Flatiron Building in New York City scheduled for public auction.

Decided by the New York justice, the sale, organized this Wednesday, must seal the fate of the iconic skyscraper, unoccupied for four years.

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One of New York City’s most iconic skyscrapers will be the subject of an auction this Wednesday, organized by Mannion Auctions, reports the American press.

Currently unoccupied, the FlatIron Building, which takes its name from its triangular and flattened shape, reminiscent of old irons, has for several years been at the heart of a legal battle between its various owners.

Designed by Daniel Burnham and Frederick Dinkelberg and completed in 1902, the Flatiron building originally housed the Fuller Company, the construction company that invented modern skyscrapers, recalls American cultural outlet Hyperallergic.

End of lease and beginning of discord

After occupying the premises for nearly 60 years, publishing group MacMillan Publishers finally left in 2019 for a more modern and affordable location on Broadway.

His departure, announced two years earlier, led to a real discord between the various owners of the Flatiron, who failed to agree on the management and the future of this listed building: renovation issues (a program of 80 million dollars committed in 2019), upgrading to standards, renewal of the lease, desire to divide the building into several lots…

After several years of a dialogue of the deaf, the companies Sorgente Group, GFP Real Estate and ABS Real Estate, together holders of 75% of the shares of the building, sued Nathan Silverstein, holder of the remaining 25% of shares, to force a split sale of their stakes, arguing that his business decisions kept the building empty.

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A New York State Supreme Court judge finally decided to authorize a public auction to seal the fate of the iconic building.

Attempt at “Redemption”

Its owners will be able to submit offers in the form of a “credit offer” using their existing stake. ” We are not going to sell the building, we are just looking to dissolve the partnership “said Jeffrey Gural, the president of GFP Real Estate, to Hyperallergic. ” Our plan is to hopefully retain the property. We will make an offer for the 25%. »

According Real Estate Weekly, the building had been valued at $190 million in 2009, which corresponded, in the summer of 2021, to an inflation-adjusted value of $240 million. The starting price of the auction is set at $40,000 according to court documents seen by Commercial Observer.

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