New York icon under auction hammer

At the intersection of Broadway with Fifth Avenue, you cannot avoid the building. Because of its striking shape, the Flatiron Building is a well-known tourist attraction and was added in 1979 to the National Register of Historic Places. Construction was completed in 1902. Many New Yorkers believed only at the time that it would collapse due to the air currents along the building. This did not happen; however, something else did. Strong gusts of wind often caused the skirts of passing women to blow up. Because of this, the place became notorious for peeping men.

New round, new opportunities 

The four real estate companies GFP Real Estate, Newmark, ABS Partners Real Estate and the Sorgente Group, had owned 75 percent of the building until now. Nathan Silverstein, owned the remaining 25 percent. Unfortunately, the five owners could not agree on the renovation.

Actually, the building was already auctioned in March for about €170 million. Because the first payment was not made in time, the sale was canceled. New round, new opportunities, because after a half-hour bidding war, real estate developer Jeff Gural of GFP Real Estate won. For €150 million - a hefty 20 million less, in other words - he is now the new owner of the iconic building.

Last week yet another striking "Auction gem. This time the iconic Flatiron Building. A small godsend for the new owner, as the building disappeared under the auction hammer in New York for a very reasonable price.