The Flatiron Building is one of New York City's most recognizable structures, and it now has a new owner after a public auction. In an auction ordered by the New York Supreme Court, investor Jacob Garlick outbid the building's current owners and other big names in real estate to secure the Manhattan landmark for $190 million.
Dozens of onlookers gathered in Lower Manhattan to watch the historic building go on the block with an opening bid of $50 million. It went for nearly four times that to Garlick following a 45-minute bidding war.
The Flatiron Building was completed in the summer of 1902 at 175 Fifth Avenue, and has become an iconic tourist attraction for visitors of New York City. It's known for its triangular shape where the tip of the structure is as narrow as six feet wide.
But more recently, its interior has been of little use as its previous owners struggled to agree on what renovations and the building's future should look like. According to NY1, its last office tenants left four years ago, and the previous owners spent around $100 million reducing the building's carbon footprint and modernizing the landmark. The last time the building went up for public auction was in 1933, and it sold for $100,000. It's currently unclear what Garlick has planned for the 22-story building.
