NYC’s Flatiron Building sells to current owners for $161M
After months of legal battles and drama, New York City’s historic Flatiron Building finally has a new owner, and it’s not the young mystery man who won it at auction in March. Jacob Garlick’s winning $190 million bid was found to be fraudulent after he failed to pay the promised sum, and the building was put back up for auction. This time, a group led by majority building stakeholder Jeff Gural of GFP Real Estate won with a $161 million bid. The group also includes ABS Real Estate Partners and Sorgente Group.
The Flatiron Building, also known as the former Fuller Building, was built 121 years ago and is a landmark in New York City. The steel-framed structure, shaped like a triangle, has a long history but was recently caught up in a legal battle after former deed holders sued Garlick for making a fraudulent bid to get “15 minutes of fame.”
“I feel good, truthfully,” said Gural after becoming the full owner of the building. “I really didn’t know how it would all turn out.” His victory at auction now means that Gural and company have functionally acquired the 25% stake previously held by Nathan Silverstein, who owned a quarter of the building until the first auction. After failing to come to an agreement with other owners on how to manage the property, Silverstein forced the sale.
FAQs:
Q: Who won the auction for the Flatiron Building?
A: A group led by majority building stakeholder Jeff Gural of GFP Real Estate won with a $161 million bid. The group also includes ABS Real Estate Partners and Sorgente Group.
Q: Why was the building put up for auction in the first place?
A: Former deed holders sued the initial winner of the auction, Jacob Garlick, for making a fraudulent bid to get “15 minutes of fame,” and he failed to pay the promised sum. The building was put back up for auction, and Gural’s group won.
Q: What is the history of the Flatiron Building?
A: The building was built 121 years ago and is a landmark in New York City. The steel-framed structure is shaped like a triangle.
Q: Why did former deed holder Nathan Silverstein force the sale of the building?
A: Silverstein owned a quarter of the building but could not come to an agreement with other owners on how to manage the property. He forced the sale.
Current Owners of NYC’s Flatiron Building Buy Property for $161M
After two auctions and one lawsuit, the iconic triangle-shaped Flatiron Building in New York City has found a new owner, some of its former owners. The drama began earlier this year when the 121-year-old property went up for court-ordered auction and was won by Jacob Garlick, a 31-year-old who failed to pay the $190 million he had promised. Garlick is now being sued by the former deed holders for making a “fraudulent bid.” At the second auction, a group led by majority building stakeholder Jeff Gural of GFP Real Estate won the bidding war with a $161 million offer, beating out four other contenders. The winning group also included ABS Real Estate Partners and Sorgente Group. Gural and his fellow co-owners were forced to sell the building after reaching a stalemate with Nathan Silverstein, who owned 25% of the structure until the first auction. Gural has expressed satisfaction with the outcome, having now acquired Silverstein’s stake as well. Garlick was reportedly absent from the second auction.