New York's Flatiron Building, one of the city's most recognisable landmarks, is being converted from office space into ultra-luxury apartments, with units priced at up to $58.5m (£43.9m). The nearly century-and-a-quarter-old building had been covered in scaffolding for seven years during a major internal and external renovation, but as the works near completion it is emerging both as a restored architectural icon and as a symbol of just how expensive New York's luxury housing market has become.

Completed in 1902 and designed by architect Daniel Burnham, the steel-framed skyscraper was originally nicknamed "Burnham's Folly" over fears its thin, wedge-shaped form would topple. It served as offices for over a century, most recently housing publisher Macmillan until 2019, before sitting vacant amid ownership disputes; current owners the Brodsky Organization, GFP Real Estate and the Sorgente Group began the conversion in 2023. The finished building will hold 36 open-plan condos ranging from $11m (£8.3m) three-bedroom units to the $58.5m five-bedroom penthouse, already under contract, while local businesses say tourist footfall is returning as the scaffolding comes down.