One of New York City’s most iconic office buildings is being transitioned into a new life as a luxury residential project.
The Real Deal reported The Brodsky Organization has acquired a stake in the Flatiron Building, the triangular 22-story structure built in 1902 as the city’s first skyscraper located north of Union Square. Brodsky will oversee the conversion of the 120-year-old building with the Sorgente Group, a property investment company – although it is not clear if the Flatiron Building will become entirely residential or will be a mixed-use structure that is half residential and either half office or hotel.
The property has been vacant since 2019 and last spring it went up for auction. The initial auction winner was unable to produce a required deposit on its $190 million winning bid, and Jeff Gural’s GFP Real Estate won a second auction at $161 million. A Newmark team brokered the deal with Brodsky.
The exact plans for the building are not entirely clear. Marketing materials for the property offer a future where the property can either be converted entirely to residential or could be half residential, with the other half used for offices or hotel suites.
Photo: “The Flatiron” by Edward Steichen, photographed in 1904.