A new chapter for a New York icon: the Flatiron’s façade, restored meticulously as it becomes a luxury condominium.

In this week’s edition:

A closer look at the new residential life planned inside one of NYC’s most recognizable landmarks.

For me, the Flatiron Building has always been one of New York’s most intriguing icons. There are many landmarks in this city, but none quite like this one. I’ve loved it ever since I first started in real estate and began paying closer attention to the city’s architecture. Naturally, I looked into its name and its history—why “Flatiron” (it really does look like a flatiron!), who built it, and how. I was struck by what an engineering feat it must have been in its day.

Completed in 1902, at a time when steel-frame construction was still new, it was radical in both form and method. Daniel Burnham, the Chicago architect behind the design, embraced the narrow, triangular plot instead of resisting it. The result was bold—and instantly unforgettable.

But for years, the building felt like a "had-been"—surrounded by scaffolding, empty inside, quietly fading from view. It was almost sad to watch. Then, in 2023, after a public auction and a few dramatic twists, a new ownership group stepped in with a bold plan: to reimagine the Flatiron as a luxury residential building.

That transformation is now underway. The interiors are being fully gutted and rebuilt. Over 1,000 windows are being replaced to meet today’s standards, and the building’s signature Beaux-Arts façade—limestone, brick, and terra-cotta—is, thankfully, being meticulously restored, one ornament at a time.

Inside, just 38 private condominiums are being designed by Studio Sofield, the firm behind the super tall "Steinway Tower" on West 57th Street and the upcoming 985 Fifth. Their vision is a respectful reinvention—preserving the essence of the Flatiron while layering in refined, contemporary details drawn from the building’s original material palette. (And yes, there may even be breakfast nooks in the tip.)

In a prime location, with Madison Square Park just across the street and a deep architectural legacy behind it, the Flatiron’s next chapter may place it among the city’s most desirable addresses. Flatiron House (on West 23rd Street) has already sold out. The Whitman (on the north side of Madison Square Park) drew buyers like J.Lo and Jeff Gordon. And nearby, 212 Fifth (at 26th Street) still holds the record for the most expensive Downtown condo sale, thanks to Jeff Bezos’ $96 million penthouse purchase.

This is also the latest in a wave of office-to-residential conversions across the neighborhood. 10 Madison Square West (just a block north), The Emory (on West 19th Street), and The Armory (Fifth Avenue at 26th Street) have already made the leap.

And now the Flatiron—once a ghost of its former self—is poised to become one of Manhattan’s most exclusive addresses. (I wonder what they’ll call it—“The Flatiron” seems fitting.) Sales are expected to launch later this year, with first move-ins slated for 2026.

Some buildings get photographed. This one gets remembered. And soon, it will be lived in.

Often when I get asked about NYC real estate, a common question is: “Are foreign buyers the ones buying?” The assumption is that international buyers are driving up prices—that NYC property is being snapped up by foreign nationals while local buyers are left behind.

That’s not quite the case.

While New York remains an attractive haven for many in the international set—and yes, there are certainly international buyers in today’s market—the vast majority of NYC purchasers are still domestic buyers: local residents, U.S.-based investors, or second-home seekers.

But that doesn’t mean the global market isn’t active. This year (the data is based on transactions in the 12 months ending in March 2025), marked a real rebound in international demand across the U.S.—especially in the luxury segment. Here’s a closer look at the numbers:

(Source: National Association of Realtors)

Note: This data reflects transactions during the 12 months ending March 2025, and therefore predates the new administration’s immigration and tariff policies—as well as recent shifts in the dollar exchange rate. It offers a snapshot of the market before these factors may begin to influence global buying patterns.

$56 Billion: Dollar volume of foreign buyer residential purchases during April 2024–March 2025 (2.5% of $2.2 trillion of the dollar volume of existing-home sales)

78,100: Number of foreign buyers’ existing-home purchases during April 2024–March 2025 which is 1.9% of 4.04 million existing-home sales.

56%: Foreign buyers who reside in the United States (recent immigrants; less than two years at the time of the transaction) or nonimmigrant visa holders (Type B)

1. China (15% of foreign buyers, $13.7 B)

2. Canada (14% of foreign buyers, $6.2 B)

3. Mexico (8% of foreign buyers, $4.4 B)

4. India (6% of foreign buyers, $2.2 B)

5. United Kingdom (4% of foreign buyers, $2.0 B)

1. Florida (21% of foreign buyers)

2. California (15%)

3. Texas (10%)

4. New York (7%)

5. Arizona (5%)

$494,400: Foreign buyer median purchase price (compared to $408,500 for all U.S. existing homes sold)

47%: Foreign buyers who paid all-cash (compared to 28% among all existing home buyers)

47%: Foreign buyers who purchased a property for use as a vacation home, rental, or both (compared to 16% among all existing-home buyers)

44%: Foreign buyers who purchased in a suburban area (similar to 45% among all existing-home buyers)

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