One of New York’s most popular attractions, the Flatiron Building has now been auctioned for $161 million. It had already gone under the hammer in March – but the down payment was not handed over on time.
New York’s famous “Iron Building” has been auctioned for $161 million (about €150 million) in the second attempt. After a bidding war that lasted around half an hour on the steps in front of a Manhattan courthouse, the auctioneer’s gavel fell on this sum – bid by real estate developer Jeff Gural, who already owns part of the triangular building.
At the previous auction at the end of March, Gural had to admit defeat to fellow bidder Jacob Garlick, who won the auction with a bid of $190 million. But then Garlick failed to make an initial $19 million down payment on time – and his right to purchase was forfeited.
Dispute over the future of the building
The auction was ordered by a judge after a dispute broke out between the five previous owners over the future of the building. The real estate companies GFP Real Estate, Newmark, ABS Real Estate Partners and Sorgente Group together owned 75 percent of the building, with real estate developer Nathan Silverstein owning the remaining 25.
The triangular Flatiron Building is one of New York’s most popular attractions. The approximately 90 meter high building, which can also be seen in numerous films and television series, was opened in 1902 – at the intersection of Broadway, 23rd Street and Fifth Avenue in the middle of Manhattan. Up until a few years ago, Macmillan Publishers rented all 21 floors of the building. Since moving out, it has been empty and is currently partially scaffolded.