Jeffrey Gural Lands Flatiron Building at Redo Auction for $161M
The iconic Flatiron Building in New York City has been sold at an auction for $161 million, reported by the Independent. Jeffrey Gural, one of the building’s current owners, secured the winning bid and expressed his commitment to preserving the landmark.
The auction was held to resolve a dispute between the building’s five owners, with a previous auction in March yielding a bid of $190 million that went unpaid. Gural, representing four of the owners, emerged as the successful bidder this time. Considering the challenging commercial real estate market in Manhattan, Gural mentioned the possibility of converting the building into apartments, either partially or entirely.
“There are three iconic New York buildings, the Empire State, the Chrysler and the Flatiron Building,” said Gural. The Flatiron Building has been undergoing renovation and repair work.