Updated 22 October 2026.
The Flatiron Building at 175 Fifth Avenue is a New York landmark, and the questions people type about it are about records: who owns it, what is borrowed against it, what it is worth. We sent that address to the Titleman engine as a broker opinion of value request and read the answer back. Everything below is either a fact on record, with its date, or labeled as our model's estimate.
Who owns it
The owner of record is Flatiron Owner LLC. Deeds dated 25 October 2023 placed the building in that entity. One of them is a referee's deed for a 25% interest at $40,250,000; at the same price, our arithmetic puts the whole building at $161,000,000, or $877.63 per gross square foot. That is a 2023 transfer price, not a current value.
The mortgage on record
A consolidated mortgage of $200,000,000 to Flatiron Debt Lender LLC is on record. It is made of a $66,485,770.50 consolidation agreement and a $133,514,229.50 mortgage, both dated 21 October 2024 and recorded 1 November 2024. The interest rate and the maturity are not on record, so we state neither.
What stands there now
- Built in 1903; 21 floors in one record, 23 stories in another. The two do not reconcile, and the run did not need to settle it.
- 183,449 gross square feet: 174,500 of office and 8,949 of retail. Lot of 8,650 square feet, zoning C6-4M, an individual city landmark.
- Vacant since 2019. An alteration job on record, amended through 5 October 2026, covers conversion to 36 condominium units plus base retail.
- Unit count: 36 in the latest records, 37 and 38 in others. We used 36.
- 17 units were reported in contract in September 2026. Contract prices are not on record until deeds record, so the figures below use asking prices only.
What it is worth: our model's estimate
Our model's estimate of the as-is value on 21 October 2026 is $530,000,000, in a range of $450,000,000 to $580,000,000, or $2,889.09 per gross square foot. It is an estimate built on stated assumptions, not an appraisal.
Because the tower is empty and becoming condominiums, the run values it as a sell-out less the work still to do:
| Line (our model's estimate) | Amount |
|---|---|
| Present value of 17 units in contract (asking prices less 5%, less 6% selling cost) | $289,604,236 |
| Present value of 19 unsold units | $282,674,348 |
| Present value of the base retail | $22,489,359 |
| Less cost still to spend ($350 per square foot, an assumption) | -$61,535,628 |
| Less carry on unsold units | -$3,205,889 |
| Result | $530,026,426 |
The asking prices on the 23 listed units add up to $491,625,000. The other 13 units carry no price on record and are priced by the model from their neighbors on the same lines.
What a floor carries
There is no rent to report: the building is not leased. What a listing does show is the monthly carry of a full floor. The April 2026 listing for the full 21st floor shows monthly common charges of $14,315 and monthly taxes of $15,100, which is $29,415 monthly or $352,980 yearly. Our model used that listing to set the carry on unsold units at $47.65 per square foot per year.
What this page does not replace
- A licensed appraisal. The value is our model's estimate and carries no signature.
- A title search. Ownership and the mortgage are what the records show; a title company confirms the chain and any release on a unit closing.
- The offering plan and the sponsor's budget. Net rentable area, the cost to finish and signed contract prices are not on record. They would narrow the range more than any other input.
- An engineer. Condition is read from records, not from the structure.
Run the same read on your address
The run drew on 2,100+ sources, and every figure in it carries a source line, including the ones this page leaves out. To see the same read on a building you know, request a demo. The format is explained in what a broker opinion of value is and how to read a report.