The triangular Flatiron Building (pictured above) is one of New York’s most popular landmarks – but right now the famous “flat iron building” stands empty and partially hidden behind scaffolding. After a dispute between the owners, it is now up for auction.
Until a few years ago, Macmillan Publishers leased the building. After he moved out, a dispute broke out between the owners about the future of the house. A judge eventually ordered the auction. Part of New York will be closed off on Wednesday.
Building falls under monument protection
The Flatiron Building, a landmark building, currently has five owners: real estate companies GFP Real Estate, Newmark, ABS Real Estate Partners and Sorgente Group together own 75 percent, and real estate developer Nathan Silverstein the other 25. Silverstein has “absurd” ideas about the future of the building and, for example, do not want to carry out any renovations at all, according to the real estate companies.
Silverstein, in turn, blames the co-owners for not having sufficiently advertised the building and for offering it at a far too low price per square meter. The dispute escalated, leading to years of rent loss – and now the forced auction.
House opened in 1902
The Flatiron Building, about 90 meters high, which has also appeared in numerous films and television series, was opened in 1902 – at the intersection of Broadway, 23rd Street and Fifth Avenue, in the middle of Manhattan. Today, Madison Square Park is across the street.
Architect Daniel Hudson Burnham actually called the building the “Fuller Building” because it was built and initially used as the headquarters of the Fuller construction company. But the nickname Flatiron quickly caught on and is now also used for the entire area around it.
Challenge form for tenants
After Fuller gave up the building, insurance companies and small businesses, among others, sometimes moved in. There were always restaurants or shops on the ground floor. However, the rounded triangular shape of the house – only two meters wide at the top – repeatedly caused challenges for the tenants.
It is considered likely that the iron building will fetch a price of tens of millions at the upcoming auction. A possible minimum bid was not initially communicated. The real estate companies, which still jointly own 75 percent of the building, have already indicated that they will probably also bid.
Auctioneer: “Great interest”
In principle, however, anyone who registers as a bidder can bid, says auctioneer Matthew Mannion of the German news agency. There is already “huge interest”. “If you’ve ever wanted to own a piece of New York history,” CNBC said, “now’s your chance.”
Source: Krone
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