room, making it the perfect space for hosting guests. The primary bathroom is a luxurious sanctuary, complete with heated floors, a rain shower, and a soaking tub, providing the ultimate spa-like experience. The 1,000 square foot roof deck offers iconic views of the city and is an ideal spot to entertain guests or relax after a long day. See floor plan and full details here.

Flatiron House, #21A
$12,500,000

Chelsea | Condominium | 4 Bedrooms, 4 Baths | 3,194 ft²

Flatiron House, #21A (Corcoran Sunshine Marketing Group)

From the Listing: Designed by COOKFOX Architects and encompassing a full floor, Residence 21A offers 3,194 interior square feet and 222 square feet of planted and irrigated outdoor loggias. This four-bedroom, four-bathroom home has sweeping 360-degree landmark views from floor-to-ceiling windows. Elevators open into a gracious entry gallery leading to the corner open living and dining room with bright south and east exposures. The corner kitchen, with four windows facing south and west, features ample custom oak, lacquer, and ribbed glass cabinetry framed in brass, a large island along with Calacatta Lincoln marble slab countertops and backsplashes and a pantry. The primary corner suite, on the east and north side of the residence, offers access to the planted loggia and is generously sized with a large walk-in closet and windowed dressing room. See floor plan and full details here.

One Madison, #PH
$42,000,000 (-32.3%)

Flatiron/Union Square | Condominium | 5 Bedrooms, 5.5 Baths | 7,000 ft²

One Madison, #PH (Corcoran Group)

From the Listing: Crowning One Madison from the 58th to the 60th floors, the Triplex Penthouse boasts nearly 7,000 square feet of open interior space with dramatic full-height windows that offer breathtaking 360-degree skyline and river views. This residential masterpiece was designed with the utmost sophistication and aesthetic integrity. The double-height Great Room with over 20-foot ceilings and a 586-square-foot wraparound terrace is the centerpiece of the residence. A formal dining room offers the ideal setting for gracious entertaining. The gourmet eat-in-kitchen is beautifully appointed with professional appliances. A sweeping curved glass staircase leads to the bedroom levels which consist of a gracious primary suite with dressing room, marble bath with free-standing soaking tub and rain shower in addition to four bedrooms with ensuite baths and a staff room. See floor plan and full details here.

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“Although a utilitarian office building, it has inspired literary outpourings of an almost poetic quality” – Landmarks designation report

Present Day

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