Landmark Flatiron building sold for $15.2M

 TORONTO – The landmark Flatiron Building in downtown Toronto has been sold for $15.2 million to The Commercial Realty Group.

The purchase price for the triangular-shaped, five-storey structure at the junction of Front and Wellington Street East amounts to $797 per square foot.

The property comprises a total commercial rentable area of 19,193 square feet, including its raised basement.

Except for a pub in the basement, there are no ongoing leases and brokers and prospective tenants will be invited to tour the building in January, with potential tenants being asked to make offers by Feb. 8, Commercial Realty said in a release.

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The Flatiron building will be the flagship of the group’s portfolio of six heritage buildings, which company head Clayton Smith has purchased and restored in the downtown core.

“The Flatiron Building is a true Canadian icon and it’s arguably the heart of the St. Lawrence Market neighbourhood,” Smith said. “I’m eager to preserve its beautiful, historic warmth and to blend it with all the modern comforts and amenities.”

Also known as the Gooderham Building, it was originally built in 1892 by architect David Roberts Jr. for George Gooderham, former president of the Bank of Toronto and owner of Gooderham and Worts distillery.

Eve Lewis, president of Woodcliffe Landmark Properties, the vendor, said she was grateful that the new owner “is someone who will respect the building’s integrity and retain its heritage,”