Looks like the hottest real estate drama in town has finally come to a close.
Two auctions, a lawsuit and a scandalous news cycle later – and the triangle-shaped Flatiron Building has found a new owner among some of its former owners.
In March, the only industry epicenter in New York began when a 121-year-old property went to court-ordered auction And was won A sum of $190 million by a mysterious 31-year-old.
That mystery man, Jacob Garlick, then failure to pay However, he promised to pay the much larger amount, and the skyscraper was sent back to the auction block on Tuesday for the second time in two months.
Garlick is now on trial According to the allegations, by former deed holders to make a “fraudulent bid” to get the small trust to represent “15 minutes of fame”.
This time, the winner was far from an unknown outsider, but a group led by majority construction stakeholder Jeff Gural of GFP Real Estate, which beat out four other contenders with its $161 million winning bid. reported crane,
The winning group also included ABS Real Estate Partners and Sorgente Group.
Gural and the other co-owners were forced to auction the address after reaching an impasse with Nathan Silverstein, who owned 25% of the steel-framed structure until the first auction, and who could not reach an agreement regarding valuable management. But could not come. piece of property.
“I feel good, really,” Gural said yesterday afternoon after formalizing his occupation of the former Fuller Building, according to Crain. “I really didn’t know how it would all turn out.”
And thus, a former part deed-sharer turned full, Gural and company have now functionally acquired the 25% stake Silverstein previously held.
Real Deal Reported The garlic was nowhere to be seen at the second auction outside the New York County Courthouse.