A mystery buyer backed out, and the second-place bidder doesn’t want to pay.
Photo: Christina Horsten/picture alliance via Getty Images
The Flatiron Building sold on Wednesday — at least, it looked that way for a couple of days. Jacob Garlick, the high bidder at the auction, came out on top with a bid of $190 million. That was a rude surprise to Jeffrey Gural, whose family firm is part of a four-owner consortium already holding 75 percent of the building; his group was considered the likeliest buyer for the remaining quarter.
There were, says auctioneer Matthew Mannion, 11 registered bidders as the auction began, and “four or five actually placed any bids”; after they reached about $160 million, it became a two-person bid-’em-up race between Gural, a well-known New York real-estate guy, and Garlick, an investor from Virginia who owns a couple of buildings here but has virtually no public profile.
It was an unusual auction, says Mannion. Typically, potential buyers of a property this size have to front a few million dollars beforehand to establish that they’re legit. This time, although buyers were required to register in advance, they didn’t have to pay ahead. “I’ve done thousands of auctions,” Mannion says, sounding a little surprised, “and you can count the amount that didn’t require a down payment up front on one hand.
Since he dropped out, the building is being offered to the underbidder, Gural, at $189.5 million. He is almost sure to decline, since he had been bid up by about $30 million in the final moments. It seems likeliest that the building will go back to auction, and that he’ll get a second and somewhat less expensive bite of the apple when it does.that Garlick might have been secretly working on behalf of his soon-to-be-former partner Silverstein, who stands to profit from a higher final price.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
GHD's 25% Off Sale Is Still Going StrongRun, don't walk, to GHD's exclusive sale to score 25 percent off sitewide 🥳
Leer más »
Used PORSCHE 911 RS : Riviera Blue : Fully recommissioned : Long term Ownership for saleThis stunning car started life in Germany and was brought to the UK in 2002 and has been in the same ownership since then. It is finished in Riviera Blue with a black leather interior and has the following specification: Fixed back bucket seats Electric windows No A/C Front airbags Strut brace It has covered 53k miles (85k KM) and has a large history file detailing servicing throughout it's life as well as a recent re-commissioning in our workshop after a long period of storage totalling some £30,000 which included: Full respray by a Porsche main dealer (due to stone chipping/faded paint in areas - fully documented) Brake overhaul and replacement of all consumable parts Full suspension overhaul Major service and replacement of various hoses/pipework The car is fully matching numbers with regards to the engine and gearbox and has all of its original panels which has been confirmed from the body number stamped in them (bonnet, engine cover, doors and shell) It has its original German Fahrzeugbrief and all papers relating to its importation from Germany (it is a C00 car) to the UK in 2002 and since then it has had just one owner. Please contact us for more information or to enquire about our finance or transportation options.
Leer más »
Voyager's $1B sale to Binance.US put on hold by US courtImpacted Voyager customers may have to wait a little longer before being paid out with a U.S. District Court granting approval to temporarily halt Voyager’s approved bankruptcy plan until a verdict is reached from the U.S. government's appeal.
Leer más »
Jerry Jones, Robert Kraft weigh in on potential Commanders sale: ‘Believe that something is close’Dallas Cowboys owner Jerry Jones said Monday that there won’t a resolution to the potential sale of Washington Commanders at the NFL owners’ meetings. But Robert Kraft said he believed a deal was close to happening — with a caveat.
Leer más »
The best Amazon Spring Sale deals to shop nowIncluding discounts on Elemis and Elizabeth Arden skincare, ghd and Revlon hair tools as well as Sage and De'Longhi coffee machines
Leer más »