One of New York’s most recognizable buildings will be going under the hammer later this month.
The Flatiron Building, a 22-story triangular tower located at 175 Fifth Ave., will be up for auction on March 22, ending a dispute among its five owners. The sale is the result of a judgement handed down by a State Supreme court in January, the Real Deal first reported.
The building, which opened in 1902 and was designated a landmark in 1966, is currently owned by GFP Real Estate, Newmark, Sorgente Croup, ABS Real Estate Partners and Nathan Silverstein.
Four of the five partners sued Silverstein, who owns 25 percent of the building, requesting a court order that the building be sold. They argued that the property, which is vacant, had been mismanaged and put the blame on Silverstein.
Meanwhile, Silverstein argued the four other partners were the ones that failed to make sound business decisions.
The dispute came to a head when the building’s main tenant MacMillan Publishers announced in 2017 that it planned to move out. It had occupied 21 stories.
According to the Real Deal, each partner was able to veto any building decision and they were often unable to come to an agreement.
The proceeds from the sale will be split among the partners.
