Commonly known as Chelsea's cousin to the East, Flatiron was named for the historic triangle-shaped building that splits Broadway and Fifth Avenue at 23rd Street, and stretches to the south. This intimate area just below the heart of Manhattan (though some may argue that it is) is mainly populated by spacious lofts and tenement buildings, many of which were built in the early part of the 20th Century. Plenty of modern edges can be found as well, as many of the former industrial and warehouse spaces have been converted and renovated to accommodate the most discerning tastes.
Not unlike the eastern half of Chelsea, this area did not see much in the way of development until around the time of the Industrial Revolution in the late 1800s to early 1900s. Hardly considered a residential area, Flatiron was home to what was known as Ladies Mile, a part of Flatiron that spanned from Park Avenue South to Sixth Avenue between 18th and 24th Streets. This was home to some of New York's most famous department stores, including Lord & Taylor, W & J Sloane, Best & Co., and Bergdorf Goodman. The building for which the area is named – The Flatiron Building - came to life in 1902, and is considered one of the oldest original skyscrapers in New York City.
Flatiron occupies the territory from Broadway north of Union Square into the mid-20s, and is bounded by Park Avenue South to the east and Broadway to the west. The namesake building has its northern tip at East 23rd Street, where Broadway and Fifth Avenue cross. Another famous resident, Madison Square Park, named for former President James Madison, sits just to the northeast of the building, spanning 6.2 acres. Other notable landmark buildings in Flatiron include the MetLife tower, The New York Life building, and the new residential giant, One Madison Park, which overshadows the entire area.