When a building just isn’t working anymore, it’s often better to reuse it than knock it down. Especially if it’s an iconic building in one of the busiest and biggest cities in the world.
New York’s Flatiron building was opened in 1902 and was popular among companies who rented office space. Unfortunately, office space in Madison Park has become incredibly expensive and many companies opted to rent somewhere else where it was more affordable.
The last tenant to leave the Flatiron was MacMillan Publishers in 2019. Since then, especially since Covid-19 hit and work from home became the norm, there haven’t been any tenants in the building.
The owner couldn’t decide what to do with the building and it stood empty for a few years until a judge decided that the building should be set up for auction.
Investors gathered around and finally five of them settled on a deal to buy the iconic New York landmark.
The transformation is going to cost a lot of money and take several years as planning permission still has to be approved.
Once everything is approved and completed, the Flatiron building will consist of retail space downstairs, and the rest will be made up of 40 luxurious apartments.
At this stage, it’s not clear what the apartments will look like or what they will go for.
Image credit: New York Post