At an auction last week on the steps of a Manhattan courthouse Jacob Garlick, a managing partner of Abraham Trust, bid $190 million to purchase the Flatiron Building. Garlick’s bid was high enough to secure the historic, triangular-shaped office building. Yet two days later, the court-ordered deposit of ten percent of the sale price, $19 million, was not delivered.
Under the auction rules should a deposit not be made the purchase goes to the second-highest bidder, in this case GFP Real Estate Chairman Jeff Gural. According to reporting in The New York Times, Gural went into the auction anticipating he would win and theorizes
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