WE HAVE ONE IN EDMONTON SO DOES SAN FRANSISCO, FRANCIS COPPOLA STUDIOS OWNS IT
Empty for years, NYC's famous Flatiron Building — and its weird narrow passages — may get a fresh start with $190M sale
Empty for years, NYC's famous Flatiron Building — and its weird narrow passages — may get a fresh start with $190M sale
The Flatiron Building has been used as both a retail and office space throughout its 120-year history, and it achieved national landmark status in 1989
Jordan Hart
Sat, March 25, 2023 at 10:16 AM MDT·3 min read
The historic Flatiron Building went to a court-mandated auction on Wednesday after being practically empty for years.
Investor Jacob Garlick outbid previous owners to buy the landmark for $190 million, reports say.
One previous owner predicts renovations will cost Garlick around $100 million.
The Flatiron Building is one of New York City's most recognizable structures, and it now has a new owner after a public auction on Wednesday.
In an auction ordered by the New York Supreme Court, investor Jacob Garlick outbid the building's current owners and other big names in real estate to secure the Manhattan landmark for $190 million, Smithsonian Magazine reported.
Dozens of onlookers gathered in Lower Manhattan to watch the historic building go on the block with an opening bid of $50 million. It went for nearly four times that to Garlick following a 45-minute bidding war.
"It's been (a) lifelong dream of mine since I'm 14 years old. I've worked every day of my life to be in this position," Garlick, managing partner at firm Abraham Trust, told NY1. "We are honored to be a steward of this historic building, and it will be our life's mission to preserve its integrity forever."
The Flatiron Building was completed in the summer of 1902 at 175 Fifth Avenue, and has become an iconic tourist attraction for visitors of New York City. It's known for its triangular shape where the tip of the structure is as narrow as six feet wide.
But, more recently, its interior has been of little use as its previous owners struggled to agree on what renovations and the building's future should look like, per Smithsonian.
According to NY1, its last office tenants left four years ago, and the previous owners spent around $100 million reducing the building's carbon footprint and modernizing the landmark.
One witness to the auction, real estate broker Tom Brady, told NY1 that the sale was an "iconic moment." The last time the building went up for public auction was in 1933, and it sold for $100,000, according to a New York Times report.
"Look, you're talking about one of the most famous buildings in the world — iconic," Brady said. "One of the most photographed manmade structures in the entire world, and I think it's kudos to the new owner."
However, not everyone was thrilled at Garlick's latest acquisition. One of the Flatiron Building's previous owners, Jeffrey Gural of GFP Real Estate, said he wished Garlick "hadn't shown up" to the auction.
"I was kind of shocked, to tell you the truth. I never thought that someone would bid so much for the building. It's a beautiful building, but it needs $100 million of upgrades. It's basically empty," Gural said, according to NY1.
It's currently unclear what Garlick has planned for the 22-story building. Gural, his bidding competitor, told The Real Deal that the 255,000-square-foot property could be worth $1,500 per foot after renovations. Insider did the math, and that could mean the Flatiron will be worth over $380 million someday.
Jordan Hart
Sat, March 25, 2023 at 10:16 AM MDT·3 min read
The historic Flatiron Building went to a court-mandated auction on Wednesday after being practically empty for years.
Investor Jacob Garlick outbid previous owners to buy the landmark for $190 million, reports say.
One previous owner predicts renovations will cost Garlick around $100 million.
The Flatiron Building is one of New York City's most recognizable structures, and it now has a new owner after a public auction on Wednesday.
In an auction ordered by the New York Supreme Court, investor Jacob Garlick outbid the building's current owners and other big names in real estate to secure the Manhattan landmark for $190 million, Smithsonian Magazine reported.
Dozens of onlookers gathered in Lower Manhattan to watch the historic building go on the block with an opening bid of $50 million. It went for nearly four times that to Garlick following a 45-minute bidding war.
"It's been (a) lifelong dream of mine since I'm 14 years old. I've worked every day of my life to be in this position," Garlick, managing partner at firm Abraham Trust, told NY1. "We are honored to be a steward of this historic building, and it will be our life's mission to preserve its integrity forever."
The Flatiron Building was completed in the summer of 1902 at 175 Fifth Avenue, and has become an iconic tourist attraction for visitors of New York City. It's known for its triangular shape where the tip of the structure is as narrow as six feet wide.
But, more recently, its interior has been of little use as its previous owners struggled to agree on what renovations and the building's future should look like, per Smithsonian.
According to NY1, its last office tenants left four years ago, and the previous owners spent around $100 million reducing the building's carbon footprint and modernizing the landmark.
One witness to the auction, real estate broker Tom Brady, told NY1 that the sale was an "iconic moment." The last time the building went up for public auction was in 1933, and it sold for $100,000, according to a New York Times report.
"Look, you're talking about one of the most famous buildings in the world — iconic," Brady said. "One of the most photographed manmade structures in the entire world, and I think it's kudos to the new owner."
However, not everyone was thrilled at Garlick's latest acquisition. One of the Flatiron Building's previous owners, Jeffrey Gural of GFP Real Estate, said he wished Garlick "hadn't shown up" to the auction.
"I was kind of shocked, to tell you the truth. I never thought that someone would bid so much for the building. It's a beautiful building, but it needs $100 million of upgrades. It's basically empty," Gural said, according to NY1.
It's currently unclear what Garlick has planned for the 22-story building. Gural, his bidding competitor, told The Real Deal that the 255,000-square-foot property could be worth $1,500 per foot after renovations. Insider did the math, and that could mean the Flatiron will be worth over $380 million someday.
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