The historic Flat Iron Arts Building in Wicker Park was just purchased for $19.7 million, but the new landlords say there’s no reason to fear drastic change.
The historic Flat Iron Arts Building in Wicker Park, where for decades artists and other creative businesses have rented out studio spaces, was just purchased for $19.7 million, but the new landlords said there’s no reason to fear drastic change.
Erica Berger, proprietor of Berger Realty Group, which also owns the Fine Arts Building at 410 S. Michigan Ave., said she wasn’t simply looking for the highest bidder. She wanted a local buyer who would sustain the building’s community.“It’s one of the only remaining buildings in Wicker Park with spaces like that, so we were looking for someone with a similar ethos, and Buzz is a huge philanthropist in the arts,” she said.
Competition for the 63,000-square-foot property at 1579 N. Milwaukee Ave. was intense, with more than 100 investors expressing interest, according to Patrick Forkin, a director of Baum Realty Group, which brokered the deal. The brokers began sifting through potential buyers, identifying ones with the financial heft to close the deal and a commitment to Berger’s vision.
Er said the location, at the center of Wicker Park’s nightlife and retail district and near the CTA Blue Line stop on Damen Avenue, helps make Flat Iron a worthwhile purchase. About half its 21,000 square feet of ground-floor retail space is available, including a corner location left vacant when Bank of America’s lease expired in June, and the new owners are already talking to potential tenants, including several entertainment venues and restaurants.
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