It seems the town’s hottest real estate drama has finally come to an end.
Two auctions, one lawsuit and a scandalous news cycle later – and the triangular Flatiron Building found a latest owner in … a few of its former owners.
In March, the industry’s only New York epic kicked off when the 121-year-old property was put up for auction by a court-mandated auction and was won by a mysterious 31-year-old for $190 million.
However, this mystery man, Jacob Garlick, did not pay any of the large sum promised, and the skyscraper was sent back to the auction block on Tuesday for the second time in two months.
Garlick is now being sued by former deed holders for making a “fraudulent bid” to realize a small trust that represents “quarter-hour of fame,” in line with the allegations.
The winner this time was removed from an unknown outsider, but a gaggle led by construction majority shareholder Jeff Gural of GFP Real Estate, who beat out 4 other contenders together with his $161 million winning bid, Crain reported.
The winning group also included ABS Real Estate Partners and Sorgente Group.
Gural and other co-owners were forced to auction the address after reaching an impasse with Nathan Silverstein, who until the primary auction owned 25% of the steel framing and who couldn’t agree on find out how to manage the worth of the piece of property.
“Honestly, I feel advantageous,” Gural said after the hammer formalized the repossession of Fuller’s former constructing yesterday afternoon, in line with Crain’s. “I actually didn’t know the way it was going to prove.”
In this manner, the previous shareholder became a full shareholder, and Gural and the corporate now functionally took over the 25% of shares previously held by Silverstein.
Real Deal said that Garlick was not seen on the second auction outside the New York County Courthouse.
