NEW YORK — Jeffrey Gural spent years battling over the future of Manhattan’s Flatiron Building, only for his bid of almost $190 million at an auction to be topped by a relatively unknown figure.
Then, the winning bidder, Jacob Garlick, failed to pay his deposit. That’s left Gural, who runs GFP Real Estate, and the other investors in his group scrambling to figure out next steps in an unexpected twist after years of legal fights over the wedge-shaped tower.
While his group still has until Monday to officially decide, he said he’s likely to decline at the price they bid, $189.5 million, and wants to ensure next steps are smoother. Gural suggested potential bidders would have to deposit $1 million to even participate in an auction for the property.
