The Flatiron Building with residential towers rising behind it at Madison Square
Development Tracker — Flatiron, NoMad & Gramercy

What's Being Built in Flatiron, NoMad & Gramercy? The Flatiron Building's Condos, a Wave of Office Conversions & the SPARC Kips Bay Campus

Hush Street tracks what's changing between 14th and 34th Streets on the East Side: the Flatiron Building's 38 condos, office conversions at 419 Park Avenue South and 95 Madison, a new condo on Gramercy Park, SPARC Kips Bay, the empty Beth Israel campus and the sites waiting on Union Square and Fifth Avenue.
20
Projects Tracked
4
Office & Institutional Conversions
7
Under Construction
~2M
Sq. Ft. Planned at SPARC Kips Bay
Oct. 2026
Updated
Watch → Falling-Debris Violation at 38 Gramercy Park East 1 Stalled Site
By Hush Street Editorial
What’s Changing
→
The affordable housing lottery opened at 345 East 17th Street.Oct. 2026
→
DOT presented designs for permanent Broadway plazas around the Flatiron Building.Sep. 2026
→
DOB issued the Flatiron Building conversion's initial certificate of occupancy.Aug. 2026
Money Moving →
95 Madison Avenue Conversion loan (The Real Deal)$99M
419 Park Avenue South Building purchase (Crain's)$72M
38 Gramercy Park East Site assemblage (YIMBY)$47M
See the conversions →
PROJECTS CONVERSIONS NEW BUILDINGS SITES IN WAITING PUBLIC PROJECTS

Hush Street is tracking what’s being built in Flatiron, NoMad, Union Square, Gramercy and Kips Bay, between 14th and 34th Streets.

Much of the change here is happening inside old buildings rather than through new towers. The Flatiron Building is now 38 condominiums, and Elad Group and Sunlight Development are turning office buildings at 419 Park Avenue South and 95 Madison Avenue into condos. The first piece of the closed Beth Israel campus to be reused, a former nurses’ residence, now holds 87 rental apartments.

New construction includes a 20-story condo on Gramercy Park and a 27-story tower on Sixth Avenue. On the East River, the city and state are clearing Hunter College’s Brookdale campus for SPARC Kips Bay, a science, health and education campus of about two million square feet. On Broadway, the city is designing a permanent rebuild of the plazas around the Flatiron Building.

Where DOB records and press reports disagree on heights or unit counts, both are given. A permit is not treated as proof that construction has started.

Project Location Status
1The Flatiron Building (175 Fifth Avenue) Fifth Ave. & Broadway at 23rd St. Initial CO Issued
2419 Park Avenue South Park Ave. S. at E. 29th St. Under Construction
395 Madison Avenue (The Emmet Building) Madison Ave. at E. 29th St. Under Construction
4313 Gramercy (313 East 17th Street) E. 17th St., First–Second Aves. Completed
5Former Mount Sinai Beth Israel Campus First Ave. at E. 16th St. Closed; No Plan Filed
6Gramercy Park Hotel (2 Lexington Avenue) Lexington Ave. at Gramercy Park Under Renovation
7262 Fifth Avenue Fifth Ave. at W. 29th St. Topped Out; Finishing
838 Gramercy Park East E. 21st St. at Third Ave. Under Construction
9Loggia NoMad (842 Sixth Avenue) Sixth Ave., W. 28th–29th Sts. Topped Out
1010 West 17th Street W. 17th St., Fifth–Sixth Aves. Under Construction
1131-35 West 14th Street W. 14th St., Fifth–Sixth Aves. Topped Out
12345 East 17th Street E. 17th St. near First Ave. Under Construction
133 West 29th Street W. 29th St. at Fifth Ave. Stalled
14335-339 Fifth Avenue Fifth Ave. at E. 33rd St. Filed (Plan Review)
15110 East 16th Street E. 16th St. at Union Square East Approved
1634 Union Square East Union Sq. E. at E. 16th St. Filed (Plan Review)
17567 Second Avenue Second Ave., E. 30th–31st Sts. Filed (Plan Review)
18SPARC Kips Bay E. 25th St. at the FDR Drive Demolition Under Way
19Broadway Vision: Flatiron Plazas & Worth Square Broadway, E. 21st–27th Sts. In Design
20Con Edison East River Heat Pump E. 14th St. at the FDR Drive Awaiting State Approval

Conversions & Reopenings

Office buildings becoming condos, a hospital building becoming rentals and a hotel coming back.

1

The Flatiron Building (175 Fifth Avenue)

Google Street View of Flatiron Building, 175 Fifth Avenue, New York, NY
The Flatiron Building (175 Fifth Avenue), via Google Street View. — Imagery: Google Street View
Address/Location175 Fifth Avenue
Developer/ApplicantThe Brodsky Organization with the Sorgente Group; Studio Sofield (interiors)
ProjectConversion of the 1902 landmark from offices into 38 condominiums (DOB, CNBC), with new elevators and stairs.
StatusInitial CO Issued
Latest UpdateDOB issued the conversion’s initial certificate of occupancy on Aug. 28, 2026, and Landmarks approved another façade amendment on Sept. 25. CNBC reported in January that completion was expected later in 2026.

From Offices to $50 Million Penthouses

CNBC reported prices from about $10.95 million to more than $50 million for the 21st-floor penthouse. Scaffolding began coming down in April 2026, amNY reported.

Sources: CNBC (Jan. 2026); amNY (Apr. 2026); NYC DOB NOW job M01011711-I1 and CO records (Aug. 2026); NYC Planning ZAP 2024M0252

2

419 Park Avenue South

Google Street View of 419 Park Avenue South, New York, NY
419 Park Avenue South, via Google Street View. — Imagery: Google Street View
Address/Location419 Park Avenue South
Developer/ApplicantElad Group; Hill West Architects
ProjectConversion of a 20-story former WeWork office building into 111 condominiums, with one story added (DOB, CityRealty).
StatusUnder Construction
Latest UpdateDOB issued the conversion’s construction and structural permits on May 28, 2026, a foundation permit on June 2 and an excavation-support permit on July 13. CityRealty estimates completion in 2027.

A WeWork Building Turned Condo

Elad bought the building for about $72 million in 2024, Crain’s reported. A few blocks away, lenders approved a conversion plan for Orda’s mostly vacant 233 Park Avenue South, though the owner has said it has no current desire to pursue it, according to The Real Deal.

Sources: Crain's New York Business (Aug. 2024); CityRealty (May 2026); NYC DOB NOW job M01223041-I1 (July 2026)

3

95 Madison Avenue (The Emmet Building)

Google Street View of 95 Madison Avenue, New York, NY
95 Madison Avenue (The Emmet Building), via Google Street View. — Imagery: Google Street View
Address/Location95 Madison Avenue
Developer/ApplicantSunlight Development and NuVerse; FXCollaborative
ProjectConversion of the landmarked 16-story Gothic Revival office building into 65 condominiums (DOB, The Real Deal).
StatusUnder Construction
Latest UpdateDOB renewed the job’s construction permits from May through July 2026, and YIMBY published new renderings in May. Landmarks issued an amendment permit on May 13.

A $99 Million Loan for the Conversion

BHI provided a $99 million loan for the project, The Real Deal reported in January 2025.

Sources: The Real Deal (Jan. 2025); New York YIMBY (May 2026); NYC DOB NOW job M01053870-I1 (July 2026)

4

313 Gramercy (313 East 17th Street)

Google Street View of 313 East 17th Street, New York, NY
313 Gramercy (313 East 17th Street), via Google Street View. — Imagery: Google Street View
Address/Location313 East 17th Street
Developer/ApplicantBorough Developers; Kao Hwa Lee Architects
ProjectConversion of a 1966 Beth Israel nurses’ residence into a 13-story building with 87 rental apartments, 22 of them affordable (DOB, YIMBY).
StatusCompleted
Latest UpdateDOB issued the initial certificate of occupancy on April 2, 2026, and the affordable lottery offered 22 apartments (6sqft).

The First Reuse of the Beth Israel Campus

Mount Sinai closed Beth Israel’s 16th Street hospital on April 9, 2025. No redevelopment filing has been found for the main hospital buildings. Minrav’s new rental at 345 East 17th Street is on the same block.

Sources: New York YIMBY (Jan. 2026); 6sqft; Mount Sinai Health System; NYC DOB NOW job M01170336-I1 and CO records (July 2026)

5

Former Mount Sinai Beth Israel Campus

Google Street View of 10 Nathan D Perlman Place, New York, NY
Former Mount Sinai Beth Israel Campus, via Google Street View. — Imagery: Google Street View
Address/Location10 Nathan D. Perlman Place, with 1 Nathan D. Perlman Place and 295 First Avenue
Developer/ApplicantMount Sinai Health System (Beth Israel entities remain owners of record)
ProjectThe hospital campus Mount Sinai closed on April 9, 2025. Its three largest buildings, about 545,000 square feet in all, are still owned by Beth Israel entities in city property records (PLUTO).
StatusClosed; No Plan Filed
Latest UpdateNo building permit applications have been filed for the main hospital lots since the closing, and no sale or mortgage has been recorded with the city since January 2025 (DOB NOW, ACRIS, checked Oct. 2026). Mount Sinai has not announced a plan for the buildings.

A Large Empty Campus

The only part of the campus reused so far is the former nurses’ residence at 313 East 17th Street, now rental apartments (see the card above).

Sources: Mount Sinai Health System; NYC PLUTO, block 922 lots 2, 46 and 70 (accessed Oct. 2026); NYC DOB NOW and ACRIS records, block 922 (accessed Oct. 2026)

6

Gramercy Park Hotel (2 Lexington Avenue)

Google Street View of 2 Lexington Avenue, New York, NY
Gramercy Park Hotel (2 Lexington Avenue), via Google Street View. — Imagery: Google Street View
Address/Location2 Lexington Avenue
Developer/ApplicantMCR Hotels; Stonehill & Taylor Architects
ProjectRenovation of the hotel, closed since 2020, with new guest rooms on floors 3 through 16, a rooftop kitchen addition and new ground-floor restaurant space (DOB). 6sqft reported 197 rooms.
StatusUnder Renovation
Latest UpdateDOB approved filings for a first-floor restaurant and kitchen on Sept. 30 and Oct. 7, 2026, adding to guest-room and structural permits issued in 2025 and 2026.

Late Against Its First Target

MCR took a 99-year lease in 2023 and said then that the hotel would reopen in 2025, NY1 reported. No official new opening date has been announced.

Sources: NY1 (Aug. 2023); 6sqft (Aug. 2023); NYC DOB NOW jobs M01178920-I1 and M01138293-I1 (Oct. 2026)

New Towers & Condos

From an 860-foot tower on Fifth Avenue to mid-rise rentals near Stuyvesant Square.

7

262 Fifth Avenue

Google Street View of 262 Fifth Avenue, New York, NY
262 Fifth Avenue, via Google Street View. — Imagery: Google Street View
Address/Location262 Fifth Avenue
Developer/ApplicantFive Points Development; Meganom with SLCE Architects
ProjectA slender condominium tower with 26 apartments (DOB). The original DOB filing lists 51 stories; other sources give 52 to 54. 6sqft called it the tallest tower on Fifth Avenue’s residential stretch.
StatusTopped Out; Finishing
Latest UpdateDOB issued permits for a building maintenance unit, a hoist and temporary protection in September and October 2026. No certificate of occupancy was found in DOB NOW.

A Tower That Blocks the View

The tower topped out in 2024 and drew criticism for blocking views of the Empire State Building, 6sqft reported. It faces the stalled 3 West 29th Street site across the street.

Sources: 6sqft; NYC DOB BIS job 122874906 (accessed Oct. 2026); NYC DOB NOW job M01454667-I1 (Sept. 2026)

8

38 Gramercy Park East

Google Street View of 146 East 21st Street, New York, NY
38 Gramercy Park East, via Google Street View. — Imagery: Google Street View
Address/Location146 East 21st Street, 38 Gramercy Park East
Developer/ApplicantLegion Investment Group with Gindi Capital; Roman & Williams and SLCE Architects
ProjectA condominium building of 12 stories on the park side and 20 toward Third Avenue, with 57 apartments (YIMBY; DOB lists 59) whose owners get keys to the private park.
StatusUnder Construction
Latest UpdateDOB issued construction and structural permits in April 2026. Violations issued Oct. 22, 2026, after a formwork pin fell from the 14th floor onto a neighbor’s terrace, place the concrete deck at the 18th floor. No stop-work order was found.

The First New Condo on Gramercy Park in a Century

Legion assembled the site, including air rights, for $47 million, YIMBY reported. Completion is posted on site as spring 2028.

Sources: New York YIMBY (May 2026); Multi-Housing News; NYC DOB NOW job M00951038-I1 and ECB records (Oct. 2026)

9

Loggia NoMad (842 Sixth Avenue)

Google Street View of 842 Sixth Avenue, New York, NY
Loggia NoMad (842 Sixth Avenue), via Google Street View. — Imagery: Google Street View
Address/Location842 Sixth Avenue
Developer/ApplicantPro-H Development; Isaac & Stern Architects
ProjectA 27-story condominium with planted façades on a Flower District site once planned as the world’s tallest modular hotel. CityRealty counts about 94 condos and 329 feet; DOB lists 101 units and 300 feet.
StatusTopped Out
Latest UpdateFaçade installation was progressing in July 2026, YIMBY reported, and DOB approved scaffold amendments in August and September. A sales office has been permitted since January.

From Modular Hotel to Condo

The site was planned as a 168-key AC Hotel before the DOB filing was amended to residential in 2025.

Sources: CityRealty (Apr. 2026); New York YIMBY (July 2026); NYC DOB BIS job 121204419 (accessed Oct. 2026)

10

10 West 17th Street

Google Street View of 10 West 17th Street, New York, NY
10 West 17th Street, via Google Street View. — Imagery: Google Street View
Address/Location10 West 17th Street
Developer/ApplicantAnbau; DXA Studio
ProjectAn 18-story condominium with 34 apartments (DOB).
StatusUnder Construction
Latest UpdateDOB issued sprinkler and standpipe permits on Oct. 1, 2026, after a scaffold permit in July. The state accepted the 34-unit condo offering plan on July 8, 2026 (Marketproof).

Rising Mid-Block in Flatiron

The structural permit was issued in December 2025, after foundation work was completed.

Sources: New York YIMBY (Nov. 2023); Marketproof (July 2026); NYC DOB NOW job M00951254-I1 (Oct. 2026)

11

31-35 West 14th Street

Google Street View of 31 West 14th Street, New York, NY
31-35 West 14th Street, via Google Street View. — Imagery: Google Street View
Address/Location31 West 14th Street
Developer/ApplicantNexus Development
ProjectA 13-story condominium with 55 apartments (DOB) on the 14th Street busway; CityRealty reported later filings that may add six units.
StatusTopped Out
Latest UpdateYIMBY reported the topping out in 2026, and DOB renewed the construction permit on July 7.

A New Building on the Busway

Demolition of the low-rise buildings on the site finished in March 2025, CityRealty reported.

Sources: CityRealty (Mar. 2026); NYC DOB NOW job M01096333-I1 (Oct. 2026)

12

345 East 17th Street

Google Street View of 345 East 17th Street, New York, NY
345 East 17th Street, via Google Street View. — Imagery: Google Street View
Address/Location345 East 17th Street
Developer/ApplicantMinrav Development; StudiosC Architecture
ProjectA 13-story rental building with 65 apartments (DOB) near Stuyvesant Square.
StatusUnder Construction
Latest UpdateThe building’s affordable housing lottery opened in October 2026, YIMBY reported. No certificate of occupancy had been issued as of late October.

Leasing Soon Near Stuyvesant Square

It is on the same block as the 313 Gramercy conversion.

Sources: New York YIMBY (Oct. 2026); NYC DOB NOW job M00479953-I1 (Sept. 2026)

Sites in Waiting

Filed, approved or for sale, but not yet under way.

13

3 West 29th Street

Google Street View of 3 West 29th Street, New York, NY
3 West 29th Street, via Google Street View. — Imagery: Google Street View
Address/Location3 West 29th Street, next to Marble Collegiate Church
Developer/ApplicantVanbarton Group (took the site from HFZ Capital in 2021)
ProjectA through-block site where HFZ began foundations for a Bjarke Ingels-designed office tower before defaulting. It is now a test of the 2025 Midtown South rezoning, which allows housing west of Fifth Avenue.
StatusStalled
Latest UpdateThe site was put on the market in July 2025 as one of the first big tests of the rezoning, The Real Deal reported. No new residential building filing has appeared in DOB records.

A Foreclosed Office Site Up for Housing

Vanbarton took control at a foreclosure auction in April 2021, The Real Deal reported. DOB still lists the old office scheme under HFZ’s entity.

Sources: The Real Deal (Apr. 2021); BKREA (summarizing The Real Deal) (July 2025); NYC DOB BIS job 121204133 (accessed Oct. 2026)

14

335-339 Fifth Avenue

Google Street View of 339 Fifth Avenue, New York, NY
335-339 Fifth Avenue, via Google Street View. — Imagery: Google Street View
Address/Location339 Fifth Avenue
Developer/ApplicantSlate Property Group and Pi Capital Partners; Aufgang Architects
ProjectA 19-story rental building with 95 apartments (DOB; YIMBY said 18 stories), 20 percent of them affordable under 485-x, on a vacant lot across from the Empire State Building.
StatusFiled (Plan Review)
Latest UpdateThe new-building application is still in DOB objections, but DOB issued a temporary hoist permit on Oct. 5, 2026 and a fence permit on Oct. 19, which suggests the site is being prepared.

Where the Demarest Building Stood

The 1890 Demarest Building was demolished despite preservationists’ objections. YIMBY reported that construction was expected to start in mid-to-late 2026.

Sources: New York YIMBY (Nov. 2025); NYC DOB NOW jobs M01376293-I1, M01468131-I1 and M01468758-I1 (Oct. 2026)

15

110 East 16th Street

Google Street View of 110 East 16th Street, New York, NY
110 East 16th Street, via Google Street View. — Imagery: Google Street View
Address/Location110 East 16th Street
Developer/ApplicantTishman; Morris Adjmi Architects
ProjectA 22-story mixed-use building with 52 apartments (DOB) replacing a nine-story parking garage. The Real Deal described a 132,000-square-foot project; DOB lists about 112,000.
StatusApproved
Latest UpdateDOB approved the new-building plans in August 2025 and the garage’s demolition on April 10, 2026. No permits had been issued for either.

A Long-Held Garage Moves

Tishman has held the site for years. MSH Equities’ 34 Union Square East is on the same block.

Sources: The Real Deal (Feb. 2023); NYC DOB NOW jobs M00812125-I1 and M01310832-I1 (Apr. 2026)

16

34 Union Square East

Google Street View of 34 Union Square East, New York, NY
34 Union Square East, via Google Street View. — Imagery: Google Street View
Address/Location34 Union Square East
Developer/ApplicantMSH Equities; Kao Hwa Lee Architects
ProjectA 12-story residential building with 33 apartments (DOB) facing Union Square, replacing a two-story building.
StatusFiled (Plan Review)
Latest UpdateYIMBY published renderings in September 2026. The new-building application was in DOB objections as of Sept. 29; demolition was approved in July and a sidewalk shed is up.

A New Face on Union Square

YIMBY reported that no construction timeline has been announced.

Sources: New York YIMBY (Sept. 2026); NYC DOB NOW jobs M01364168-I1 and M01374181-I1 (Sept. 2026)

17

567 Second Avenue

Google Street View of 567 Second Avenue, New York, NY
567 Second Avenue, via Google Street View. — Imagery: Google Street View
Address/Location567 Second Avenue
Developer/ApplicantNew Empire Corp.; CetraRuddy (design)
ProjectA 14-story condominium with 134 apartments (DOB) on an assemblage of low-rise buildings on Second Avenue and East 31st Street.
StatusFiled (Plan Review)
Latest UpdateNew Empire filed the new-building application on Sept. 4, 2026, and it was in DOB plan review as of Oct. 16. Demolitions of the existing row were approved earlier in 2026 but not yet permitted.

Kips Bay's Largest New Residential Filing

YIMBY reported a completion target of late 2029. New Empire has also filed demolitions at 4-10 East 30th Street in NoMad.

Sources: New York YIMBY (July 2026); The Real Deal (Feb. 2026); NYC DOB NOW job M01437514-I1 (Oct. 2026)

Public Projects

A science campus on the East River, a permanent rebuild of Broadway’s plazas and a proposed heat pump for the steam system.

18

SPARC Kips Bay

Google Street View of 425 East 25th Street, New York, NY
SPARC Kips Bay, via Google Street View. — Imagery: Google Street View
Address/Location425 East 25th Street, Hunter College’s Brookdale campus
Developer/ApplicantNYC Economic Development Corporation with CUNY and New York State; SOM (master plan), Dattner Architects and Ennead Architects
ProjectA campus of about two million square feet for Hunter nursing, CUNY’s public health school, BMCC health programs, a public high school, an NYC Health + Hospitals center, a new medical examiner’s facility and life-science labs, backed by $1.6 billion in city and state funds (NYCEDC).
StatusDemolition Under Way
Latest UpdateInterior and preparatory demolition of the Brookdale buildings is under way under alteration permits; NYCEDC posted an update in May 2026. The full-demolition filing is approved but not yet permitted. YIMBY reported new construction is expected to start in 2027.

Clearing the Brookdale Campus

The City Council approved the project in February 2025. Plans include a new accessible bridge over the FDR Drive at 25th Street.

Sources: NYCEDC; New York YIMBY (Dec. 2025); NYC Planning ZAP 2024M0158; NYC DOB NOW jobs M01290442-I1 and M01446075-I1 (Oct. 2026)

19

Broadway Vision: Flatiron Plazas & Worth Square

Google Maps of Broadway and East 24th Street, New York, NY
Broadway and the Flatiron plazas, via Google Maps. — Imagery: Google Maps
Developer/ApplicantNYC Department of Transportation with the Department of Design and Construction; AECOM
ProjectA $156 million permanent rebuild of the paint-and-planter plazas around the Flatiron Building, with raised blocks, plazas, protected bike lanes and security bollards (Streetsblog).
StatusIn Design
Latest UpdateDOT presented schematic designs to Community Board 5 in September 2026 and held plaza workshops in October, with construction expected to start in 2028. Streetsblog reported completion by 2031.

Making the Plazas Permanent

The plazas were first installed in 2008. A related concessions application (ZAP 2025M0252) entered public review in February 2026.

Sources: Streetsblog NYC (Feb. 2026); NYC DOT presentation to CB5 (Sept. 2026); NYC Planning ZAP 2025M0252

20

Con Edison East River Heat Pump

Google Maps of East River Generating Station, East 14th Street, New York, NY
Con Edison's East River station at East 14th Street, via Google Maps. — Imagery: Google Maps
Address/Location801 East 14th Street, Con Edison’s East River Generating Station
Developer/ApplicantConsolidated Edison Company of New York
ProjectA proposed $146 million, 35-megawatt industrial heat pump that would draw heat from the East River to make steam for Con Edison’s Manhattan steam system, part of a $332 million steam decarbonization request (Con Edison filing).
StatusAwaiting State Approval
Latest UpdateCon Edison asked the state Public Service Commission to approve it on May 21, 2025 (Case 25-S-0350). Comments were filed in September 2025; no Commission order had been issued as of October 2026. The filing gives 2028 as the earliest in-service date for its projects.

Heat From the River

In November 2025 Con Edison withdrew a separate thermal-storage part of the same request at its 74th Street plant. Con Edison’s sustainability report describes the East River heat pump as using river heat to add energy to the steam system.

Sources: Con Edison petition (NYS Department of Public Service) (May 2025); NYS Public Service Commission, Case 25-S-0350 (accessed Oct. 2026); Con Edison sustainability report

What We're Watching Next

Permits for Tishman’s 110 East 16th Street and the start of work at 335-339 Fifth Avenue, a buyer or plan for 3 West 29th Street, the full demolition at SPARC Kips Bay, a certificate of occupancy for 262 Fifth Avenue a reopening date for the Gramercy Park Hotel, any plan for the former Beth Israel campus and a state decision on Con Edison’s East River heat pump are next.

Hush Street also tracks Chelsea west of Sixth Avenue, including the Midtown South rezoning, Midtown East, the East Village and Greenwich Village & the West Village.

Header photo: the Flatiron Building and the towers around Madison Square, 2019, by Karol K, via Wikimedia Commons, CC BY-SA 2.0.

By Updated Built from city filings and published reporting. About Hush Street

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