The famous “Iron Building” of New York is sold for 1 million

The famous “Iron Building” of New York is sold for $161 million

The famous “Iron Building” of New York has been auctioned for 161 million dollars (about 150 million euros) in the second attempt. After a half-hour competition with nearly half a dozen bidders on the steps in front of the Manhattan court, auctioneer Matthew Mannion’s hammer fell on Tuesday (local time) for this sum – the bid of real estate developer Jeff Gural, who already owns part of triangular building.

Cheers and applause broke out in the audience, Gural himself cheered briefly and shook Mannion’s hand. “I had no idea what to expect, but it’s such a relief to finally own the entire building,” Gural said shortly afterward.

In the previous auction at the end of March, the real estate developer had to admit failure: A person who posed as Jacob Garlick and worked as an employee of an investment company, but had not previously appeared in the highly competitive New York real estate scene. , went with a bid of 190 million dollars as the winner of the auction.

Jeff Gural, a real estate entrepreneur and part owner of the Flatiron Building, is bidding on the Flatiron Building at an auction on the steps of the Manhattan courthouse.
© dpa/Christina Horsten

After the hammer fell at that time, he knelt down and cried. Managing the triangular Flatiron Building will be “our life’s mission,” he commented.

However, he did not make the initial payment of 19 million dollars on time – and his right of purchase expired. To him, Garlick, who also contacted him at the same time, was a “fraud” and had sued him, said Gural, who has partially owned the Flatiron Building for decades.

A dispute had arisen over the future of the building

The auctions were ordered by a judge after a dispute broke out between the five previous owners over the future of the building. Real estate firms GFP Real Estate, Newmark, ABS Real Estate Partners and Sorgente Group jointly owned 75 percent of the building, with real estate developer Nathan Silverstein owning the remaining 25 percent.

Once the sale is completed, the sum of which will be reduced against the original ownership stake, Gural and his partners will be the sole owners of the famous building – without Silverstein.

The triangular Flatiron Building is one of New York’s most famous landmarks. The 90-meter-tall building, which can also be seen in many films and television series, was opened in 1902 – at the intersection of Broadway, 23rd Street and Fifth Avenue in the center of Manhattan. Until a few years ago, Macmillan Publishers leased all 21 floors of the building. Since the move, it has been empty and is currently partially built.

The original plan was to leave the “iron building” as an office building, said auctioneer Gural. However, he is now thinking of converting at least the upper part into luxury apartments. The future of the famous building is very important to him, he even has a large picture of it in his house. “There are three famous buildings in New York – the Empire State Building, the Chrysler Building and the Flatiron Building.” (dpa)