I
n a major coup, Adellco has secured a single buyer for its entire 20-unit Flatiron conversion project, The Armorie, at 114 East 25th Street. The private family office purchased the units and commercial space for $71 million, mirroring the building's projected sellout price of $73 million as outlined in its offering plan.

    This deal comes just a week after Adellco quietly began marketing the units through Corcoran Group's Hottinger Team. Founder Matthew Adell revealed that the buyer was drawn to the project's potential for long-term appreciation, seeking to create a "legacy portfolio" for their family's next generation. The developer expects to complete construction by Q1 2026.

    The Armorie's units were priced between $1.5 million and $7 million, offering a range of options for buyers. Amenities include a gym, roof deck, and lounge, set amidst the building's rich history as a publishing house and shared office space. Adellco acquired the property from Prodigy Network and Shorewood Real Estate Group for $41.3 million five years ago, securing a $30.5 million mortgage last year.

    This success story stands in contrast to some of Manhattan's other boutique conversion projects, which have struggled to find buyers. The Surrey, a redevelopment of the Upper East Side hotel, has seen only one unit remain unsold since its launch last fall. However, New York City remains at the forefront of office-to-residential conversions, with a record-high pipeline of projects in development.

    Despite some high-profile failures, such as Harry Macklowe's One Wall Street and LCOR's Broad Exchange, Adellco's deal serves as a testament to the enduring appeal of these conversion projects. As the city continues to navigate the post-pandemic landscape, developers like Adellco are poised to capitalize on the demand for unique, amenity-rich living spaces.