New York developer Jeffrey Grahl won the right to buy an iconic Manhattan office building months after the original highest bidder failed to raise the down payment for the building.
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The Flatiron Building went up for auction on Tuesday, signaling a possible end to the strange story in the iconic building’s history.
The new owner is New York real estate investor Jeffrey Goral, whose investment group is reportedly already one of the majority owners of the building. real.
Mr. Goulart paid $161 million for the right to purchase the building at 175 Fifth Avenue in Manhattan. That was actually 15 percent lower than the bid when an unnamed investor promised $190 million for the building a few months earlier, before it virtually disappeared.
“To tell you the truth, I was really relieved, because I really wanted to keep the building,” Gral said. real after the auction. “But on the other hand, we didn’t want to overpay like we did last time. So this is a good result for us in a way.”
On May 23, Jeff Grahl, a real estate entrepreneur and co-owner of the Flatiron Building, bid on the “Iron Building” at an auction held on the steps outside the Manhattan Courthouse. | Christina Holsten/Getty Images
The Flatiron Building takes its name from the Flatiron district of New York City, which is mostly empty.
The building was put up for auction for the first time in March to settle a disagreement between its owners.
The auction was originally won by Jacob Garlic, an unnamed investor in New York City. After bidding for the building for $190 million, Mr. Garlic gave an interview to a local TV news station but couldn’t come up with a 10 percent security deposit for the building.
Garlick did not respond to multiple requests for comment.
Gral bid $189.5 million for the building at the time. Gral wasn’t interested in paying that much for the building after Garlick’s disappearance, leaving the building’s future in question until the matter is resolved on Tuesday.
the gral said real He still feels like he paid too much for the building and that he and his partner still have no plans to renovate or renovate.
Many New York office buildings remain completely or partially vacant. Experts say investors will have to demolish buildings or convert them to new uses, such as housing, or high vacancy rates will put pressure on downtown real estate across the country.
Grall suggested that he would be interested in converting part or all of the building into housing.
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