The historic Flatiron Building at 1833 Sycamore St. in Mount Auburn has been listed for sale for more than $800,000 under the direction of a court-appointed receiver.
The receiver, Prodigy Properties, took control of the building after a February 2024 foreclosure filing against the owner, Tom Neyer of Neyer Holdings Corp., for defaulting on the bank loan used to finance redevelopment of the property.
The ground floor of the three-story building was rehabbed into commercial space for the now-closed Flatiron Cafe, and the upper two floors were converted into residential units, which were used as Airbnb short-term rentals.
Flatiron Building is last in row of 19th-century tenements
The building is located at the intersection of Sycamore Street, Dorchester Avenue and Auburn Avenue − known as the Five Points intersection − and is known for its distinctive triangular shape, which resembles an old-fashioned flat clothes iron.
Cincinnati’s Flatiron Building was patterned after the Flatiron Building in New York City, which fills a wedge-shaped plot of land at the intersection of Fifth Avenue and Broadway in Manhattan’s Flatiron District.
The Cincinnati structure is the last remaining building from a row of 19th-century tenement buildings that stretched along the hillside in Mount Auburn, according to a post from Over-the-Rhine-based New Republic Architecture on the Cincinnati Design Awards website.
Sale includes furniture, fixtures and equipment
The sale would include furniture, fixtures, equipment, an Ohio liquor permit and Ohio Historic Preservation Tax Credits, according to Prodigy’s listing on LoopNet.com.
The property is also tax-abated through 2033.
Prodigy states in its listing that it will “only consider offers in excess of $800,000 and that do not require any finance or due diligence.”
The property was assessed at $444,330 in 2023, according to the Hamilton County Auditor’s website. But it has received close to $1 million in historic restoration upgrades, according to Prodigy’s listing.
Read More: Flatiron Building, former Flatiron Cafe for sale for more than $800K
