CHANGE: Flatiron Building, Famous New York Landmark, to Be Converted to Condos. The triangular 22-story building, which has been vacant since 2019, may be among the highest profile office-to-residential conversions.

New York City’s historic Flatiron Building is officially preparing for its new life as a home to condos.

Following an auction of the property earlier this year, The Brodsky Organization has most recently bought a stake in the landmarked building — which is owned by GFP Real Estate. The investment confirms that the building, which sits at the intersection of Fifth Avenue and Broadway, will be converted into condos.

Sources confirmed Brodsky’s stake, as well as the “likely” conversion, to The Messenger. The deal was first reported by The Real Deal.

The triangular 22-story landmark located at 175 Fifth Avenue has a typical floorplan of 10,600 square feet, with a total square footage of 255,000 square feet, according to materials by GFP. At the May auction, GFP Chairman Jeffrey Gural estimated that the building would cost $100 million to renovate, in addition to the $161 million he dropped on the winning bid.

Sources involved in similar investment sales say that the conversion will be rather pricey. It’s estimated that the developer would have to charge about $1,600 per square foot to break even and closer to $3,000 a square foot to turn a profit. The triangular floor plan may also make for oddly shaped apartments.

They’re going to have their work cut out to redo the plumbing stacks in an office building that’s over 120 years old to individual kitchens and bathrooms: Turning offices into apartments could help save downtowns, but it’s complicated.