Surprise Bidder Wins Flatiron Building Auction for $190M
TL;DR
The Flatiron Building in New York has been sold for $190m in a court-ordered auction to Abraham Trust, a growth equity venture fund. The auction was held after a disagreement between the building's co-owners, with Nathan Silverstein, who owned 25% of the building, proposing "preposterous" ideas for the property's future. The previous owners were allowed to make credit bids on the property, but were outbid by Abraham Trust's managing partner, Jacob Garlick. The landmark building was built in 1902 and is famously triangular.
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