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New York’s famous “Iron Building” was auctioned for $161 million (145 million Swiss francs) on the second try. The competition lasted about half an hour, with nearly half a dozen bidders on the stairs in front of a Manhattan courthouse. Auctioneer Matthew Mannion’s hammer fell on Tuesday: real estate developer Jeff Gural, 80, who already owns part of the triangular building, won the auction.
Cheers and applause broke out among the audience, and Güral briefly cheered and shook Mannion’s hand. “I had no idea what to expect, but it’s such a relief to finally own the entire building,” Güral said shortly after.
First payment missed
At the previous auction at the end of March, the real estate developer had to admit defeat: a man posing as Jacob Garlick and working as an employee of an investment firm, but not previously involved in the highly competitive New York real estate scene. won the auction with a bid of $190 million. At that moment, after the hammer fell, he fell to his knees and cried. Managing the Triangle Flatiron Building will be “our life’s mission,” he commented.
However, he did not make the $19 million prepayment on time, and his right to purchase expired. For Güral, Garlic, whom he has been in contact with, is a “swindler”. Güral, who has been a partial owner of the Flatiron Building for decades, sued him for this reason.
The auctions were ordered by a judge after a dispute between the building’s five previous owners over the building’s future. Real estate companies GFP Real Estate, Newmark, ABS Real Estate Partners and Sorgente Group together own 75 percent of the building, while real estate developer Nathan Silverstein owns the remaining 25 percent. After the completion of the sale, the total amount of which will be deducted from the previous owner’s share, Güral and his partners will become the sole owner of the famous building.
Luxury apartments coming soon
The Triangle Flatiron Building is one of New York’s most popular attractions. The nearly 90-foot-tall building, which can be seen in many movies and TV shows, opened in 1902 at the intersection of Broadway, 23rd Street and Fifth Avenue in midtown Manhattan. Until a few years ago, Macmillan Publishers leased all 21 floors of the building, it has been empty since the move and is now partly surrounded by scaffolding.
Güral, who won the auction, said the original plan was to leave the “iron building” as an office building. But now he is considering at least converting the upper part into luxury apartments. The future of the famous building is very important to him, he even has a big picture in his apartment. “New York has three iconic buildings – the Empire State Building, the Chrysler Building, and the Flatiron Building.” (SDA/kae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
