Flatiron District prices, transactions fall

Buildings in the Flatiron District

Real estate prices in the Flatiron District began falling in 2008, and transaction volume has plunged over the last six months, according to an analysis of the neighborhood by investment services firm Eastern Consolidated. For the majority of the last seven years, the average price per square foot in the Flatiron District ranged from about $250 to $350 per square foot. The average price per square foot for office buildings in the neighborhood peaked at $600 per square foot in 2007. One of the few commercial transactions of this year in the Flatiron District took place when real estate developer Sorgente Group purchased a more than 50 percent stake in the Flatiron Building at 23rd Street and Fifth Avenue. The company plans to turn the building into a hotel. TRD