At the intersection of Broadway and Fifth Avenue you cannot ignore the building. Due to its striking shape, the Flatiron Building is a well-known tourist attraction and was added to the city in 1979 National Register of Historic Places. Construction was completed in 1902. Many New Yorkers only at that time believed that it would collapse due to the air currents passing the building. This didn't happen, but something else did happen. The strong gusts of wind often caused the skirts of passing women to blow up. The place became infamous for peeping men.
The four real estate companies GFP Real Estate, Newmark, ABS Partners Real Estate and the Sorgente Group, until now owned 75 percent of the building. Nathan Silverstein, owned the remaining 25 percent. Unfortunately, the five owners could not agree on the renovation.
The building was actually auctioned in March for approximately €170 million. Because the first payment was not made on time, the purchase was canceled. New round of new opportunities, because after a half-hour bidding battle, real estate developer Jeff Gural of GFP Real Estate came out on top. For € 150 million - a hefty 20 million less - he is now the new owner of the iconic building.
Last week another striking 'Auction gem'. This time the iconic Flatiron Building. A small opportunity for the new owner, because the building disappeared under the auction hammer in New York for a very reasonable price.
© 2024 MASTERS EXPO. All rights reserved.
