Flatiron Building Conversion Tops Manhattan Luxury Deals

The Flatiron Building conversion project has snagged its priciest inked deal yet.

A buyer signed a contract last week to purchase the seventh floor of 175 Fifth Avenue, according to Olshan Realty’s weekly report. The unit, which asked $30.5 million, was initially planned as two separate apartments, though the developers will now combine them into a single home.

The full-floor unit will span 7,700 square feet and will likely have seven bedrooms and seven bathrooms based on the plans for the two condos in the offering plan. It will also feature ceilings over 10 feet tall and a great room overlooking Madison Square Park.

The pending deal for the condo is one of eight at the building recorded on StreetEasy since the start of sales, which quietly launched in the fall. Buyers have also agreed to purchase an 18th-floor apartment for $24.8 million and a fourth-floor unit for just under $20 million.

A team with Corcoran Sunshine Development Marketing, led by Angeli DeCecchis and Michele Hinojos, is heading sales of the development’s 38 units.

The Flatiron Building apartment was one of 33 homes in Manhattan asking $4 million or more to enter contract between March 23 and March 29, up from 29 in the previous period.

The second most expensive home to find a buyer was a condo at Zeckendorf Development’s 15 Central Park West, with an asking price of $23 million. The 3,500-square-foot unit, which hit the market in September, last traded for $21.5 million in 2017.

Unit 8B has four bedrooms and four bathrooms. It also features a formal dining room and a 47-foot primary bedroom with views of Central Park.

Noel Berk, Elizabeth Mercedes Berk and Fran Shapiro of Engel & Völkers had the listing.

Amenities in the Robert A.M. Stern-designed tower include a fitness center, pool, private restaurant and terrace. Other recent trades in the building include a $24.8 million deal for a four-bedroom condo, which hit city records in February.

Of the 33 homes, 23 were condos, five were co-ops and five were townhouses.

The properties asked a combined $264 million, which works out to an average of $8 million and a median of $6 million. The typical home was on the market for a year and a half and had a discount of 8 percent.