The surprise winner of last week's auction for Manhattan's iconic Flatiron Building generated another surprise on Friday: Jacob Garlick of DC-based Abraham Trust failed to deliver a 10% deposit to seal the deal.
On Wednesday, a court-ordered auction of the 22-story building at 175 Fifth Avenue was undertaken at the behest of three partners who owned 75% of the iconic building—Sorgente Group, GFP Real Estate and ABS Real Estate Partners—who wanted a divorce from the owner of the remaining 25%, Nathan Silverstein.
Garlick emerged with the winning bid of $190M after GFP bowed out at $189.5M. The terms of the deal required Abraham Trust to put down $19M by close of business on Friday, but this did not happen, according to a report in The Real Deal.
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