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The Brodsky Organization partnered with GFP Real Estate and the Sorgente Group to convert the Flatiron Building into 36 luxury condominiums with the highest unit now under contract at $58.5 million according to BBC News. This five-bedroom full-floor apartment featuring a balcony sits atop a range that begins at $11 million for three-bedroom units in the project that started renovations in 2023 after the final office tenants vacated in 2019. New residents are scheduled to begin moving in during the coming months with all work including amenities set for completion in early 2027.
The high asking price has prompted the question Would you pay $58.5m to live in this iconic New York building as the redevelopment of the 1902 Beaux-Arts landmark reaches its final stages. According to The Real Deal a combined seventh-floor unit spanning 7,700 square feet secured a $30.5 million contract earlier this year while a 3,900-square-foot four-bedroom apartment achieved an $18 million deal in May 2026 that ranked as the week’s top Manhattan transaction. These sales reflect sustained buyer interest in the building’s unique triangular design and prime location overlooking Madison Square Park.
A Compass second-quarter 2026 report on the Manhattan luxury market showed contracts for properties between $10 million and $20 million rising 38.6 percent year over year with activity above $20 million increasing 33.3 percent. Corcoran figures for the first half of the year placed contracts over $3 million up 17 percent and those above $5 million up 5 percent even after new tax measures took effect in July. Limited inventory at the high end continued to support pricing with median days on market declining across multiple analyses.
The Flatiron Building designed by Daniel Burnham as one of the city’s earliest steel-frame skyscrapers has drawn visitors for more than a century due to its distinctive wedge shape at the intersection of Broadway and Fifth Avenue. BBC News reported that the current owners began the conversion after Macmillan Publishing departed and that the project has preserved the original limestone brick and terra-cotta facade by hand-reinstalling replicated ornamental details including lion heads eagles and wreaths. Over 1,000 windows dating to the 1970s were replaced with thicker energy-efficient models that reduce street noise to levels uncommon in New York apartments.
Studio Sofield addressed the challenge of subdividing the triangular floor plates some measuring just six feet at their narrowest point while exposing original steel beams as design features in the open-concept residences. Thomas Brodsky partner at the Brodsky Organization told the BBC “It wasn’t about changing anything that makes the building so special and beloved to New Yorkers. The layouts and the proportions and views really came directly from the architecture rather than from how we generally would start planning a building from the ground up.” Demolition uncovered a previously unknown 20th-floor balcony that has been restored along with basement artifacts repurposed into sink legs mosaic floor tiles and lobby displays.
The adaptive reuse fits within broader Manhattan trends where historic office buildings have shifted toward residential use to address demand for unique luxury homes. Industry reports from Brown Harris Stevens and other firms indicate ultra-luxury transactions above $20 million have averaged more than $7,000 per square foot in recent quarters amid overall luxury sales volume that approached $12 billion across 2025. As scaffolding fully comes down by the end of summer 2026 the building’s newly illuminated exterior will once again stand as a public landmark visible from all sides.
