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| He Bid $190 Million for the Flatiron Building, Then Didn’t Pay Up | He Bid $190 Million for the Flatiron Building, Then Didn’t Pay Up |
| (about 1 hour later) | |
| The small auction held last week outside a Manhattan courthouse — 11 bidders holding white paddles gathered around a plastic folding table — seemed like the last-resort liquidation of some foreclosed house or deserted suburban office park. | The small auction held last week outside a Manhattan courthouse — 11 bidders holding white paddles gathered around a plastic folding table — seemed like the last-resort liquidation of some foreclosed house or deserted suburban office park. |
| But the property being sold on the courthouse steps was different. | But the property being sold on the courthouse steps was different. |
| It was the world-famous Flatiron Building, which became subject of a court-mandated sale after irreconcilable differences among its five owners stalled its renovation and muddied its future. | It was the world-famous Flatiron Building, which became subject of a court-mandated sale after irreconcilable differences among its five owners stalled its renovation and muddied its future. |
| The building has remained almost completely vacant for four years, ever since its longtime tenant, Macmillan Publishers, which occupied all its office floors, moved out in 2019. | The building has remained almost completely vacant for four years, ever since its longtime tenant, Macmillan Publishers, which occupied all its office floors, moved out in 2019. |
| The situation was not helped by the pandemic, which imploded the office space market, leaving the building’s future in limbo. | The situation was not helped by the pandemic, which imploded the office space market, leaving the building’s future in limbo. |
| Now the sale meant to right its course has itself turned into a fiasco, leaving the 121-year-old structure, one of the world’s most famous, without a clear buyer. | |
| Wedged into an awkward space between Fifth Avenue and Broadway at 23rd Street by its architect, Daniel Burnham, the 22-story Flatiron Building was a pioneering skyscraper when it was completed in 1902. |