New York City is now preparing to turn the Flatiron Building--one of the most photographed landmarks in the area--into a high-end condominium by the end of 2026.
The landmark's new owners filed documents yesterday to the New York City Department of City Planning to set the ball rolling on plans to convert the 200,000-square-foot property building into 60 high-end condominium units. While the paperwork shows that it could fit 100 apartments, the developers will need the space for the 40 units to build new elevators, fire stairs, trash compactors, and other residential requirements.
Per the Environmental Assessment Statement (EAS), only the Flatiron's ground floor will stay open for commercial use. However, the commercial space will be cut down by 2,000 square feet.
The paperwork came after the owners last fall suggested that they were likely to convert the building due to the "current state of the commercial office market." But at the time, they had not specified whether the building would become condominiums or co-ops and whether they would be affordable or luxury units.
Once construction is finished, all 60 condo units will be sold at a market rate, the application noted.
The Flatiron's History
The Flatiron served as the home of the Macmillan, a British book publisher, until 2019. The building has been left mainly vacant since then. Last year, the court ordered for the building to be put up for auction where it sold for $190 million. The buyer later defaulted on the down payment, allowing GFP Real Estate's Jeffrey Gural, a part owner of the Flatiron, to purchase the property.
The developers' application will need to undergo an extensive review process, especially because the property has been designated a historic building. Per the documents, the developers do not plan to demolish, add, or expand any part of the property. However, they will perform "minor exterior work," including replacing windows and altering the ground-floor door.
The developers aim to get approval for their plans by the end of the year and start having residents move in by the end of 2026.
