NYC's iconic Flatiron building goes up for auction trends now

NYC's iconic Flatiron building goes up for auction trends now
NYC's iconic Flatiron building goes up for auction trends now

NYC's iconic Flatiron building goes up for auction trends now

The iconic Flatiron Building in New York City will go up for auction this week in a bid to finally settle a bitter dispute between its four owners.  

A state supreme judge ruled a sale could move forward after the current landlords failed to resolve their long-standing disagreements over renovations at the property. 

The 121-year-old landmarked building has been empty since MacMillan Publishers, which occupied all 21 floors, moved out in 2019. 

It will go up for sale at Mannion Auctions on Wednesday, March 22 and the current owners can put forward offers in the form of a 'credit bid' using their existing stake.

The iconic Flatiron Building in New York City will go up for auction later this month in a bid to finally settle a bitter dispute between its four owners

The iconic Flatiron Building in New York City will go up for auction later this month in a bid to finally settle a bitter dispute between its four owners

Jeffrey Gural (pictured) is chairman of GFP Real Estate which owns a 75 per cemt share in the historic building with Sorgente Group and ABS Real Estate Partners while Nathan Silverstein

Jeffrey Gural (pictured) is chairman of GFP Real Estate which owns a share in the historic building alongside, Sorgente Group, ABS Real Estate Partners and Nathan Silverstein

Sorgente Group, Jeffrey Gural's GFP Real Estate and ABS Real Estate Partners together own 75 per cent of the building at 175 Fifth Avenue - which was acquired in transactions between 1997 and 2004. 

They sued their partner Nathan Silverstein, who owns the other 25 per cent, in 2021 to force a partition sale of their stakes and argued his business decisions kept the building empty. 

The dispute began in 2017 shortly after MacMillan Publishers, which had occupied the building for almost 60 years, announced it would be moving out in 2019.

They were lured by cheaper rents downtown and the opportunity to work in a modern workplace and they moved into the renovated floors of the Equitable Building on Lower Broadway. 

'We're not going to sell the building, we're just looking to dissolve the partnership,' GFP Real Estate Chairman Gural told Hyperallergic. 

'Our plan is hopefully to maintain ownership. We're going to bid for the 25 percent.'

While Silverstein said it was 'unfortunate' the parties couldn't agree on the building's future.

'It's a shame, there's no reason for it,' he said. 'Jeff Gural didn't want to give up his control over the financial aspect. He wanted to spend what he saw as a substantial amount of money. It's different viewpoints with people who

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