The president of the real estate group GFP Real Estate, Jeffrey Gural, bought on behalf of four of the five owners this 22-story skyscraper built in 1902, after a judge ordered its sale last January due to irreconcilable disagreements between the partners.
In a first auction held on March 22, Jacob Garlick, founding partner of the Abraham Trust investment fund, offered 190 million dollars, half a million more than Gural, but later did not pay the 19 million signal to ensure the purchase.
Gural, 80 years old, did not exercise his right to purchase then and waited for this second auction in which almost 30 million dollars has been saved for this tourist attraction located at the confluence of Broadway and 5th Avenue and 22nd Street in the heart of Manhattan.
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With a starting price of 50 million dollars, 7 interested parties signed up for the auction held at the New York County Supreme Court before a hundred people and lasted half an hour.
Empty since 2019 when its last tenant, the McMillan Publishers company, left, the ‘Flatiron’ was owned by five partners who did not agree on its use.
Four real estate companies—GFP Real Estate (de Gural), Newmark, ABS Real Estate Partners, and the Sorgente Group—controlled 75% of the property. In 2021 they denounced the fifth partner, Nathan Silverstein, who controlled the remaining 25%. A judge decreed its sale in January.
Designed by Chicago architect Daniel Burnham, the last time the building was auctioned was during the Great Depression that followed the stock market crash of 1929 for $100,000.
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According to the local press, the four owners will dedicate this triangle-shaped building, which needs another 100 million dollars to renovate it, to apartments in a depressed commercial market after the covid-19 pandemic.
The entrance New York’s iconic ‘Flatiron’ building auctioned for $161 million was first published on newspaper TODAY.