Manhattan’s iconic Flatiron Building, situated on Broadway and 23rd Street, is gearing up for a massive overhaul. The landmarked office building will be converted into luxury housing, reports The Real Deal.

Since 2019, the building’s upper floors have been empty after its sole office tenant, Macmillan Publishers, left before the pandemic. Residential developer Brodsky Organization bought a stake in the triangular-shaped tower and will lead the conversion into luxury apartments, which are likely to be condominiums. 

Earlier this year, the Flatiron Building went up for auction, however, the winning bidder failed to pay the $19 million deposit. A second auction was held and won by a group led by Jeff Gural— the building’s majority interest holder— for $161 million.

The transformation requires approval from the Department of City Planning, as well as the Landmarks Preservation Commission and the entire process could take at least three years. While the number of residences has not been determined yet, owners are mulling 40 units with various floorplans. The ground level will continue to offer retail space.