After Loss in ‘Crazy’ Auction, Bidder for NYC Icon Wants a Redo
- Surprise winning offer for Flatiron Building goes unpaid
- New auction could require $1 million to put ‘skin in the game’
The Flatiron Building in 2019.
Photographer: Daniel Slim/AFP/Getty ImagesThis article is for subscribers only.
Jeffrey Gural spent years battling over the future of Manhattan’s Flatiron Building, only for his bid of almost $190 million at an auction to be topped by a relatively unknown figure.
Then, the winning bidder, Jacob Garlick, failed to pay his deposit. That’s left Gural, who runs GFP Real Estate, and the other investors in his group scrambling to figure out next steps in an unexpected twist after years of legal fights over the wedge-shaped tower.