Iconic Office-to-Resi Conversion Sees 82% of Units Sold Before Opening
Manhattan’s Flatiron Building has sold 18 of the 22 residential units publicly listed on StreetEasy, reaching 82% absorption before its fall opening. Unit 17-North, a four-bedroom spanning 4,626 square feet with views over Madison Square Park, went into contract at $23.95 million last week, marking the second time in three weeks a Flatiron unit topped Olshan Realty’s weekly luxury contract report. Pricing across the 36 total units ranges from just under $11 million to $58.5 million for the penthouse on the 21st floor. Sales launched quietly last fall and publicly this year, with momentum accelerating through spring.
Brodsky Organization partnered with the building’s owners after a $161 million auction in 2023 to convert the 22-story tower from office to residential. Studio Sofield handled interiors, reworking the wedge-shaped floor plates into one north-facing and one south-facing unit per level, plus two full-floor penthouses. One buyer combined the entire seventh floor into a single 7,700-square-foot residence for $30.5 million. Amenities include a 60-foot lap pool, fitness center, sauna, cold plunge, billiards room and residents’ lounge, all retrofitted into a structure built in 1902 by Daniel Burnham.
Construction crews have replaced roughly 1,000 windows to preservation standards and installed the building’s first exterior lighting, work requiring extensive approvals given the landmark’s protected status. Residences will be move-in ready this fall, with the full amenity package completing in early 2027. Macmillan Publishing, the last major tenant, vacated in 2019, leaving the building largely empty until the conversion began. Absorption at this pace for a building still under construction stands out in a luxury new development pipeline where units typically sit for a year or more.
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