New York’s landmarked Flatiron Building has moved a step closer in its planned makeover into primarily high-end residential condominiums.
The building’s ownership wants to turn the 21-story, 204,593-square-foot property at 175 Fifth Ave. into a mixed-use residential and commercial building housing as many as 60 luxury units, according to a filing with the New York City Department of City Planning last week. Each unit is expected to have an average size of about 1,998 square feet, according to the filing.
The property also will include about 4,807 square feet of ground-floor commercial retail space.
The project, involving “interior renovations and minor modification,” is expected to take 18 months, with the redevelopment expected to be completed and operational by 2026, the filing said, adding that the project wouldn’t involve the demolition, addition or expansion of the iconic structure.
New York developer The Brodsky Organization, which bought a stake in the Flatiron last year to join existing owners Sorgente Group and GFP Real Estate to redevelop the triangular-shaped Manhattan building, didn’t immediately respond to a CoStar News request seeking comment. Sorgente, an international development company originating in Italy focusing on “architecturally significant” properties, didn’t respond to a CoStar request for comment, while a GFP spokesperson directed questions to Brodsky, a family-owned firm and the venture's managing partner.
Brodsky is known for New York projects such as One Columbus Place, a residential property near Columbus Circle and Central Park. It also helped to develop the High Line Hotel, originally constructed as part of the landmarked General Theological Seminary, according to its website.
The planned redevelopment of the famed Flatiron, which has been featured on postcards, in movies such as “Spider-Man” and “Godzilla,” and is a must-see for many tourists, comes after twists and turns in the drama surrounding its planned use and the ownership. The building’s previous majority owners in May 2023 won a closely watched second public auction for the building with a $161 million bid after the winner in the first auction failed to make a down payment within 48 hours of the sale.
GFP Chairman Jeff Gural has previously told CoStar News the building requires some $100 million of basic upgrades. The work that’s required includes setting up the heating and air-conditioning system and knocking out the existing sole historic stairway to build two new ones.
Designed by Daniel Burnham and completed in 1902, the building was New York’s first skyscraper north of Union Square at the time of its construction. It was designated a New York landmark in 1966 and a National Historic Landmark in 1989.
The building has sat “mostly vacant” the past six-plus years, the joint venture has said. Macmillan Publishers, which had occupied the entire tower, moved out in 2019 in its relocation downtown.