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Flatiron Building

All articles tagged with #flatiron building

real-estate2 years ago

The $190M Flatiron Building Bidder's Deposit Dilemma.

Jacob Garlick won the auction for the Flatiron Building with a bid of $190 million, but failed to provide the required $19 million deposit, leading to the property likely heading back to auction. Bidders were not required to put down any deposit before participating in the auction, which is highly unorthodox. The property was put up for auction due to a dispute between its majority owners group and Nathan Royce Silverstein, who owned 25 percent. It is unclear why attorneys for the feuding property owners or the judge didn’t require a deposit up front.

via The Real Deal|
#auction#deposit#flatiron-building
business2 years ago

Flatiron Building Sold for $190 Million in Historic Auction

The Flatiron Building in New York City was sold for $190 million in a public auction, with investor Jacob Garlick outbidding previous owners and other big names in real estate. The landmark has been practically empty for years, with its last office tenants leaving four years ago. The building's previous owners spent around $100 million reducing its carbon footprint and modernizing it. It's currently unclear what Garlick has planned for the 22-story building, which could be worth over $380 million someday after renovations.

via Business Insider|
#auction#business#flatiron-building
real-estate2 years ago

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.

via The Real Deal|
#flatiron-building#jacob-garlick#new-york-city
real-estate2 years ago

"Outsider Jacob Garlick Surprises with $190M Winning Bid for Flatiron Building at Auction"

Jacob Garlick, an investor from Northern Virginia, won the auction for the Flatiron Building in New York City with a $190 million bid, beating out the property's former owner, Jeffrey Gural. Garlick's firm, Abraham Trust, invests in private equity buyouts, mergers and acquisitions, and venture capital. The building is completely vacant and requires a major renovation that will be unlikely to produce any returns for several years. Garlick said owning the Flatiron Building has been his dream since he was 14 years old.

via The Real Deal|
#auction#flatiron-building#jacob-garlick
business2 years ago

Surprise Bidder Wins Flatiron Building Auction for $190M

The Flatiron Building in New York has been sold for $190m in a court-ordered auction to Abraham Trust, a growth equity venture fund. The auction was held after a disagreement between the building's co-owners, with Nathan Silverstein, who owned 25% of the building, proposing "preposterous" ideas for the property's future. The previous owners were allowed to make credit bids on the property, but were outbid by Abraham Trust's managing partner, Jacob Garlick. The landmark building was built in 1902 and is famously triangular.

via New York Post |
#auction#business#flatiron-building
real-estate2 years ago

Flatiron Building fetches record-breaking $190 million at auction.

The iconic Flatiron Building in NYC was sold for $190 million at an auction that lasted 45 minutes and attracted real estate "heavyweights." The winning bidder, Jacob Garlick, is the founding partner of Abraham Trust, a growth equity venture fund. The building was previously owned by a group of partners who sued each other over its fate, leading to the court's decision to put it up for auction. The landmark building, which was designated a landmark in 1966, has been vacant since 2019, and it is unclear what Garlick's plans are for the property.

via Time Out|
#abraham-trust#auction#flatiron-building