Commercial space in Flatiron

New York City's PLUTO tax lot data (26v2) records about 22.7 million square feet of commercial floor area across 516 properties in the part of Flatiron Leasemark covers, including about 14.6 million square feet of office and about 3.7 million square feet of retail. The largest office building by that measure is 1 Madison Avenue, at about 1.2 million square feet. That is the existing building stock, not space currently available.

Nine subway stations sit within about 0.5 mi of Flatiron's commercial core, served by the 1, 2, 3, 4, 5, 6, F, L, M, N, Q, R and W trains. The closest is 23 St (R W), roughly 1 minute on foot; then 23 St-Baruch College (6), 23 St (F M), 14 St-Union Sq (4 5 6 L N Q R W), 28 St (6), 28 St (R W), 14 St (1 2 3 F M L) and 2 more. Walking times are straight-line estimates from MTA station data.

Three of the nine stations within about 0.5 mi of Flatiron's commercial core are fully accessible, per the MTA: 23 St-Baruch College (6), 14 St-Union Sq (4 5 6 L N Q R W) and 14 St (1 2 3 F M). 28 St (6) is partly accessible (one direction only).

The newest sale on record is 118 West 22nd Street, which sold in June 2026 for $28 million to W 22 LLC, per the deed recorded with the city. 14 sales, $1.42 billion in all, have been recorded of the large commercial buildings Leasemark tracks in Flatiron since 2016.

See every building sale in Flatiron

On the Department of Finance's 2026/27 assessment roll, the 91 large commercial buildings Leasemark tracks in Flatiron that pay property tax come to a median of about $13.76 per square foot of floor area a year, with the middle half between $11.43 and $20.41. That is the taxable value after exemptions times the Class 4 rate of 10.848% (tax year 2025/26, the latest the city lists), before abatements such as ICAP. The largest estimated bill is 1 Madison Avenue, about $33.9 million a year. 2 more buildings are fully exempt. Many office leases pass a tenant's share of increases over a base year through as additional rent.

How taxes show up in gross and net leases

In the 12 months to October 2026, the Department of Buildings issued first permits for 178 interior build-outs in 62 of the 93 large commercial buildings Leasemark tracks in Flatiron, with work permitted on 220 floors in all. Their filed cost estimates add up to about $255 million. The most were at 354 Park Avenue South (12 build-outs). A build-out here is interior work on the same floors (construction, mechanical, plumbing, sprinklers and the like) first permitted within 120 days. New interior work usually follows a lease, so it is a rough sign of where tenants are moving in, but a permit does not say who the work is for.

Build-outs in every NYC neighborhood

Yes, for larger leases. Flatiron is in Manhattan below 96th Street, where the city's Commercial Rent Tax applies. A tenant owes it only when base rent for the space is $250,000 a year or more. The tax is 6% of base rent after a 35% reduction, so 3.9% of rent, with a sliding credit between $250,000 and $300,000, and the Small Business Tax Credit wipes it out for businesses with total income of $5 million or less and base rent under $500,000.

Estimate it with the Commercial Rent Tax calculator

Yes. Posting a space or a requirement is free. Contact details are only shared when both sides accept an intro.