New York & Tri-State + Downtown New York + Finance | May 23, 2023

The landmarked Flatiron Building in Manhattan has sold at auction to a surprise bidder from Virginia after its owners reached an impasse over a dispute

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.

Connect

Inside The Story

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

Order Reprints