18 months ago, the largely vacant Flatiron Building, the iconic triangular skyscraper designed by Daniel Burnham, was in limbo. In March of 2023, the building was auctioned off, for what was considered by some the “bloated” price of $190 million. That purchase, however, was not finalized, as the winning bidder failed to fulfill the terms of the sale.
Which left up in the air the fate of a building so unique it is as immediately recognizable as the Empire State or Chrysler buildings.
The “bizarre saga,” as it was called by The New York Times, seems to have finally come to an end, as the Brodsky Organization, a major property developer, became part of a joint venture deal that acquired a stake in the skyscraper. The joint venture, which also includes GFP Real Estate and the Sorgente Group, has filed rezoning applications with the city of New York stating that it plans a mixed-use development that includes 60 residential condominium units for the building.
The ground floor will also include a 5,000 sq. ft. retail space. The one long-time tenant of the Flatiron Building, Macmillan Publishing, departed for new digs at the Beyer Blinder Belle restored, Ernest Graham designed Equitable Building in the Finance District in 2019. The sole remaining tenant at Flatiron, a T-Mobile store on the ground floor, will also depart. Some reporting states that there is room to expand to as many as 100 condos in the building, but current plans call for 60, which is up from the 40 units initially planned when the JV stake was announced.
What Are Brodsky’s Plans for Taking the Flatiron Building Residential?
The first, and arguably most important, thing you should know is that there “won’t be significant notable changes” to Burnham’s iconic façade. According to reporting in The Real Deal, “Façade alterations will be minor,” and “the property won’t be demolished or expanded.”
The average condo size is expected to be 2,000 s.f. However, that figure is based on a 100-unit layout, rather than the 60 currently specified in official filings.
If the development follows most of the luxury apartments and condos in New York City, you should expect a mixed-use development with restaurants, commercial, and/or retail space on the ground floor, condos above, and amenities like a gym, common/party areas, and perhaps, even a residents-only bar. Other high-end residences in The Brodsky Portfolio include City Tower and the Enclave at the Cathedral, which include amenities like a basketball court, game room, theatre, gallery, sky deck, terrace, and lounge, along with the – now almost requisite – fitness center.
The current development plans give an expected completion date of sometime by 2026.
The History of The Flatiron Building
"Over its 121-year history, the Flatiron Building became as identified with Manhattan as the Empire State Building or the Chrysler Building.” – The New York Times
While many people think the building’s name comes from its unusual shape, the building’s name is actually taken from the neighborhood itself. The triangular piece of land bordered by Broadway, Fifth Avenue, and 22nd & 23rd Streets had long been known as the Flat Iron when mining magnates, the Newhouse brothers, purchased it in 1899.
Their idea was to capitalize on and take part in the establishment of a new business district outside of the Wall Street financial sector. Sam and Mott Newhouse joined a syndicate with the George A. Fuller Company’s Harry S. Black (in a business structure not unlike the current joint venture that recently purchased the building), and filed their intentions to build a 20-story skyscraper on the triangle of land in 1901. That 20-story estimate flew in the face of the accepted wisdom that any building constructed on the Flat Iron could not physically exceed 12 stories.
The lead architect tapped to create their unusual structure was Daniel Burnham, of the well-known Chicago school of architecture. Burnham, along with his associate, Frederick P. Dinkelberg, designed a structure that was not only unusual in its overall shape, but in its foundational structure. Flying in the face of traditional wisdom for skyscraper construction, Burnham’s steel-frame design shunned the heavy block pediments that were considered essential to the base of a skyscraper. Instead, his building’s Beaux-Arts façade, inspired by French and Italian Renaissance architecture, rose straight from the street. Not only did this ensure his building would immediately gain attention, it caused many in the construction community to dub it “Burnham’s Folly,” because they were certain a steel-framed structure of such height would topple over if not supported by a thick pediment base.
Burnham was happy to prove them wrong. The building was completed in 1902, but the rest of the Flat Iron district did not build up to create that longed-for new business sector. The building housed the Fuller Company until 1929, after which it was auctioned off during The Great Depression. In 1969, a division of Macmillan Publishing leased part of the building, and the publisher eventually occupied almost all of it. In 1983, Thomas McCormack, then the president of MacMillan’s St. Martin’s Press, said of the unique structure,
“It’s the only office I know of where you can stand in one place and see the East River, the Hudson, and Central Park without moving.”
In fact, it is the unusually large number of windows – far more than most skyscrapers – that makes the Flatiron a great adaptive reuse candidate. Installing sufficient windows is often among the most expensive line items in a building conversion budget.
It wasn’t until the 1990s that the iconic building itself became such an architectural draw for the neighborhood that it spawned the development of restaurants, shopping, and tourism and the “Flatiron District” was finally born. Now, it’s considered one of the most expensive neighborhoods in the city.
And now, the new JV developing team plan to utilize adaptive reuse protocols to bring upscale housing in to match the neighborhood’s feel. Dean Amro, a principal at the Brodsky Organization, said that the project is a reflection of the organization’s belief that, “[O]ur confidence in New York coming back stronger than before.”
Frequently Asked Questions
What Does it Take to Convert a Historic Building via Adaptive Reuse?
Here are several articles that explain the concept of adaptive reuse, and how it’s bringing historical office and manufacturing structures back to life as residential spaces.
https://www.gp-radar.com/article/what-is-adaptive-reuse-in-architecture
https://www.gp-radar.com/article/how-one-architect-used-gprs-3d-bim-model-to-plan-retail-renovations
https://www.gp-radar.com/article/how-new-adaptive-reuse-trends-are-changing-multifamily-conversions
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