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Flatiron District Offices Trade for $611 Per Square Foot
Managing principal Michael Ferrara and investment associate Cole Kinney Leonhardt of Brax Realty finalized the sale of 174-176 Fifth Ave. for $13,200,000. The office building traded for $611 per square foot, with Ferrara and Leonhardt representing both the seller, a long-term family ownership, and the buyer, a private investor.
The property is located directly across the street from the Flatiron Building between 22nd and 23rd streets, and traded for the first time in more than 55 years. It spans 43 feet in width and is the widest building on the block.
According to Brax Realty, the flexible C6-4M zoning allows for office or residential use as of right and the building has additional air rights that could be utilized pending approval within the Ladies Mile Historic District.
- ◦Sale/Acquisition