Tyko Capital Lends $357M on Flatiron Building Condo Conversion
By Andrew Coen October 22, 2024 12:46 pm
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Developers behind a condominium project at the Flatiron Building have secured $357 million of construction financing for the much-anticipated office-to residential conversion of the historic Manhattan property.
Tyko Capital provided the loan on the Flatiron condo development at the iconic former 22-story office building that The Brodsky Organization, GFP Real Estate and The Sorgente Group are spearheading. The Real Deal first reported the deal late Monday.
“This is another important milestone in the restoration of the iconic Flatiron Building, and we look forward to continuing our efforts to preserve this landmark,” a spokesperson for The Brodsky Organization said in a statement.
Newmark (NMRK) arranged the transaction with a team led by Jordan Roeschlaub and Nick Scribani.
The Brodsky Organization acquired a stake in the Flatiron Building a year ago and formed a joint venture with its previous owners, GFP and Sorgente, to transform the more than century-old building into condominiums. The 255,000-square-foot property at 175 Fifth Avenue had lay vacant since 2019 when publishing company Macmillan relocated to 120 Broadway.
Officials at Tyko Capital did not immediately return a request for comment.
The Flatiron loan represents the latest high-profile deal for Tyko, which took part in a $1.2 billion refinance loan with J.P. Morgan Chase for the One High Line condo project being developed by Witkoff, Access Industries and Monroe Capital. The private lender also supplied a $527 million construction loan for Related Group and Integra Investments’ development of a St. Regis-branded condo tower in Miami’s Brickell neighborhood.
Andrew Coen can be reached at acoen@commercialobserver.com
