New York's historic Flatiron building auctioned for $190 million following court order

The renowned Flatiron Building in New York, known for its slender, triangular shape, has been sold at an auction for $190 million, following a court order.

After an open tender war, the 1902-built, 22-story skyscraper that is rumoured to resemble a clothes iron sold for almost four times its opening price of $50 million, reported AFP.

"It's been my lifelong dream of mine since I'm 14 years old," winner Jacob Garlick, managing partner at the Abraham Trust investment fund, told TV station NY 1.

The broadcaster noted that Garlick has not yet revealed his plans for the historically significant structure. 

The Flatiron in Manhattan, which spans Fifth Avenue, Broadway, and East 22nd Street, has been vacant since 2019 after MacMillian Publishers moved out. 

The building had been held by a group of real estate firms before the auction, but they couldn't agree on remodelling plans or potential tenants. 

A judge mandated that the building be placed up for sale after the parties filed a lawsuit and countersuit. 

According to Matthew Mannion of Mannion Auctions, which conducted the sale on Wednesday, Garlick needed to pay a 10% deposit by Friday at 5:00 p.m. ET, or the building would be granted to the next-highest bidder.