Historic NYC Landmark Flatiron Building Sells for US$190 Million

The historic Flatiron Building at 175 Fifth Avenue in Manhattan, NY, sold to Jacob Garlick’s Abraham Trust at auction on March 22 for US$190 million, The Daily Dirt is among outlets to report. The auction was the culmination of a disagreement between Sorgente Group, Jeff Gural’s SFP Real Estate and ABS Real Estate Partners, which together owned 75% of the building, and Nathan Silverstein, who owned the other 25%, over how to move the property forward after sole tenant Macmillan Publishers moved out in 2019. Despite the clash between Silverstein and the other owners, some work — including elevator upgrades — has been done. The interior has been gutted and the space is ready for central air conditioning installation. Gural said he was “totally shocked that somebody would bid so much for the building,” while Garlick told sources including NY1 it’s been his “lifelong dream” to own the Flatiron Building.