Would you pay $58.5m to live in this iconic New York building?

What the report says

BBC World News reports that New York’s Flatiron Building is nearing the end of a major renovation that will turn the landmark from offices into ultra-luxury condominiums. The triangular Beaux-Arts tower, completed in 1902 at Broadway and Fifth Avenue, has been covered by scaffolding for seven years while work took place on its exterior and interior. Its owners — the Brodsky Organization, GFP Real Estate and the Sorgente Group — began the current conversion in 2023 after earlier ownership disputes and the departure of the last office tenant, Macmillan Publishing, in 2019.

According to the BBC, the 24-storey, 94-metre building will contain 36 residences, including half-floor and full-floor apartments. Prices range from about $11m for three-bedroom homes to $58.5m for a five-bedroom full-floor unit with a balcony that is currently in contract. Amenities being added include a 60-foot pool, billiards room, piano lounge and wellness centre. The owners expect residents to begin moving in within months, with all units and shared spaces due to be completed in early 2027.

The redevelopment has required designers to adapt an unusually narrow triangular floor plate, measuring about six feet across at its tightest point, into high-end homes. Studio Sofield handled interior design, while Beyer Blinder Belle led exterior work, including restoration or replacement of thousands of terra-cotta facade elements and more than 1,000 windows.

The project matters beyond real estate because the Flatiron is one of New York’s most photographed buildings and an early steel-frame skyscraper. BBC reports local business officials expect the removal of scaffolding, anticipated by the end of summer, to help draw visitors back to the surrounding Flatiron-NoMad area.