News:
Brokerage
Posted: November 28, 2023
The Brodsky Organization, The Sorgente Group and the Gural family form new partnership
Manhattan, NY The Brodsky Organization, The Sorgente Group, and the Gural family’s GFP Real Estate, have created a new joint venture for The Flatiron Building at 175 5th Ave. The Brodsky Organization is the managing partner of the joint venture, and together with The Sorgente Group and GFP Real Estate, will guide the revitalization and residential conversion of the landmark building.
“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,” said Daniel Brodsky of The Brodsky Organization.
“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.”
“On behalf of The Sorgente Group, I am excited to launch this new partnership with The Brodsky Organization and GFP Real Estate, and am confident that our combined passion and expertise will ensure this iconic building’s future,” said Veronica Mainetti, principal, The Sorgente Group. “The Flatiron Building is a foundational part of Sorgente’s legacy, and I am thrilled to see its revitalization finally becoming a reality.”
Designed by Daniel Burnham and completed in 1902, The Flatiron Building is one of the most recognized buildings in the world and a cherished New York City landmark. The Flatiron has a special place in New York history – at the time of construction, it was the first skyscraper north of Union Square and remains a unique architectural masterpiece to this day. It was designated a New York City Landmark in 1966 and a National Historic Landmark in 1989.
The Flatiron Building has remained mostly vacant for the past six years. Led by The Brodsky Organization, the new ownership group intends to seek the necessary approvals in early 2024 that would allow for the conversion to move forward. The conversion will include necessary work to regenerate and protect the famous triangular property, helping the Flatiron Building maintain its iconic presence in New York City’s skyline.
Newmark’s Adam Spies, Doug Harmon and Adam Doneger acted as broker and advisor for The Sorgente Group and GFP Real Estate and arranged the transaction with The Brodsky Organization.
Tags:
Brokerage
MORE FROM Brokerage
SoHo emerges as America’s most active trophy retail market as investors prioritize quality, Adirondack Capital Partners finds
Manhattan, NY Investors are increasingly concentrating capital in the country’s most coveted retail corridors, with SoHo emerging as the nation’s most active trophy retail market,
Quick Hits
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
