Famous Flatiron Building in New York to be Auctioned Again After Owners’ Dispute

The five owners of the famous Flatiron Building in New York have fallen out. The first auction failed, now there should be a new attempt.

After the failure of a first attempt at sale, the famous New York “iron building” is now to be auctioned off at the second attempt. A second auction of the Flatiron Building is planned and will probably take place on May 23, the organizers of the German Press Agency said.

The building in Manhattan was sold at a spectacular auction at the end of March for 190 million dollars (about 175 million euros). The winner of the auction had posed as Jacob Garlick and was delighted. But then he failed to make an initial down payment of $19 million on time. With that, his right to purchase expired.

As a result, the bidder with the second highest bid – real estate developer Jeff Gural – got the right to buy the building. But he turned it down. That’s why the auction will be held again, the organizers said. The first was ordered by a court after a dispute broke out between the five previous owners over the future of the building. The real estate companies GFP Real Estate, Newmark, ABS Real Estate Partners and Sorgente Group together owned 75 percent of the building, with real estate developer Nathan Silverstein owning the remaining 25.

The triangular Flatiron Building is one of New York’s most popular attractions. The approximately 90 meter high building, which can also be seen in numerous films and television series, was opened in 1902 – at the intersection of Broadway, 23rd Street and Fifth Avenue in the middle of Manhattan. Up until a few years ago, Macmillan Publishers rented all 21 floors of the building. Since moving out, it has been empty and is currently partially scaffolded.