To understand what’s happening in the Flatiron & Union Square real estate markets, we interviewed several award-winning Certified TopAgents who specialize in the area.
Holly Parker, Prudential Douglas Elliman: Holly is an award winning member of Prudential Douglas Elliman’s Pinnacle Club. She in the last few years, she has sold several dozen homes in the Flatiron and Union Square neighborhoods.
Tracie Hamersley, CitiHabitats: Tracie has been the top agent in her brokerage’s Gramercy office on multiple occasions. She is a condo owner in the Flatiron District and has sold over $75 million worth of real estate in the past six years.
Ivana Tagliamonte, Halstead Property: Ivana was the Halstead Village offices’ top agent in 2008. She specializes in the Gramercy, Flatiron, Union Square neighborhoods.
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What are some of Flatiron and Union Square’s defining characteristics?
Tracie Hamersley: Flatiron has a slight industrial feel and it’s a business center. Of course, Flatiron has the Flatiron Building, which is my favorite landmark in NYC. Madison Square Park has been cleaned up and is amazing. The park isn’t just for families, but also hosts concerts. Shake Shack in the park is a big draw as well. Flatiron is centrally located – all the buses and subways stop along the 23rd street line.
Ivana Tagliamonte: Flatiron is unique because there are a lot of older loft buildings that have been converted. That means that you can find tremendous Flatiron homes with large windows and high ceilings. Flatiron offers a great opportunity for people looking for two to three bedroom homes – there are some great values. Flatiron feels like Tribeca, but it’s in the middle of everything. Union Square is always going to be popular. Between the green market, the Union Square renovation, and the Tiffany’s building renovation, there is a lot going on at Union Square these days. Everyone wants to live where the action is, and Union Square is certainly a prime location.
Tracie Hamersley: Union Square is a great outdoor space. Many people forget that there’s more green space in New York than just Central Park, but Union Square is great because there is so much activity there. The area has Whole Foods and Trader Joe’s on 14th Street and is a great meeting space. There’s a lot of personality and a great mix of people at all times and that is reflected in the different types of properties in the area and adjacent streets.
What changes do you see happening in Flatiron and Union Square real estate market these days?
Holly Parker: There are about 1,400 new development apartments in Flatiron that are being closed and moved into. Because more people are moving into Flatiron homes, the amount of traffic on the street is increasing–so we’re seeing some very exciting new commercial spaces coming in. I see the Flatiron landscape becoming unrecognizable in about five years when all the dust settles.
Ivana Tagliamonte: In Flatiron, new developments have increased inventory, but these new homes are being absorbed. There’s not an over supply – things are still safe and stable. In Union Square, you have everything from small, pre or post war studios in a condo or co-op to large family apartments. There’s a lot more variety in terms of Union Square homes than Flatiron homes.
Holly Parker: When Union Square’s renovation is complete, it will add a whole new dimension to an already beautiful space.
What advice would you give to a buyer looking for Flatiron homes or Union Square homes?
Ivana Tagliamonte: I’d tell them to be patient. There is not a ton of inventory on the market at the moment, but things are constantly changing. Flatiron is known for the conversions of beautiful, once-industrial lofts, and many are large units for families. Many have been recently redone, so buyers can find large, luxury homes in Flatiron.
Holly Parker: It depends on what the buyer’s goals are and how they want to accomplish them. My advice would depend on the situation. Why do they want a Flatiron home? How long do they plan on holding their Flatiron home? Is it a home for their family? Are they buying for their children? One piece of advice that is applicable to all buyers, however, is to buy in the best location possible within the market you like.
What advice would you give to a seller in Flatiron or Union Square?
Ivana Tagliamonte: Have a little patience. Things aren’t happening as quickly as most buyers would like, but there are deals going into contract and closing if they are priced right. The best way to truly understand how to price your home is to go visit several comparable homes for sale; you’ll quickly get a pretty good sense of what your home is worth.
