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Argentina launches bond swap of public companies due to shortage of foreign currency

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Argentina launches bond swap of public companies due to shortage of foreign currency

Few tourists leave New York without photographing one of its most iconic and special buildings, the Flatiron Building, oblivious to the disputes between its owners, who had to auction it off by court order.

Source: AFP

Jacob Garlick, founding partner of the Abraham Trust investment fund, was awarded the contract on Wednesday after offeringr 190 million dollars for this prow-shaped 22-story building, located at the junction of 5th Avenue, Broadway, and 22nd Street in midtown Manhattan.

Buyers “will have to pay 10% of that amount -19 million- at the latest tomorrow (Friday)” to secure the sale, Matthew Mannion of the Mannion auction house told AFP.

Otherwise, it will go to the second bidder, Jeffrey Gural, one of the former owners, and whose last offer was 189.5 million after a fast-paced 45-minute auction in which each bid went up half a million dollars.

“To tell you the truth, I was a bit surprised,” said Gural, who “never thought that someone would bid so much for this piece of city heritage.”

“It’s a beautiful building, but it needs 100 million dollars in renovations,” he told the local chain NY1 after the auctioneer lowered the hammer.

“It’s been a dream since I was 14 years old,” a jubilant Garlick told the same channel.

“Our life’s mission will be to preserve its integrity forever,” added the investor.

Designed by Chicago architect Daniel Burnham, the Flatiron had been empty since 2019 when its last tenant left, the MacMillan Publishers company, which occupied the entire building.

The five owners had not been able to agree on its renovation or its use.

Four real estate companies—GFP Real Estate, Newmark, ABS Real Estate Partners, and the Sorgente Group—controlled 75% ownership of one of Manhattan’s first skyscrapers, completed in 1902. The fifth partner, Nathan Silverstein, controlled the remaining 25%.

In 2021, the four companies sued Silverstein in court, holding him responsible for the fact that the Flatiron remained empty.

Silverstein in turn sued them alleging that they wanted to rent the building at less than market rate to a company related to one of the owners, according to CNBC.

The future owner will have to decide now the use -Offices, hotel, luxury homes?– which will give this beautiful but impractical building, according to experts, by having a shape that makes a part of the interior of one of the vertices of the triangle very narrow and practically useless.

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