The building’s buyer, Jacob Garlick, won the Fifth Avenue landmark last week — but is already behind on payment.
The terms of the 121-year-old structure’s sale required that Garlick, a managing partner at growth equity venture fund Abraham Trust, cough up 10% of his winning bid before the weekend.
When reached for comment, Garlick told the Real Deal he couldn’t chat about either the deposit or the deal this week, but that he would be able to by next week. The second-highest bidder, former partial owner Jeffrey Gural of GFP Real Estate, told the outlet that, even granted the opportunity, he’s not interested in paying out $189.5 million for the former Fuller Building.
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