Almost a year after the owners of the iconic Flatiron Building pivoted to a residential conversion, details are emerging about the project.
The Brodsky Organization recently filed a rezoning application with the Department of City Planning, showing the developer is planning to deliver a 60-unit condo property, Crain’s reported. Brodsky is partnering with GFP Real Estate and Sorgente Group on the project, aiming to have it wrapped by 2026.
There won’t be significant notable changes to the outside of the building, according to the application, and the property won’t be demolished or expanded. Facade alterations will be minor and most of the updates will happen within the interior of the building, which The property has enough space for 100 condo units averaging around 2,000 square feet.
There will also be a 5,000-square-foot retail space on the ground floor. The T-Mobile store on the ground floor of the property is set to depart before construction on the redevelopment launches.
The century-old landmark had a wild ride last year to land with the developers.
The property went up for auction last spring as ownership struggled to chart a path forward for the vacant office building. Virtual unknown Jacob Garlick won the auction with a $190 million bid, only to disappear back into the shadows without ever putting down a deposit.
A second auction brought a victory for Jeff Gural’s GFP, which came with a $161 million bid. At the time, Gural projected a condo conversion would cost around $100 million.
Brodsky bought a stake in the landmarked building in October.
While the developers don’t appear poised to benefit from the city’s push for office-to-resi conversions, they are keeping the momentum going. This spring, state lawmakers created a tax incentive in the budget to aid such conversions, though affordable housing is a critical component for obtaining the abatement.
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