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Flatiron Building Being Converted to Residential

Nicholas Rizzi - The Commerical Observer

The Brodsky Organization bought a stake in the landmarked office tower with an eye toward residential conversion.

One of New York City’s most iconic office buildings is being converted to residential.

The Brodsky Organization bought a stake in Manhattan’s landmarked Flatiron Building and formed a joint venture with existing owners GFP Real Estate and The Sorgente Group to turn the 22-story building into a residential property, The Real Deal first reported.

Details on the exact plans for the building aren’t clear yet, but Brodsky, which will manage the joint venture, bought a “substantial stake” of up to 50 percent, according to a source with knowledge of the deal. Brodsky said it hopes to get approvals from the city for the conversion early next year.

“The Flatiron is an iconic New York City building, and The Brodsky Organization is very proud to join our partners at The Sorgente Group and GFP Real Estate in preserving this landmark property,” The Brodsky Organization’s Daniel Brodsky said in a statement. “We believe that the Flatiron Building is well suited for residences, and we look forward to working with the city and the Landmarks Preservation Commission on this exciting opportunity.”