The most architecturally distinctive address in Flatiron — with the lowest transaction volume and highest liquidity risk of any luxury condo in the district.
The Sohmer Piano Building is genuinely one of the most beautiful and historically significant addresses in Manhattan — that hand-applied 23.5-carat gold dome isn't marketing copy, it's 2,700 sheets of real gold that catch the light at sunset and make this corner instantly recognizable from blocks away. If you're buying for the architecture, the provenance, and the daily experience of living in a piece of New York history, this building delivers in ways that generic luxury towers simply cannot.
But here's what StreetEasy won't tell you: this building has had exactly one sale in the past decade — Unit 2 for $4.45 million in November 2014. That's not a sign of satisfied owners who never sell; in a healthy 11-unit building, you'd expect 2-3 sales per year. The current penthouse has been on the market at various prices and was recently reduced 17.1% to $14.9 million, which suggests either the board is extremely selective or the narrow 29-foot building width creates resale challenges that aren't immediately obvious.
The public records are clean — zero HPD violations, zero DOB violations — but the transparency is terrible. With so few transactions, there's almost no data on board approval rates, financing requirements, or real-world closing timelines. For a $4-15 million purchase, that's a meaningful blind spot that requires serious due diligence before you sign anything.
Pros and cons
Pros
+ Hand-applied 23.5-carat gold dome — genuinely iconic architecture
+ Zero HPD and DOB violations — immaculate building maintenance
+ Full-floor living with 12-foot ceilings — townhouse feel
+ Madison Square Park directly across Fifth Avenue
Approx. low end — varies by unit. Use the calculator below to add your mortgage.
~$3,500/mo
Common charges and tax figures shown are sourced from current active listings and vary by unit size and floor. Verify all figures with building management, the offering plan, and your attorney before closing. MeetFlatiron makes no representations as to the accuracy of financial figures shown.
Payment calculator
Purchase price$4,000,000
Down payment20%
Interest rate6.75%
Principal and interest—
Common charges (enter your unit's figure)$/mo
Property taxes (enter your unit's figure)$/mo
Total monthly—
For illustrative purposes only. Common charges and taxes vary by unit — verify exact figures with building management. Actual mortgage rates vary by lender. Consult your lender for accurate rates and terms.
Red flag —
The single biggest concern is extraordinary low liquidity: one sale in twelve years for an 11-unit luxury building is statistically anomalous and suggests either undisclosed board restrictions or structural resale challenges. The current penthouse's 17% price reduction and extended marketing period raise questions about market appetite at current pricing levels. Public records show no violations, but the lack of transparent transaction data makes it impossible to assess real approval timelines, board requirements, or typical carrying costs beyond basic common charges.
What agents won't tell you
Board dynamics
With only 11 units and virtually no sales data from the past decade, assessing the Sohmer Piano Building's condo board is nearly impossible from public records alone. The extreme low transaction volume could indicate either a highly desirable building where owners never leave, or a board with undisclosed approval standards that create friction for potential buyers. The fact that Greg Carr's penthouse has lingered on the market with multiple price reductions suggests either market resistance to the pricing or potential complications in the approval process that aren't reflected in standard condo documentation.
What it's actually like to live here
Living at 170 Fifth Avenue means occupying one of just 11 full-floor residences in a 29-foot-wide slice of Manhattan history — most units feature 12-foot ceilings and expansive layouts that feel more like townhouse living than typical condo life. The gold dome provides genuine sound insulation that makes upper floors surprisingly quiet for a Fifth Avenue address. The building's narrow proportions mean limited natural light on the sides and most units are oriented either north toward Madison Square Park or south down Fifth Avenue. The part-time doorman (7am-11pm) means you'll need your own keys for late arrivals, and the lack of modern amenities like a gym or roof deck reflects the building's focus on preserving its 1890s character over contemporary convenience.
Services and amenities
Part-time
Concierge
Elevator
Storage space
Live-in super
Hardwood floors
Central air
Washer/dryer in unit
Dishwasher
Pets allowed
No Gym
No Pool
No Roof deck
No Parking
Pet policy: Pets allowed on case-by-case basis
Amenity information sourced from building listings and public records. Amenities are subject to change — verify current offerings with building management before closing.
Transit
23rd St (Broadway)
NRW
2 blocks
23rd St (Park Ave South)
6
3 blocks
23rd St (6th Ave)
FM
4 blocks
23rd St (6th Ave)
L
4 blocks
Union Square-14th St
456
5 blocks
Walk Score 100Transit Score 100Bike Score 95Source: Walk Score
Commute times from this building
Destination
🚶 Walk
🚇 Subway
Lines
The Flatiron Building (175 Fifth Ave)
1 min
N/A
Walk only
Midtown (47th & Park Ave)
33 min
11 min
4 Line
Hudson Yards (30th & 10th Ave)
27 min
N/A
Walk only
World Trade Center (Fulton St)
54 min
15 min
R Line
Times Square (42nd & Broadway)
25 min
15 min
Q Line
Grand Central (42nd & Park Ave)
27 min
10 min
4 Line
Door-to-door estimates via Google Maps transit directions. Times reflect typical weekday conditions.Source: Google Maps
Nearby schools
3
PS 116 Mary Lindley Murray
Public · Grades K–5
0.3mi
8
IS 104 Simon Baruch
Public · Grades 6–8
0.4mi
9
NYC Lab School
Public · Grades 6–12
0.7mi
Nearby colleges: Baruch College (0.3mi), Parsons/The New School (0.4mi), FIT (0.4mi), SVA (0.6mi), NYU (0.7mi)
School ratings sourced from GreatSchools and are subject to change. School zone boundaries are not guaranteed — verify current zoning directly with NYC DOE at myschools.nyc before purchasing.
Noise Level
Moderate
Overall noise level
65/100 noise score
Primary source: Fifth Avenue traffic and Broadway proximity — the gold dome provides some sound insulation on upper floors
This corner of Fifth Avenue and 22nd Street falls under the 13th Precinct and is exceptionally safe — the gold dome makes the building a landmark tourists photograph constantly, creating natural foot traffic well into the evening. Late-night: Fifth Avenue thins out past 11pm when the doorman ends his shift.
🚗
Parking
Monthly parking runs $475–$550 at Edison ParkFast on 23rd Street and Icon Parking on 21st Street. The building's narrow 29-foot width means no parking garage was ever possible — street parking is alternate side Tuesday/Friday and competitive.
📦
Storage
The building has private basement storage available to residents — ask about availability as there are only 11 units competing for space. Off-site, Manhattan Mini Storage on Seventh Avenue is the closest full-service option.
🛒
Grocery and daily errands
Eataly is a 3-minute walk south on Fifth Avenue — spectacular for specialty items, impractical for weekly shopping. Whole Foods at Union Square is 6 blocks south. For late-night needs, the bodega at 22nd and Broadway stays open until midnight.
🔊
Noise and street life
The gold dome actually provides meaningful sound insulation — upper-floor units are quieter than you'd expect for a Fifth Avenue address. Lower floors (2-4) catch more Broadway foot traffic noise, especially weekend nights when the bar crowd spills over from 23rd Street.
🚇
Getting around
The N/R/W at 23rd Street on Broadway is your best friend — 2-minute walk, Times Square in 15 minutes. The 6 at 23rd and Park is equally close for Midtown East. Citi Bike docks at Madison Square Park are well-stocked but the narrow building means no bike storage inside.
170 Fifth Avenue sits well above sea level in the Flatiron core — Zone X designation reflects minimal flood risk. No storm surge history at this address.
Source: FEMA Flood Map Service Center (msc.fema.gov)
What to ask before buying
1.Why has there been only one sale in the past 12 years — is this board selectivity, owner satisfaction, or structural resale challenges?
2.What are the exact board approval requirements, timeline, and rejection rate for the past five years?
3.Can you provide the last three years of board meeting minutes and current reserve fund balance?
4.What percentage of units are currently owner-occupied versus rented, and are there any rental restrictions?
5.The penthouse was recently reduced 17% — what market feedback led to this adjustment, and what does this suggest about pricing for other units?
6.What are the building's annual operating expenses per unit, and have there been any special assessments in the past five years?
The Sohmer Piano Building presents a significant liquidity risk that most buyers don't fully appreciate until they try to sell. With only 29 recorded sales total and just one transaction in the past 12 years, this building has among the lowest turnover rates of any luxury condo in Manhattan. The current penthouse's 17% price reduction suggests that even prime units struggle to find buyers at initial asking prices. At $2,579 per square foot for the penthouse, pricing is competitive with similar Flatiron properties, but the narrow buyer pool means longer marketing periods and potentially steeper discounts to close.
Past appreciation is not a guarantee of future performance. Real estate values fluctuate. All investment decisions should be made with independent financial and legal advice.
Sale price history
2014
$4.45M avg
1 sales
Source: NYC ACRIS · Past sales are not indicative of future value.
Building history timeline
1897
Original Construction
Robert Maynicke designed the 13-story building for developer Henry Corn as a commercial store-and-loft building, featuring the distinctive octagonal gold dome that would become a Flatiron District icon.
1898
Sohmer Piano Company Moves In
Sohmer & Co., famous for inventing the modern baby grand piano, established their showroom and offices in the building, giving it the name that persists today.
1909
Sohmer Piano Relocates
Sohmer & Co. moved to larger quarters at 315 Fifth Avenue, but the building retained its piano association and continued housing creative tenants including architects Cram, Goodhue & Ferguson.
1960
Civil Rights Era
The American Civil Liberties Union maintained offices in the building until 1960, adding to its legacy as a home for progressive causes and creative industries.
1989
Historic District Designation
The building was included in the Ladies' Mile Historic District designation by the NYC Landmarks Preservation Commission, permanently protecting its architectural integrity.
1995
Gold Dome Restoration
2,700 sheets of 23.5-carat gold were meticulously re-applied to the dome by hand, restoring the building's most distinctive architectural feature to its original brilliance.
1999
Residential Conversion
The building was converted from commercial use to 11 luxury residential condominiums, with most units configured as full-floor residences with 12-foot ceilings.
2002-2005
Complete Architectural Restoration
Bone/Levine Architects oversaw a comprehensive restoration including the dome's re-gilding with 24k gold leaf, replacement of the 50-foot flagpole, and modernization of all building systems while preserving historical character.
Notable residents
[G
[VERIFY] Greg Carr
Entrepreneur and philanthropist · Current (penthouse owner, selling)
Is the Sohmer Piano Building's gold dome real gold?
Yes, the octagonal dome features 2,700 sheets of genuine 23.5-carat gold applied by hand. The dome was restored in 1995 and again during the 2002-2005 renovation with 24k gold leaf. This makes it one of the few buildings in Manhattan with an actual gold exterior feature.
How many units are in the Sohmer Piano Building?
The building contains only 11 luxury residential condominiums, most configured as full-floor residences. The narrow 29-foot width of the building means limited unit variety, with most apartments featuring expansive layouts with 12-foot ceilings and either north-facing park views or south-facing Fifth Avenue exposures.
What subway lines serve 170 Fifth Avenue?
The building is served by multiple subway lines within 2-4 blocks: N/R/W trains at 23rd Street-Broadway (2 blocks), the 6 train at 23rd Street-Park Avenue South (3 blocks), and F/M/L trains at 23rd Street-6th Avenue (4 blocks). Union Square with 4/5/6/N/Q/R/W/L access is 5 blocks south.
Does the Sohmer Piano Building have amenities like a gym or roof deck?
No, the building focuses on preserving its 1890s character rather than modern amenities. It features part-time doorman/concierge service (7am-11pm), private basement storage, dual-zoned central air and heat, and key-locked elevators. There is no gym, pool, roof deck, or bike storage.
What is the sales history at the Sohmer Piano Building?
The building has had exceptionally low transaction volume with only 29 total recorded sales and just one sale in the past 12 years (Unit 2 for $4.45 million in November 2014). This makes it one of the lowest-turnover luxury condos in Manhattan, which can impact liquidity for future resales.
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Everything you need to know about living in Flatiron — restaurants, history, things to do, and the honest local guide.
