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Flatiron District: 10 Years of Growth

Yesterday, the Flatiron BID released its sixth annual Flatiron: Where Then Meets Now report. This year’s report subtitled, “Flatiron District: 10 Years of Growth,” showcases recent real estate trends from the past year, as well as the development of the district’s commercial and residential sectors since the formation of the BID in 2006.

“As this report clearly illustrates, Flatiron’s reputation as one of Manhattan’s premier neighborhoods for residents, workers, tourists, and other visitors is well-deserved,” said Jennifer Brown, the Flatiron/23rd Street Partnership’s Executive Director. “The BID is thrilled to have played a significant role in Flatiron’s remarkable transformation over the last 10 years, and we are confident that the District is poised for even greater things in the years to come.”

The report includes key statistics that reflect the past decade of growth in the neighborhood. For example, asking rents for Class A and B office space in Flatiron, increased from $39.26 per square foot in 2006 to $69.94 in 3Q 2016. This 78% increase is greater than the increase over the same period in other nearby neighborhoods, including Midtown South, Midtown, and Hudson Square.

The Flatiron District’s residential sector has also seen significant growth since 2006 as developers have added over 920 new rental condominium units. This growth will continue in the future as there are currently more than 700 residential units planned or under construction within the BID’s boundaries.

In addition to highlighting the past decade of growth, this year’s report also looks at recent office space transaction as companies like Sony, Criteo, and Reorg Research all moved their headquarters to the Flatiron District in 2016.

To download the full report, click here.


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Friday feels even better with this weather! Enjoy all the outdoor eats 🌞 Featured: 🍻 @bxlzoute 🍝 @scarpettarestaurants 🥪 @marksoffmadison 🥞 @sarabethsofficial 🍸 @hillstoneparkavenue 🍝 @taralluccinyc 🥂 @hardingsnyc 🍔 @shakeshack 🍤 @scampinyc
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