Tyko Capital Lends $357M on Flatiron Building Condo Conversion
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.
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“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
Jordan Roeschlaub, Nick Scribani, GFP Real Estate, Newmark, The Brodsky Organization, The Sorgente Group, Tyko Capital