Flatiron Building Sold for $190M to Surprise Buyer in Bitter Auction.

Jacob Garlick, who won the bid to acquire the Flatiron Building for $190 million, failed to come up with the required deposit of $19 million by the deadline, putting his future ownership of the property in question. The second-highest bidder, a group led by GFP Real Estate’s Jeffrey Gural, has the option to purchase the property at their last bid of $189.5 million. However, Gural has stated that he will not exercise his option, meaning the property is likely to head back to the auction block. Garlick's firm, Abraham Trust, invests in private equity buyouts, mergers and acquisitions, and venture capital.