The Flatiron Building, a triangular landmark located right off of Madison Square Park in the Flatiron District, has submitted plans to convert its 185,897 sf of floor area to 39 luxury condominium units.
As of the end of August 2024, applications and descriptions have been filed by Flatiron Owner, LLC. In the architectural drawings, The Brodsky Organization is listed as the client, with SLCE Architects LLP listed as the executive architect, GMS LLP as the structural engineer, Cosentini Associates as the mechanical engineer, and Studio Sofield as the Design Architect/ Interior Designer.
Live and Swim in the Flatiron Building
Vacant since 2019, aside from two ground-floor retail spaces, the application proposes converting the 2nd through 22nd floors from commercial office space to residential use. The conversion would contain a total of 39 dwelling units, with two units per floor on the second through 21st floor and one unit on the smaller penthouse/22nd-floor level.
Because of the shaft locations for elevators, required egress stairs, new mechanical equipment, and the landmark status requirements for the building’s windows, as well as the unique floor plates of the Flatiron building that taper to a point on the northernmost end, it would be a challenge to convert each floor to more than two dwelling units.
A portion of the ground floor and the mezzanine between the ground and second floors would be used as a lobby (complete with a mailroom and package room) and residential amenity space. To fill the requirements for recreation space (per law, a minimum of 3% of the residential floor area of converted buildings), the proposal details 8,300 SF of space from the mezzanine and cellar levels containing a gym, pool, lounges, library, and multimedia room. The proposed recreation space will greatly exceed the minimum required and also have the additional benefit of being near Madison Square Park.
Flatiron Building Conversion
There are no major proposed changes to the building’s exterior, keeping the iconic image intact. The New York City Landmarks Preservation Commission (“LPC”) has already provided approvals, including a Certificate of Appropriateness for Exterior Work, a Certificate of No Effect on Protected Architectural Features or a Permit for Minor Work, and a Request for a Continuing Maintenance Report.
Thanks to the City Planning Commission certifying the City of Yes for Housing Opportunity (COY-HO) on April 29th, 2024, the Flatiron’s conversion won’t be held back by the previous necessity of open rooftop space, which was required by ZR Section 15-12. The Flatiron Building’s rooftop would need space for necessary Fire Department clearances and contain a cooling tower, elevator bulkhead, stair, trash exhaust, energy recovery unit, and smoke purge fan, leaving no additional space for recreation. All of this is needed for the conversion to residential and for the modernization of the building’s infrastructure.
While there won’t be a rooftop to enjoy, plans show the penthouse residents will have access to a terrace.
Flatiron Building Residential Unit Costs
The project description concludes with a pitch that the “project would add 39 housing units in one of the city’s densest neighborhoods, with unparalleled access to public transit, job centers, and amenities” and that “utilizing and repurposing existing buildings is a sustainable path towards alleviating the City’s current housing crisis.” In September 2024, the average rent in the Flatiron District is $5,900 for a one-bedroom, and the average home sales price is $3,250,000 or $1,831 / ft² per RealtyHop. While there is no word on the price of these units, the Commercial Observer reports them as luxury units.
Are you interested in diving into the conversion application yourself? You can check it out here
Alda is a mom, Brooklynite, and real estate lover. In her free time, she cruises real estate listings to dream of a perfectly attainable several million-dollar brownstone, much to her husband's annoyance. Alda is also convinced she knows everything there is to know about New York City, based solely on consistent people-watching and eavesdropping. Mrs. Burrows would be an amazing trivia partner but instead chooses to write about all the random stuff she knows.