2023-05-29 15:21:17
After an unsuccessful first auction by the Abraham Trust investment fund, the GFP Real Estate fund, one of the last shareholders of the property before this auction process, has finally acquired 100% of the iconic ‘The Flatiron’ building in second auction for 161 million dollars, about 150 million euros. The building has been empty since 2019 and needs a good reform, respecting its characteristic triangular design, which could end, at least in part, in tourist apartments.
It is one of the most photographed buildings in New York City., but it has been empty for almost four years, without the bustle of employees going in and out of its revolving doors. In 2019, the advertising company McMillan Publishers abandoned all 22 floors for a makeover. However, the owners did not reach an agreement on how to deal with it and took the dispute to court.
At that time, the businessman Nathan Silverstein did not get along with the association of real estate companies that owned 75% of the property, made up of Sorgente Group, Newmark, GFP Real Estate y ABS Real Estate Partners. In early 2023, a judge and the New York Supreme Court ordered its sale through auctions.
Officially known as fuller buildingin honor of the founder of the construction company of the work, George A. Fuller, the Beaux-Arts style building was by the architect Daniel Burnham Back in 1902, when skyscrapers began to shape the silhouette of the largest city in the United States. It soon changed its name thanks to the New Yorkers, who made it look like the plates of the time.
After more than 100 years in operation as offices, a first auction was held at the gates of the building at the end of March, which was won by Jacob Garlick, from Abraham Trust, over Jeffrey Gural, from GFP Real Estate, one of the current owners. But the Trust did not make the required payments to complete the purchase, and it is finally back on the market.
In the second auction, now yes, Jeffrey Gural achieved his long-awaited goal, for 161 million dollars, about 150 million euros. The main idea is to convert at least part of its 22 floors into tourist apartments. But this measure will require the approval of the New York City Council.
Gural has recognized that the office market is currently difficult with the rise of remote work and higher borrowing costs, which have hit many homeowners. The plan initially was to keep all of the space for offices, but the owners are open to other ideas.
“We achieved our goal, which is to end our relationship with Nathan Silverstein and own the building 100%,” Gural said. “It is a relief because for the last 30 years I have needed his consent for everything. Sometimes we agreed. Sometimes we didn’t.”
The building has an area of 20,000 m2 distributed over 22 floors and 87 meters high. It is located in a triangular block, bounded on the south by 22nd Street, on the west by Fifth Avenue, and on the east by Broadway. These last two streets meet in front of the building with 23rd Street, at the height of Madison Square Park. The surrounding neighborhood is named the Flatiron District in his honor.. The Fuller (or Flatiron) is a US National Historic Landmark since June 29, 1989.
#iconic #Flatiron #building #York #sold #auction #million #euros #idealistanews