Flatiron District Hot with Residential Conversions and New Construction

The Story House 36 East 22nd Street Flatiron District Manhattan

The Flatiron District in Midtown south is home to some of Manhattan’s most prolific commercial and residential buildings. From the famed Flatiron Building at 175 Fifth Avenue, to One Madison Park at 22 East 23rd Street, the Flatiron District is anything but shy when it comes to generating buzz in Manhattan real estate news. What was once the center of New York City’s industrial community, the Flatiron and Garment District were discarded by many New Yorkers as inhospitable for the longest time. Nowadays, the strip of Midtown south from the Avenue of the Americas to Park Avenue South, between 14th and 23rd Streets are attracting an impressive wave of old-world residential conversions and new Manhattan construction.

According to city records, more than 1,000 housing units were added to the 19 blocks of the Flatiron District between 2000 and 2010. This would amount to nearly a 25 percent increase in apartments for sale and a population increase to 8,527. In addition to West Chelsea and Washington Heights, hopeful parents have been taking a second look at the luxury condos for sale adjacent to Madison Square Park. Other than the close proximity of the park itself, parents have praised and welcomed the recent additions of many urban commercial retailers such as Bed, Bath & Beyond, the Container Store and Trader Joe’s and the cluster of food emporiums such as the Italian gourmet food retailer, Eataly.

Residential conversions of commercial and industrial lofts in the Flatiron District have resonated especially well with prospective families due to the high availability of multiple bedroom units. Take for example the Story House at 36 East 22nd Street. The pre-war, doorman building has two- and three-bedroom apartments for sales ranging from $3.25 million all the way up to $4.5 million. Each condo at the Story House were converted by the Zucker Organization and resides on its own floor providing ample privacy and noise isolation for a growing family.

And just a few doors down is One Madison Park at 23 East 22nd Street. This on-again, off-again, post-war high-rise tower has been sitting idly since 2008 and The New York Times recently reported that the end of the building’s legal and financial troubles could soon be coming to close. If all goes well, “sales could begin again [as early] as Fall 2012.” New Construction Manhattan has been keeping our eyes on this building for a while now and it will be interesting to see how things progress when the building is finally open on the market.