After a first unsuccessful attempt, the iconic New York building “Flatiron” will go under the hammer again, the organizers of the auction announced on Saturday, advancing the date to May 23.
The building, which owes its nickname to ” iron ” in its pointed shape, was awarded on March 22 to an investor for 190 million dollars (about 175 million euros). However, its acquirer, Jacob Garlick, did not settle the $19 million advance by March 24, thereby losing his right of acquisition. A second bidder, Jeff Gural, offered $189.5 million. Representing 75% of the current owners, he had the possibility of replacing the financier Jacob Garlick but did not seize this opportunity. A new auction must therefore be organised.
New York justice had indeed summoned the five owners – four real estate companies (GFP Real Estate, Newmark, ABS Partners Real Estate and the Sorgente group) and Nathan Silverstein, which holds 25% of the shares – to sell. In 2021, the four companies sued Mr. Silverstein, accusing him of abandoning the 22-story, 87-meter-tall office building in Manhattan. Silverstein fought back in a New York court claiming his partners wanted to lease the building below market.
The triangular building, picture postcard of the city that never sleeps, is for the moment clad in scaffolding, the five owners have never been able to agree on its renovation. Mr. Gural had estimated the work at “100 million dollars”.
