Interested in buying one of NYC’s most iconic landmarks?! You’ll have to fork up more than $190 million…
According to the New York Post, NYC’s Flatiron building went up for auction on Wednesday, March 22 due to continuous disagreements between the current owners of the building.
Prior owners of the landmark included: Sorgente Group, Jeffrey Gural’s GFP Real Estate, ABS Real Estate Partners, and Nathan Silverstein.
In January 2021, Sorgente Group, Jeffrey Gural’s GFP Real Estate and ABS Real Estate Partners (who have 75% ownership of the building) sued Nathan Silverstein (who owns 25%) due to discord between the landlords, reports The Real Deal.
Since the Flatiron Building was under shared ownership, all owners had the right to veto any major decisions in regards to the property. A filing showed that this led to an expensive stalemate between Silverstein and the other stakeholders.
“We have tried for years to work out these differences with Mr. Silverstein, but the defendant has delayed, resisted and ultimately refused to agree with plaintiffs’ proposed business plan,” said Gural in an affidavit.
Following the legal battle, a New York State judge granted approval for a partition sale. The official public auction held by Matthew D. Mannion of Mannion Auctions started at an asking price of $40 million, according to YIMBY. The building was sold within around the first 45 minutes for $190 to Jacob Garlick from Abraham Trust, reported The Real Deal.
Various sources expected the Sorgente-GFP-ABS group to win the bid at the auction in accordance to a past filing. However, Garlick managed to outbid the previous owners.
“It’s been my lifelong dream of mine since I’m 14 years old. I’ve worked every day of my life to be in this position,” said Garlick, as mentioned by NY 1. “We are honored to be a steward of this historic building, and it will be our life’s mission to preserve its integrity forever.”
For a little history lesson, the Flatiron building was built in 1902 by Chicago architect, Daniel Burnham. It’s construction was purposed for being home to new George A. Fuller Company offices, a Chicago contracting firm, explains History.com. The entire building spans 21 floors.
It was previously occupied by MacMillan Publishers, until the company announced their plans in 2017 to move out in two years. Though the owners finally agreed upon renovating the more than a century-old building after MacMillan Publishers left, the building still remains vacant today.