Flatiron, named after the landmarked Flatiron Building on the southeast corner of 23rd Street and Fifth Avenue, is true downtown New York. Formerly known as the Toy District (thanks to the large number of toy manufacturers that used to occupy the area), this ex-commercial district began its evolution into a residential enclave around the 1980’s and has grown exponentially since. Today, Flatiron is known for sprawling, open residential lofts that have been converted from commercial spaces.
The neighborhood is bounded by 14th Street to the south; Sixth Avenue to the west; Park Avenue South to the east; and 30th Street to the north; with the area between 23rd and 30th Streets sometimes referred to as NoMad. Because they were once commercial spaces used for manufacturing or used as offices, homes in the area are immense – and priced to match. Buyers looking for an affordable starter apartment should look elsewhere. The good news is that the neighborhood’s many loft homes trade at an attractive price per square foot compared to the rest of downtown, including Tribeca and Soho. Buyers looking for downtown loft living, but who don’t need to actually live in Tribeca or Soho, will find high-quality homes at a price that they won’t be able to beat anywhere else.
Co-ops make up much of the pre-war inventory in the neighborhood, but they are a far cry from the strict Upper East Side co-ops that deter many buyers. Those who would only consider condos in other neighborhoods can usually find a co-op that fits their needs in Flatiron. Both new construction and modern conversions of historic buildings can be found in Flatiron, allowing for buyers of all tastes to find a home that suits them.
NoMad, which stands for North of Madison Square Park, is a mini-neighborhood located within Flatiron that might be considered a separate neighborhood depending on who you’re talking to. NoMad looks and feels similar to the rest of Flatiron, but with more new construction options and with more homes that offer views of Madison Square Park. Buyers in NoMad will appreciate the central location, the many dining and nightlife options, the easy access to pet-friendly Madison Square Park and, of course, the original Shake Shack.