Named after the iconic Flatiron Building in Manhattan, the Flatiron District has become a hot commodity for New York City’s TAMI tenants in recent years. Situated in the heart of “Silicon Alley,” the Flatiron District has certainly benefitted from the explosion of the city’s tech, new media and creative services sectors in recent years. Now seen as a viable alternative to both the Financial District and Midtown proper in recent years, this vibrant neighborhood has much to love about it – if your company can afford the rent and find space there!
Overview
The Flatiron District is roughly centered around the intersection of 23rd Street, Broadway and Fifth Avenue in Manhattan, sandwiched between Union Square to the south, NoMad and Madison Square Park to the north, Gramercy Park to the east and Chelsea to the west.
The neighborhood is accessible by the F, M, N, Q, R, 4, 5, and 6 trains and is also fairly close to Grand Central Terminal and Penn Station. The community plays host to a booming economy based on technology, media, advertising and creative services and is also home to some of the city’s trendiest new eateries and restaurants like Eataly and the original Shake Shack in Madison Square Park.
Advantages
The neighborhood’s abundance of prewar office buildings – with their high ceilings, plentiful space, open floor plans and loft-like feel – are very attractive for tech and creative companies, especially startups.
The neighborhood also offers solid transit options with numerous subway lines and relatively close proximity to Grand Central Terminal and Penn Station. Leafy and lush Madison Square Park offers a nice respite for office workers while top restaurants abound throughout the neighborhood, offering plenty of lunch options.
Disadvantages
Being in Midtown South, the Flatiron District suffers from high and rising rents that now rival Midtown itself. This puts smaller companies and startups looking at space in the neighborhood at a distinct financial disadvantage.
The district also has low vacancy rates, making breaking in difficult. Companies who do take office space in this neighborhood often find themselves in buildings with smaller floorplates, sometimes forcing them to take up multiple floors, especially if they’re growing fast. This, in turns, decreases efficiency and can sometimes make communication difficult, even in our interconnected, digital world.
Verdict
Despite its expensive rents and sometimes inefficient building stock, the Flatiron District can still be a great deal for companies, particularly those in fields like tech, advertising and media. The prewar charm of its office building inventory, solid transportation network and wealth of great places to eat and shop nearby still make this neighborhood one of New York City’s hottest commodities.
