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New York & Tri-State  + Downtown New York  + Office  | 

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition