The Flatiron Building, famous for its flatiron shape and a New York landmark in midtown Manhattan, will be converted into luxury housing. The Brodsky Organization, a powerhouse in the city’s real estate scene, has acquired a “substantial stake” and in collaboration with current owners GFP Real Estate and The Sorgente Group, will take the lead role in redefining the prestigious legacy of this iconic building . The transformation will take three years, as the owners will need approval from the Department of Urban Planning. The approval process itself could take a year, while demolition and construction could take another two years. The building has a standard floor plan of 10,600 square feet, while the total square footage is 255,000 square feet.
The building put up for auction
While the first floor will remain retail space, the owners are looking at various floor plans and there could be about 40 residences total after the renovation. The 120-year-old building has been empty since its sole tenant, Macmillan Publishers, moved out in 2019. The property, after an auction that has kept real estate enthusiasts everywhere in suspense the world, found a stable base under the tutelage of Jeff Gural’s GFP Real Estate which sealed the deal at 161 million dollars after the failure of another investor who had won the auction by offering 190, only to then fail to satisfy deposit requirements.