April 14, 2024

The Queens County Citizen

Complete Canadian News World

New York’s iconic “Flatiron” building finds a buyer for $161 million

New York's iconic "Flatiron" building finds a buyer for $161 million

New York’s iconic building, the ‘Flatiron’, was auctioned on Tuesday for $161 million to a group of buyers led by real estate developer Jeff Gural, less than two months after the previous bid fell through, the company that handled the sale announced.

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The sale was held outdoors, in lower Manhattan, in front of a hundred people and seven buyers were registered, Mannion Auctions told AFP.

Jeff Gural, 80, is no stranger to the “Flatiron,” as he represents 75% of the iron-shaped building’s owners.

A 22-story, 87-meter-tall office building at the intersection of 22nd Street, Fifth Avenue, and Broadway, the “Flatiron” was built over 2 years and completed in 1902 in the Beaux-Arts style.

Its pointed shape, recognizable by all and from which it got its name, is defined by the intersection of Fifth Avenue and Broadway, the only artery in Manhattan that does not align with the rectilinear plane of the island.

On March 22, the building was put up for sale for the first time for $190 million, according to an order from the city to settle a dispute between its owners.

But the buyer, financier Jacob Garlick, founder of the Abraham Trust investment fund, had not paid the $19 million advance by March 24.

The building may have already gone to GFP Real Estate boss Jeff Gural, who offered $189.5 million, but the latter prefers to wait until a new auction is held.

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“Iron” has been vacant since 2019 when its last tenant, publisher Macmillan Publishers, left.

The five owners could not agree on its restoration or its use. Four real estate companies – GFP Real Estate, Newmark, ABS Real Estate Partners and Sorgente Group – control it at 75%.

A fifth partner, Nathan Silverstein, controlled the remaining 25%.

In 2021, four companies sued Nathan Silverstein, accusing him of leaving “Flatiron” empty.

A municipal judge ordered the owners to auction the building.

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