Milton Coste

Licensed Real Estate Associate Broker

(917) 416-7433

SOLD FOR $6,200,000

· Closed February 15, 2023

5 E 16TH Street #8THFLR
Closed For Sale Condo

$6,200,000

$1,165 per sq ft

5 E 16TH Street #8THFLR

Flatiron, Manhattan

PHOTO ARTS BUILDING

MLS® #RLS10827484

RLS at REBNY

Listing by Brown Harris Stevens Residential Sales LLC

5

Bedrooms

4

Baths

5,322

Sq. Ft.

1897

Year Built

Quick Summary

Bedrooms 5
Bathrooms 4
Living Area 5,322 sq ft
Year Built 1897
Ownership Condo
HOA/Common Charges $2,100/mo
Property Taxes $38,136/yr
Neighborhood Flatiron
Floor 8 of 12

Property Highlights

  • Exposure: East,North,South facing
  • Character: Pre-war building (1897)

Property Details

Type Condo
Ownership Condominium
Total Rooms 9
Baths 4 Full
Floor 8 of 12
Exposure East,North,South
Pets Yes
Cross Street 5 AVENUE and UNION SQUARE WEST
Year Built 1897
Living Area 5,322 sq ft

Listing History

Event Date Price Change
Listed Oct 24, 2022 $6,250,000 -
Currently May 18, 2026 $6,200,000 -0.8%

Description

Stunning proportions and abundant sunlight, this spectacular home blends a prime Union Square location with an exceptional open layout with both Northern and Southern exposure. Currently 4 Bedrooms, 3 Bathrooms with an additional Bedroom and Bathroom in the adjacent apartment. Live the downtown dream in this expansive approximately 5000 square ft duplex full-floor condominium loft, just steps off Fifth Avenue in Flatiron's Photo Arts building.

The key lock elevator opens into a gracious entry foyer, from there you enter the Great Room where comfort and luxury abound with the home's soaring ceilings, walls of southern facing windows, and a dramatic open living plan. The walls of windows face both 16th Street (South) and 17th Street (North) flooding the loft with light from both exposures. Enjoy both casual and formal entertaining from the Chef's Kitchen leading into the enviable double living room, large dining area; simply perfect for entertaining on a grand or very personal scale.

The building allows live/work as well as simply residential use, ideal for modern lifestyles. The 8th floor also features a loft apartment that can be accessed from the foyer. This expansive living room boasts stunning proportions and soaring 20 Foot ceilings, ideal for impressive entertaining, and displaying treasured art collections. The adjacent open-concept dining room and kitchen are flooded with natural light. The kitchen is equipped with an eat-in breakfast bar, Viking cooktops, dishwasher, refrigerators.

The Union Square Farmer's Market is a stone's throw away. This mixed-use condo offers fantastic flexibility for both home and office. The Photo Arts Building is a beautiful prewar live/work condominium located at the nexus between the Flatiron District and Union Square. It is a half-block from Union Square Park and the acclaimed greenmarket, and it is surrounded by trendy restaurants, bars, cafes, and shops. Nearby subway lines include the F/M/L/N/Q/R/W/4/5/6. Pets are welcome. There is currently an assessment for building updates and repairs of $1863.91 monthly, ending October 31st, 2028.

History of the Photo Arts Building

The building was first built in 1892 and is 130 years old. It was first renovated and altered in 2007. 5 East 16th Street has a total of 12 floors. Steps from Fifth Avenue and a block west of Union Square, the houses at 5 and 7 East 16th Street sat within the city's mansion district in the Civil War years. In the mid-1880's businesses were overtaking the grand homes as their owners moved ever northward.

In February 1886 Mary A. Lyddy hired architect W. Jones to renovate 5 and 7 East 16th Street into "studios and offices," according to the plans. Two-story iron storefronts replaced the high stoops. By the latter part of the decade The New York Times Educational Line, The Baker & Taylor Co., Frederick A. Stokes Company, and Neuman Brothers Book Binding leased space for publishing in the building. In 1904, two new tenants were the embroidery firm of Leon Jobin and Oppenheim & Neuglass, makers of "women's fashionable high-grade tailor-made suits."


Five years later she hired the architectural firm of Israels & Harder to enlarge the building by removing the parapet and adding four floors. Although they copied Alfred Zucker's overall design, none of the ornamentation of the lower floors was continued, making the addition noticeable. At the same time the top floors were joined internally with 85 Fifth Avenue. All the tenants were now involved in the garment industry.
The 1920's continued to see apparel firms occupy the building.


The third quarter of the 20th century saw change come to the neighborhood. In 1979 the Union Square Theater occupied space in the building, as the high-ceilinged lofts of the upper floors lured photography studios. Among them was Frank Cowan, who shot ads for corporate clients like Levi's, Pampers, and Volkswagen. A renovation in 2008 resulted in apartments on the fourth, fifth, and seventh through twelfth floors--one per floor.

Features & Amenities

Appliances

Dryer Washer Dryer Allowed Washer

Building Information

Financial Details

Common Charges $2,100/mo
RE Taxes $38,136/yr ($3,178/mo)
Original Price $6,250,000
Sale Price $6,200,000
Previous Price $6,250,000

The Flatiron District is a busy intersection of history, technology, and luxury living. Named after the iconic Flatiron Building, the neighborhood is centered around Madison Square Park and is a hub for the city's 'Silicon Alley.' The real estate market is famous for its grand cast-iron loft buildings with high ceilings and expansive floor plans, alongside ultra-luxury glass towers that offer modern amenities and central Manhattan convenience.

Flatiron Live Market Data

View Neighborhood

Active Listings

137

Median Asking Price

$2.42M

Median $/Sqft

$1,788

Avg Days on Market

N/A

New This Week

10

Price Reduced

32%

Sold (30 Days)

3

Median Sale Price

$1.40M

Live data from RLS at REBNY • Updated 5/18/26, 2:01 AM EST

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Location

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5 E 16TH Street #8THFLR, Flatiron, New York County • Near 5 AVENUE and UNION SQUARE WEST

Floor Plans

Floor Plan 1

Building Information

Official NYC property records for this building

1846
Year Built
180 years old
4
Floors
12
Residential Units
C6-2M
Zoning District
Walk-Up Apartments NYC Landmark

Tax & Assessment

Assessed Value: $1,455,750
Land Value: $155,250
Exemptions: $0

Note: Individual unit taxes may differ. Verify current tax bills with NYC DOF.

Lot Area: 3,066 SF
Building Area: 8,469 SF
Built FAR: 2.76
Allowed FAR: 6.02

Source: NYC PLUTO (Primary Land Use Tax Lot Output), NYC Department of City Planning (data.cityofnewyork.us)

Want help estimating ownership costs or understanding building compliance? Let's discuss

Frequently Asked Questions

Common questions about this property

The current listed common charges are $2,100 per month. Confirm the exact amount with the listing broker before making an offer.

The current listed annual property tax is $38,136, or roughly $3,178 per month. Verify the current assessment with your attorney before closing.

This property has 5 bedrooms and 4 full bathrooms.

The listed interior living area is 5,322 square feet. Verify dimensions independently during due diligence.

According to MLS records, the building was constructed in 1897, making it approximately 129 years old.

This listing is a condominium. Buyers receive a deed to their individual unit and own their space outright, subject to condo association rules.

Pets are permitted at this property. Contact the listing broker for weight limits or breed restrictions.

At the current list price of $6,200,000 for 5,322 sq ft, the asking price per square foot is approximately $1,165. This figure is for reference only and may differ from appraised or assessed values.

To schedule a private showing, contact Milton Coste at (917) 416-7433 or [email protected]. Per REBNY guidelines effective 2025, a Buyer Representation Agreement is required before a buyer's broker can show you properties. You may attend open houses independently without one.

Have a question not answered here?

(917) 416-7433
MLS® ID: RLS10827484
First Listed: 10/24/2022
Price Changed: 2/15/2023
Closed: 2/15/2023
Contract Date: 10/19/2022

Listing Courtesy of Brown Harris Stevens Residential Sales LLC - Julie Gaynor

Listing Contact: (212) 317-7850

Listing information for certain New York City properties provided courtesy of the Real Estate Board of New York's Residential Listing Service (the "RLS"). The information contained in this listing has not been verified by the RLS and should be verified by the consumer. The listing information provided here is for the consumer's personal, non-commercial use. Retransmission, redistribution or copying of this listing information is strictly prohibited except in connection with a consumer's consideration of the purchase and/or sale of an individual property. This listing information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., all rights reserved. This advertisement does not suggest that the broker has a listing in this property or properties or that any property is currently available.

Broker Commission Disclosure: Broker commissions are not set by law and are fully negotiable.

Buyer Notice: Planning to work with a buyer's broker? A Buyer Representation Agreement is required before your broker can show you properties, per REBNY/UCBA guidelines (effective 2025). You may attend open houses independently without one.

RLS at REBNY

RLS Data display by Keller Williams NYC. Data last updated on 5/18/2026 at 6:01 AM UTC

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