The Flatiron Building has sold for $190 million at an auction

The 22-story Flatiron Building is one the most recognizable New York City landmarks. Built in 1902, this iconic steel-framed tower at 175 Fifth Avenue is one of the city’s oldest surviving skyscrapers. The building went to auction earlier this month and recently sold for a whopping $190 million. 

The new owner, Jacob Garlick of Abraham Trust, placed the winning bid at a live public auction outside the New York Supreme Court Building in Lower Manhattan. The auction took place on Wednesday, March 22, and lasted about 45 minutes, NY1 reports. The original opening bid was $50 million. 

"It's been my lifelong dream of mine since I'm 14 years old. I've worked every day of my life to be in this position," Garlick told NY1. "We are honored to be a steward of this historic building, and it will be our life's mission to preserve its integrity forever."

The Flatiron Building has been vacant for nearly four years. Its last tenants, Macmillan Publishers, which occupied all 22 floors, moved out in June 2019, Time Out reports. In the spring of 2020, the news broke out that the building would undergo a massive makeover that was expected to wrap up in 2022.

The sale of the Flatiron Building ended the dispute among GFP Real Estate, Newmark, Sorgente Croup and ABS Real Estate Partners, who owned 75 percent of the property, and Nathan Silverstein, who owned the remaining 25 percent. In 2021, the four partners sued Silverstein to initiate a partition sale. The five owners could not agree on the future of the building and how to proceed with needed renovations. 

In January, a New York State judge issued an order allowing the auction to move forward. The Flatiron Building still requires major renovations that could cost as much as $100 million before any tenants could move in. The new owner has not yet specified his plans for the beloved NYC landmark. 

Resources:

“Historic Flatiron Building sells for $190 million at auction,” by Dan Rivoli (Spectrum News NY1, 2023)

“NYC’s iconic Flatiron Building has sold for $190M,” by Aaron Ginsburg (6sqft, 2023)

“The Flatiron Building just sold for $190 million at auction,” by  Shaye Weaver and Anna Rahmanan (Time Out, 2023)

“Outsider wins Flatiron Building after bidding war with Gural,” by Keith Larsen (The Real Deal, 2023)

“Who Wants to Buy the Flatiron Building?” by Christopher Bonanos (Curbed, 2023)

“Auction set for Flatiron Building,” by Keith Larsen (The Real Deal, 2023)