New York’s Iron Building up for auction

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After an hours-long bidding war in Manhattan, the auctioneer’s hammer fell on Wednesday for a total amount of $ 190 million. The winner posed as Jacob Garlick, a mutual fund employee.

A total of eleven bidders had actively registered for the auction. By far the most bids came from Garlick and Nathan Silverstein, who recently owned 25 percent of the building. Silverstein had initially asked for a short break and then gave up.

“We are honored to be the stewards of this historic building and preserving its integrity will be our lifelong mission,” said Garlick. Silverstein expressed his disappointment to relatives and colleagues.

The triangular Flatiron Building is one of New York’s most popular attractions. The approximately 90 meter high building, which has also appeared 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. Until a few years ago, Macmillan Publishers leased all 21 floors of the building, and it’s been empty since they moved.

The auction was ordered by a judge after a dispute broke out between the five previous owners over the property’s future. The real estate companies GFP Real Estate, Newmark, ABS Real Estate Partners and Sorgente Group jointly owned 75 percent of the building, while real estate developer Nathan Silverstein owned the other 25.

The auction made many headlines. “If you’ve ever wanted to own a piece of New York history,” CNBC said, “now’s your chance.”

(SDA)

Source: Blick