Flatiron condo sales fuel strong week for luxury sector
C.J. Hughes | Crain's
Thirty-three Manhattan homes priced at $4 million and above found buyers between March 23 and 29, according the latest luxury report from the brokerage Olshan Realty, which tracks contract signings, the first steps in sales transactions. Deal volume reached $254 million. The activity topped that of the previous week when 29 deals worth a total of $240 million changed hands, according to Olshan. And last week’s healthy haul puts the first quarter of 2026 on track to be among the strongest three-month periods in a decade, the brokerage added.
What may be most surprising is the sector’s resilience in the face of challenging headwinds. Chief among them last week was the slide of the Dow Jones Industrial Average, which lost 793 points Friday to descend into correction territory, which is considered 10% below the index’s recent high. Additionally, the price of a barrel of crude oil climbed Friday past $110, a consequence of the continuing war against Iran.
Other economic factors also seem less-than-ideal for a robust real estate market, including high interest rates, weak job growth and steep tariffs. But elite buyers may be taking those hurdles in stride.
Last week’s luxury activity heavily favored condos, which accounted for 23 of the deals on the list. A pair of the contracts were in the high-profile office-to-residential conversion of the Flatiron Building. In the larger of the two sales, a buyer signed a contract for a combined apartment on the seventh floor of the wedge-shaped landmark at 175 Fifth Ave., Olshan said. Offering views of Madison Square Park and 7,700 square feet of interior space, the condo unit was last listed at $30.5 million.
It was the priciest deal of the week. Also, a 3,100 square foot unit with an asking price of $11 million on the sixth floor of the 22-story prewar tower went into contract, according to the report. The development team of the Brodsky Org., GFP Real Estate and the Sorgente Group is creating 38 residences in the building that opened in 1902, an endeavor that’s expected to result in $455 million in sales, based on the project’s most recent offering plan from November.
Marketing began in the fall and so far 10 of the 38 units, are in contract, according to StreetEasy. The Flatiron had to be auctioned in 2023 on courthouse steps to resolve infighting among its multiple owners. The current group beat back four rivals to come away with complete control of the prewar property, which points uptown at East 23rd Street. Their winning bid was $161 million.
