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New York’s Flatiron Building fetches $190 million at auction

The 22-story skyscraper, built in 1902 and often said to resemble a clothes iron, fetched almost four times the opening price of $50 million following a keen bidding war.

New York‘s iconic Flatiron Building – famous for its thin, triangular shape – has sold at auction for $190 million following a court order.

The 22-story skyscraper, built in 1902 and often said to resemble a clothes iron, fetched almost four times the opening price of $50 million following a keen bidding war.The Flatiron Building was snapped up by a real estate investment LLC in New York, showcasing the city’s vibrant commercial property market.

“It’s been my lifelong dream of mine since I’m 14 years old,” winner Jacob Garlick, managing partner at the Abraham Trust investment fund, told TV station NY 1.

Garlick has not said what he plans to do with the landmarked building, the channel added.

The Flatiron — which straddles Fifth Avenue, Broadway and East 22nd Street in Manhattan — has been empty since 2019 when its last tenant, MacMillian Publishers, vacated.

Prior to the auction, the building had been owned by a consortium of real estate companies that disagreed about renovations and future occupants.

Following a lawsuit and counter lawsuit amongst the parties, a judge ordered them to put the building on the auction block.

Matthew Mannion of Mannion Auctions, which ran Wednesday’s sale, told AFP that Garlick has to pay ten percent by close of business on Friday or the building will be awarded to the second highest bidder. It remains to be seen how additional fees like the NYC real estate transfer tax will be handled by both parties.

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