Iconic NYC Skyscraper Trades for $190M
Manhattan's iconic Flatiron Building, located at 175 5th Avenue in the Flatiron District, has just been sold at auction to Abraham Trust for $190 million. Previously owned by five separate parties, including GFP Real Estate, Newmark, Sorgente Group, ABS Partners, and attorney Nathan Silverstein, the historic structure was offloaded as part of a court-ordered sale, due to disagreements between the owners.
Originally named "The Fuller Building", The Flatiron Building was designed by Daniel H. Burnham & Company and constructed in 1902. Famed for its triangular shape, it is now one of the most historic and recognizable skyscrapers in all of NYC.
Although completely unoccupied at this time, the building contains square feet of office space, spanning floors 2 through 21. It also has ground-floor retail space. The structure stands and totals square feet altogether.
The Flatiron Building is currently undergoing an interior renovation, which began in 2019 and is expected to finish in the coming months. Led by Beyer Blinder Belle, this $80 million initiative entails a full renovation of the lobby, completely replacing HVAC, electrical, and plumbing systems, adding new heating and cooling infrastructure, and renovating the penthouse with new oversized windows and a private terrace. As a result of these changes, The Flatiron Building is expected to achieve LEED Platinum certification.