This 13,375 square foot commercial building occupies a highly coveted position at the junction of Flatiron and Union Square. It presents an exceptional investment profile featuring immediate, stable income from an in-place ground floor retail lease. Crucially, the property offers tremendous upside and flexibility for repositioning: the four upper floors (office/factory space) and the cellar will be delivered vacant. This structure is entirely free-market, ensuring the new owner maintains maximum control over use and conversion strategy. Developers will be attracted by the substantial 13,708 square feet of remaining buildable Floor Area Ratio (FAR), making expansion or complete redevelopment highly feasible. This asset is perfectly suited for sophisticated buyers targeting significant value creation through either a buy-and-hold income strategy or a lucrative residential conversion. This is a secure, high-value opportunity in a trophy Manhattan location. * Immediate Income Stream: Stabilized by a reliable in-place ground floor retail lease with tremendous upside (1.5 years remaining). * Flexible Delivery: The entire non-retail portion (4 floors + cellar) is delivered vacant, guaranteeing an immediate start to repositioning or construction. * Significant Development Upside: Features 13,708 SF of unused, buildable Floor Area Ratio (FAR) for expansion or redevelopment. * Unrestricted Conversion Flexibility: The building maintains full free-market status, providing the owner maximum control over future residential or commercial conversion strategies. * Excellent Transit Access: Unmatched proximity to the Union Square transit hub (4, 5, 6, L, N, Q, R, W trains). * Investment Thesis: A rare core-plus opportunity appealing to developers seeking high-yield conversion and value-add investors pursuing long-term capital appreciation in a trophy asset.