If you’ve ever wanted to be a part of New York City history, you’ll soon have your chance.
The Flatiron Building is going up for sale at Manion Auctions on March 22. The ruling came after a state Supreme Court judge failed to resolve a dispute over renovations on the historic property by a group of developers.
Four real estate firms – GFP Real Estate, Newmark, ABS Real Estate Partners, and Sorgente Group – hold a collective 75% stake in the 22-story skyscraper, while a fifth partner, Nathan Silverstein, owns the remaining 25%.
Four real estate firms sued Silverstein in 2021 to force them to sell their stake after alleging that the business decisions of a fifth partner are keeping the Flatiron Building vacant.
Silverstein countersued the four partners by claiming that they wanted to lease the building to an owner, a company associated with Newmark, at a below-market price.
The Flatiron Building has been vacant since the previous tenant, McMillian Publishers, left in 2019.
A starting bid has not been announced, but has been confirmed by Manion Auctions. hyperallergic The sale is public, so anyone can bid – although the four majority owners want to hold onto the iconic 121-year-old building.
Manion Auctions did not immediately respond to a CNBC Make It request for comment.
Jeffrey Gural, president of GFP Real Estate, told Hyperallergic that if they win the auction and retain full ownership of the Flatiron Building, they plan to rent it out floor-by-floor, rather than leasing the entire thing to a single tenant. Are.
Don’t miss: Want to get smarter and more successful with your money, work and life? Sign up for our new newsletter,
get cnbc free The Warren Buffett Guide to InvestingJoe Billionaire’s No. 1 delivers the best pieces of advice, do’s and don’ts, and three key investing principles in one clear and simple guidebook for regular investors.