New Flatiron Building Auction Yields Much Less: Iconic New York Building Is Worth “Only” 150 Million | outside

The building had already been auctioned once in March. Gural – who was already one of the co-owners before the auction – had to lose out to Jacob Garlick of the Abraham Trust. He then offered $190 million (€174.6 million). But because an initial payment of $19 million (€17.5 million) was not made on time, that deal was canceled and a new auction was organized.

The flatiron building is one of the most famous landmarks in New York. The building, almost 90 meters high, was opened in 1902 in the center of Manhattan, at the intersection of Broadway, 23rd Street and Fifth Avenue. Until a few years ago, Macmillan Publishing rented all 21 floors of the Flatiron Building, but the building has been empty since that company left. Currently under construction partially.

Four real estate companies – GFP Real Estate, Newmark, ABS Partners Real Estate and Sorgente Group – had so far owned 75 percent of the building. The fifth partner, Nathan Silverstein, owned the remaining 25 percent. But the five owners never agreed to renovate or use the building.