The Brodsky Organization, an NYC real estate developer, owner, and manager, along with international development company The Sorgente Group and the Gural Family’s GFP Real Estate have announced that they’ll be converting NYC’s iconic Flatiron Building into condos.
Designed by Daniel Burnham, the Flatiron Building was completed in 1902, becoming at the time the first skyscraper north of Union Square.
Since it’s construction it’s become one of the most recognized buildings in the world and was designated not only a NYC Landmark in 1966 but also a National Historic Landmark 23 years later in 1989.
In March of this year the building went up for auction due to continuous disagreements between the previous owners. Jacob Garlick from Abraham Trust won the bid, but after Garlick was unable to pay the 10% down payment it was back up for auction in May.
Jeffrey Gural of GFP Real Estate, a prior owner of the landmark, then bought back the landmark building for $161 million with plans to turn the building into apartments.
“I know that there are enough residential tenants that would want an apartment in the Flatiron,” Gural stated back in May. “There’s probably enough commercial tenants that would want an office there, but residential is easier.”
Gural, along with The Brodsky Organization and The Sorgente Group now intend to seek the necessary approvals in early 2024 that would allow for the conversion to move forward.
The conversion aims to regenerate the property while maintaining its iconic presence in NYC’s skyline.
Daniel Brodsky of The Brodsky Organization stated:
The Flatiron is an iconic NYC building and The Brodsky Organization is very proud to join our partners at The Sorgente Group and GFP Real Estate in preserving this landmark property. We believe that the Flatiron Building is well suited for residences and we look forward to working with the City and the Landmarks Preservation Commission on this exciting opportunity.