The mysterious 31-year-old man who won the iconic Flatiron Building at auction in March doesn’t have the money for it, yet is trying to keep the property.
After becoming the highest bidder for the triangular skyscraper last month, then missing a crucial payment deadline, Jacob Garlick, a managing partner at Growth Equity venture fund Abraham Trust, has expressed that he wants to redeem himself. And want to get hold of the Fifth Avenue steel-frame. , Real Deal Reported,
Only no one believes in him.
The ongoing saga of the Flatiron Building began with its now-former owners, after failing to come to an agreement on what to do with the expensive piece of real estate. were forced to 121-year-old building up for auction on court orders.
Garlic The winning bid was $190 million In a dramatic bidding war that sent the real estate world into a tizzy for the deep-pocketed newcomer and surprise winner.
But then, it became clear that Garlick really couldn’t deliver the eye-watering amount when he proposed failure to pay A $19 million deposit.
This gave the former owners, as the most recent deed-holders of the Flatiron, the option of purchasing the building for less than $190 million—but three said they would pass, making 175 Fifth Avenue seem likely. Back to Auction Block,
Now, though, Garlick is reportedly scrambling to prove he’s good for money, according to The Real Deal.
“Why would you take anything I’m saying seriously?” Jeffrey Gural, a longtime construction stakeholder of GFP Real Estate, said he believes Garlick’s bid should not be considered until he deposits the entire $190 million into an escrow account, the outlet reported. Do not put
Gural immediately sensed something fishy about the real estate newcomer when, moments after winning the Flatiron on the steps of the New York County Courthouse, Garlick asked him if he wanted to partner on the deal.
Afterwards, Garlick offered Gural a 10% stake in the building—which is currently vacant—in exchange for his $19 million deposit.
“It was such a ridiculous proposition,” Gurl said. “It worries me. It was a red flag that she didn’t have the money.”