Iconic Flatiron Building Headed for Auction

The triangular Flatiron Building, emblematic of its eponymous district, is headed to auction after its owners said they were unable to settle a dispute between them.

Seventy five percent of the building is owned by four entities GFP Real Estate, Newmark, Sorgente Group and ABS Real Estate Partners, while the remaining 25 percent belongs to Nathan Silverstein. The other four owners in July 2021 brought legal action against Silverstein and said they were seeking a partition sale.

The owners were locked in a stalemate over how to proceed following the departure of the building’s previous tenant MacMillan Publishers, as reported by real estate site The Real Deal. One of the other four owners stated that Silverstein wanted to replace MacMillan with another tenant without renovating the building for fire safety, and that he wanted to divide the building into smaller properties despite the other owner stating that the landmark status would not allow that.

The iconic building is one of the most recognizable structures in the Manhattan skyline. The auction will be held on March 22 by Matthew Mannion of Mannion Auctions.