{"id":35537,"date":"2023-03-24T11:46:55","date_gmt":"2023-03-24T08:46:55","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=35537"},"modified":"2023-03-27T10:31:29","modified_gmt":"2023-03-27T07:31:29","slug":"flatiron-building-auction","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/","title":{"rendered":"Jacob Garlick Wins Flatiron Building with $190 Million Bid"},"content":{"rendered":"

On Wednesday, prospective bidders assembled on the steps of the Manhattan County Courthouse to participate in the auctioning process of the historic Flatiron Building. As the dust settled, Jacob Garlick\u2019s Abraham Trust beat one of the property\u2019s previous owners \u2014 Jeffrey Gural of GFP Real Estate \u2014 following a $190 million bid. Matthew Mannion of Mannion Auctions was the auctioneer.<\/p>\n

The 14-story Manhattan office<\/a> tower had been jointly owned by five companies: GFP Real Estate, Newmark, Sorgente Group, ABS Partners Real Estate and Nathan Silverstein. Then, when the property\u2019s longtime anchor tenant, MacMillan Publishers, moved out in 2017, the owners had conflicting views about the future of the 120-year-old building.<\/p>\n

The idea of an $80 million renovation<\/a> was put forth, but Silverstein countered with a proposal to break up the building into five individually owned units. There were also talks about a possible hotel conversion. Eventually, improvements efforts led by Beyer Blinder Belle kicked off in 2019 and\u00a0included updates to the existing lobby, upgrades to the AC system, fa\u00e7ade changes, and a revised ground-floor retail frontage.<\/p>\n

However, tensions between the various parties continued and later resulted in the partition auction, in which Garlick swooped in with the winning bid. This was somewhat of a surprise to the previous owners, as they were hoping to use their existing stakes to place a \u201ccredit bid\u201d on the property.<\/p>\n

Originally built in 1901 as the first skyscraper north of 14th Street, the Flatiron Building had been auctioned off before:\u00a0In 1933, during the Great Depression, the owners at that time defaulted on a mortgage.<\/p>\n

Ultimately, the Flatiron will likely continue to be used as office space. That said, there are also plans to reconstruct an entrance to a previously unused retail and restaurant space in the property\u2019s basement.<\/p>\n

Looking for office or coworking space?\u00a0<\/em>CommercialCafe.com<\/em><\/a>\u00a0provides you with the tools you need to find a property that matches your company\u2019s needs. Browse the latest commercial real estate listings in your preferred location and filter results by space type, size or asking price:<\/em><\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Office space in Houston<\/a><\/td>Office space in Los Angeles<\/a><\/td>Office space in Fort Lauderdale<\/a><\/td>\n<\/tr>\n
Office space in Dallas<\/a><\/td>Office space in Chicago<\/a><\/td>Office space in New York City<\/a><\/td>\n<\/tr>\n
Office space in Austin<\/a><\/td>Office space in San Francisco<\/a><\/td>Office space in Fort Worth<\/a><\/td>\n<\/tr>\n
Office space in Boston<\/a><\/td>Office space in Seattle<\/a><\/td>Office space in Manhattan<\/a><\/td>\n<\/tr>\n
Office space in Atlanta<\/a><\/td>Office space in Denver<\/a><\/td>Office space in Portland<\/a><\/td>\n<\/tr>\n
Office space in Miami<\/a><\/td>Office space in Arlington<\/a><\/td>Office space in San Antonio<\/a><\/td>\n<\/tr>\n
Office space in Phoenix<\/a><\/td>Office space in Philadelphia<\/a><\/td>Office space in Pittsburgh<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

On Wednesday, prospective bidders assembled on the steps of the Manhattan County Courthouse to participate in the auctioning process of the historic Flatiron Building. As the dust settled, Jacob Garlick\u2019s Abraham Trust beat one of the property\u2019s previous owners \u2014 Jeffrey Gural of GFP Real Estate \u2014 following a $190 million bid. Matthew Mannion of…<\/p>\n","protected":false},"author":56,"featured_media":35544,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-35537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nFlatiron Building Auctioned Off for $190 Million | CommercialCafe<\/title>\n<meta name=\"description\" content=\"Prospective bidders assembled on the steps of the Manhattan County Courthouse to participate in the auction of the historic Flatiron Building...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jacob Garlick Wins Flatiron Building with $190 Million Bid\" \/>\n<meta property=\"og:description\" content=\"Prospective bidders assembled on the steps of the Manhattan County Courthouse to participate in the auction of the historic Flatiron Building...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialCafe\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-24T08:46:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-27T07:31:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/03\/Flatiron-Building-Manhattan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Sabau\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Diana Sabau\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/\",\"name\":\"Flatiron Building Auctioned Off for $190 Million | CommercialCafe\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/03\/Flatiron-Building-Manhattan.jpg\",\"datePublished\":\"2023-03-24T08:46:55+00:00\",\"dateModified\":\"2023-03-27T07:31:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241\"},\"description\":\"Prospective bidders assembled on the steps of the Manhattan County Courthouse to participate in the auction of the historic Flatiron Building...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/#primaryimage\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/03\/Flatiron-Building-Manhattan.jpg\",\"contentUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/03\/Flatiron-Building-Manhattan.jpg\",\"width\":2000,\"height\":1200,\"caption\":\"Flatiron Building\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialcafe.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Jacob Garlick Wins Flatiron Building with $190 Million Bid\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#website\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/\",\"name\":\"CommercialCafe\",\"description\":\"Your Commercial Real Estate Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialcafe.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241\",\"name\":\"Diana Sabau\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93\",\"contentUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93\",\"caption\":\"Diana Sabau\"},\"description\":\"Drawing on years of intense research in the U.S. commercial real estate market at Yardi Matrix, Diana now applies her expertise as a writer for the CommercialCafe blog. Her articles focus on CRE investment, labor market trends, and technology, and have been picked up by prestigious publications including the New York Times, GlobeSt, The Real Deal, NAIOP, MSN, and Bisnow.\",\"sameAs\":[\"diana.sabau@yardi.com\"],\"jobTitle\":\"Senior Content Writer, CRE News & Market Analysis\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/author\/diana-sabau\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Flatiron Building Auctioned Off for $190 Million | CommercialCafe","description":"Prospective bidders assembled on the steps of the Manhattan County Courthouse to participate in the auction of the historic Flatiron Building...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/","og_locale":"en_US","og_type":"article","og_title":"Jacob Garlick Wins Flatiron Building with $190 Million Bid","og_description":"Prospective bidders assembled on the steps of the Manhattan County Courthouse to participate in the auction of the historic Flatiron Building...","og_url":"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/","og_site_name":"CommercialCafe","article_published_time":"2023-03-24T08:46:55+00:00","article_modified_time":"2023-03-27T07:31:29+00:00","og_image":[{"width":2000,"height":1200,"url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/03\/Flatiron-Building-Manhattan.jpg","type":"image\/jpeg"}],"author":"Diana Sabau","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Diana Sabau","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/","url":"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/","name":"Flatiron Building Auctioned Off for $190 Million | CommercialCafe","isPartOf":{"@id":"https:\/\/www.commercialcafe.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/03\/Flatiron-Building-Manhattan.jpg","datePublished":"2023-03-24T08:46:55+00:00","dateModified":"2023-03-27T07:31:29+00:00","author":{"@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241"},"description":"Prospective bidders assembled on the steps of the Manhattan County Courthouse to participate in the auction of the historic Flatiron Building...","breadcrumb":{"@id":"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/#primaryimage","url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/03\/Flatiron-Building-Manhattan.jpg","contentUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/03\/Flatiron-Building-Manhattan.jpg","width":2000,"height":1200,"caption":"Flatiron Building"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialcafe.com\/blog\/flatiron-building-auction\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialcafe.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Jacob Garlick Wins Flatiron Building with $190 Million Bid"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialcafe.com\/blog\/#website","url":"https:\/\/www.commercialcafe.com\/blog\/","name":"CommercialCafe","description":"Your Commercial Real Estate Blog","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialcafe.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241","name":"Diana Sabau","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93","contentUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93","caption":"Diana Sabau"},"description":"Drawing on years of intense research in the U.S. commercial real estate market at Yardi Matrix, Diana now applies her expertise as a writer for the CommercialCafe blog. Her articles focus on CRE investment, labor market trends, and technology, and have been picked up by prestigious publications including the New York Times, GlobeSt, The Real Deal, NAIOP, MSN, and Bisnow.","sameAs":["diana.sabau@yardi.com"],"jobTitle":"Senior Content Writer, CRE News & Market Analysis","url":"https:\/\/www.commercialcafe.com\/blog\/author\/diana-sabau\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2023\/03\/Flatiron-Building-Manhattan.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/35537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/comments?post=35537"}],"version-history":[{"count":9,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/35537\/revisions"}],"predecessor-version":[{"id":35552,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/35537\/revisions\/35552"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/media\/35544"}],"wp:attachment":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/media?parent=35537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/categories?post=35537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/tags?post=35537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}