Selling for for $100k in 1933 is equivalent to $3M today with inflation. Won’t get any deals like that now days especially for a building in NY. Crazy.
I worked right down the street from the Flatiron building for years. There are times in the morning when the sun hits it just right, the whole building looks like it is made of gold. It is, indeed a beautiful old building.
eh. make it useable or ith's not worth much more than a rich man's baubble. ANd building baubbles are the epitome of wasteful spending. It's just a money placeholder that now backfired because nobody wants it. The true value probably dropped so substantially at best someone would pay $12M I'd wager.
I fell in love with this building when I was a small child. I named it “The Cake Building” because to me it looked exactly like a slice of cake! I’m 76 & still call it the same♥️
Jacob was there to raise the other bids. So he backs out and the 2nd highest bidder ends up paying more than they originally wanted to. Classic eBay scheme.
Then watch them dry up as the film slides into history as Liam Neeson's Taken has already begun to. John Wick was great, but the sequels are mediocre by comparison the moment the fighting stops and the dialogue starts. It was great as a pretty simple concept of a revenge story, but their mythos building was ham fisted and boring.
@@mnomadvfx movies aside, having a place to go to that looked like the Continental would be great, not many of the old Hotels around, it's nice to have a building like this as a survivor
how long can you milk john wick before it becomes another faded memory museaum. it would need more films taken place in the building before you can make it a film buff's dreamhouse.
A Norwegian civil engineer named "Joachim Gotsche Giæver" helped design this building, mainly the steel construction. He also was a co-designer of other amazing buildings in USA at that time. And he was responsible for the assembly of the Statue Of Liberty.
Except Knotel pulled out waiting for Macmillan's lease to expire. To have a hotel, they needed somebody to run it. The 5 owners were owners. None of them wanted to go into the business of running a hotel.
The exterior of the Continental Hotel in John Wick was filmed at a different building called 1 Wall Street Court, currently housing a sushi restaurant and residential condos. The interior of the Continental was filmed at a different location, 56 Beaver Street, which is actually a restaurant (currently closed) and has never once been a hotel since its construction in 1837. But I do agree, it would be cool to make an actual Continental Hotel out of the Flatiron building.
If only that sentiment were taught in schools, ingrained into our traditions, and expounded upon by our daily actions, we would surely be a richer, healthier, more culturally engrossed civilization than we are today.
I doubt it could happen to such a large protected building, but I know developers are using a loophole for smaller buildings like townhomes that are protected where they damage the building to make it “structurally unsound” and can then tear it down.
“Not really worth that much?” He clearly doesn’t deserve that building. I’m glad it’s going to someone who will appreciate it and restore it to its original glory. Such an iconic landmark!
It’s definitely not worth that much, the highest bidder didn’t even go through with the purchase. No building that has rot and water damage is worth $190 million. That type of money is incomprehensible to the 99% of people
Land mark or not it's going to go to ruin eventually if it isn't maintained. Contrary to popular thought all buildings require maintenance even (perhaps even especiallu) when they are not in use. No one is going to pay maintenance for such a large building in vain indefinitely if there is no use in it. The city could buy it and turn it into another museum if its so historically relevant, but that would only fill a small fraction of its square footage.
@@daddyjames9107 On the other hand this is a kind of public forum, not private messaging. No need to respond. Somebody can find some useful information in these kinds of comments. Tame your ego, unless called out directly.
My very first comment has nothing to do with either one of you guys. But yet you’re telling me to watch my ego. Didn’t ask for any information nor were you even asked to chime in.
@@daddyjames9107 How did I knew, that you will take it personally and fail to understand or simply ignore what my comment said? Your first comment was perfectly fine, it went down hill from there. Don't worry, won't bother you no more - but as long as you comment on YT somebody will.
I used to work in that area it's an awesome hotel location. You'd have to get clever with the spacing for the rooms, but it's a great idea. Also, triangle themed art all over would be hilarious.
Reposition means to move, alter, or adjust the position or to change the image of.... So they are not repositioning the building but remodeling or possibly redeveloping the lot by demolishing the building.
So just BS hipster talk... Not going to get a more stylish building on that footprint. Not really got the ft² for a hotel. A high end apartment building is about the best use for it. No way it's worth $190m.
The owners estimate $100mm renovation cost, and hotels in NYC haven't been doing so well post-pandemic, so the price of the building has to come down significantly for the financials to make sense. I personally think a hotel would be awesome though.
@@user-ug8wx5er1w true. Its like mant filthy rich are walking around with blinders on when is comes to the homeless and economic disaster thats happening
They need to make that building a historical monument. For more than one reason. I would hate to see somebody buy it and tear it apart on the inside. Just save the building
It's such an iconic building it should be preserved and made into different spaces. A museum of NYC history, elegant shops and restaurants, hotel, accommodation rental, so much potential.
The property sold for $2.351 million in 1933 post inflation. Today it sold for $190 million, with a mark up price. Even without the mark up value, it will still cost tens of millions of dollars. Shits fucked when you can get 2 bed 2 bath apartment in NYC for $10 mil, and 90 years ago you can get a giant building for $2.4 mil 💀💀💀
It's a NYC landmark, it will collapse from neglect before they tear it down. See Havana before and after the revolution...We are at the beginning of NYC being largely abandoned.
If you really want to read up about the flatiron building 🏫 you will find a lot of interesting facts like how it is one of the first using iron as a support structure and the person who built created the idea of general contracting. I think it has twenty-two floors or 24, if it was made into condos each floor would easily be worth five or ten million after renovation and refitting
The Flatiron should be either a hotel or some NYC historical museum. I remember in my first year of college seeing old photos from NYC and seeing the Flatiron in these photos. It was one of the most jaw-dropping photos I’d ever seen and wondering where this building was. I now work in an office 5 blocks away and the first time I saw it in person was even more awe-inspiring. It’s currently covered in scaffolding (I assume to protect it) but the beautiful shape and architecture still shine through and it’s my favorite thing to pass by.
I used to live around the corner from the Flat Iron Building. I used to imagine buying a "loft" in that building and having my kitchen in the corner overlooking the crossing of Broadway with 5th Avenue. I would have loved living there.
@@jonathanandrew2909 It was not so far fetched as you think. I lived around the corner from the Flat Iron in a factory building that was rezoned for living. This was in 1978, which was at time when there was great interest in "lofts", which were factory buildings built around the turn of the 20th century (mine was built in 1910). At this time lofts were cheap ( paid $21,000 for 2,100 square feet of space - I won't tell you what I sold it for 10 years later). The idea of converting factory buildings into residential started with the artists who could not find reasonably priced apartments, and moved into abandoned factory buildings. After that the Yuppies took over and that is when we bought in - thankfully so. So you see, this building could yet be rezoned residential, especially since there was a beautiful, tall, apartment house built just down the block from the Flat Iron (this was circa 1987).
The building is iconic for sure. Millions of people have seen it on film and in person for decades. It is beautiful and needs to be saved. If not by individuals by the city. This kind of sturdy construction will never be replicated again and has decades more use. What else can be on that odd lot, parking? Nothing of relevance certainly not as relevant as this structure
I've always loved this building...very iconic. I went to school pretty close to this building. Anyway, any commercial real estate investor seeking to acquire this CRE asset will have to consider so many factors such as: (1) The downturn in Commercial Real Estate in NYC due to telecommuting etc since the so-called pandemic. (2) The market value will be a best guess since the building is currently not occupied, and thus not making any revenue to conduct a good analysis of, since there is no Net Operating Income (NOI) to divide by the Cap Rates of that particular block to help arrive at 'Market Value. Also, MV would be difficult to determine utilizing IRR. So, a lot of assumptions and forecasting models would have to be applied to create a potential MV out of thin air. (3) This building is most likely a Historical Landmark, so very few updates can be made to the exterior, and possibly the interior as well. (4) A 'hotel' might be a horrible idea, due to lower visitors to NYC, and thus lower occupation rates (more room vacancies) etc, which is a disaster in the hotel business, especially new hotels. Most likely, the building gets converted into high-end condos (or a Co-Op) with amenities such as a gym, common area, and pool etc.
Growing up in New Zealand I saw a black & white photo of this fascinating building. I decided one day I’d go see it. Took me 50 years but I did. Hope this magnificent piece of architecture is heritage listed?
I left NYC in 1990, and moved to the West coast. How sad that this iconic building has been crumbling for years. I worked for Four Winds Travel on the 13th (renumbered as 14th) floor in 1982. The office I worked in was on the north facing corner, where 5th Avenue and Broadway crossed each other at E. 23rd Street. Back when The Flatiron was built, people were superstitious, and elevator panels would read as 10, 11, 12, 14, 15 etc. It is such a beautiful and historic building with lots of potential. I hope the new owners do it justice.
@@mrmrsmarshall9110 I"s NYC still one of the safest cities? Image result You may have read that the crime rate in NYC went up in 2022 compared to 2021, but (and this is what counts) the city is still very safe. In fact, NYC is one of the top five safest large cities in the United States.Mar 2, 2023?
I used to work for mr gural. At one oh his casinos in the sticks. Dude walked around the casino in a button up shirt and bright orange crocs and talked to every old lady that approached him. Even covered the cost of renting the golf course for my wedding there.
I went into that building in 1997 or 98 to deliver some audio recordings to a company on the 10th or 12th floor. It was a company that did transcriptions. The whole floor was filled with people who could type incredibly fast while listening on headphones. I felt like i was seeing something out of the movie Brazil. But that was then. If a business like that even exists at all nowadays, it’s certain the workers are doing it from home. I really worry about cities like New York. We have massive infrastructure and massive bills to pay. The majority of that financial burden has been shouldered by commercial real estate landlords paying property taxes for many decades. This is what makes the busses run. The subways. The parks employees and the schools. Pays the cops’ bloated salaries and absurd retirement pensions. Cities might collapse. It’s weird. Cops who retire at age 50 with full medical and a six figure yearly pension will be okay though. New York loves its corrupt police force.
I'm with you on that one my friend, right now Americas has an epidemic of crooked cops who retire early with fat pensions! iv do e alot of work with a couple of big police accountability channels over the years.. it's shocking to see how they are, and they so undertrained too which is one of the biggest problems.. most of them do t even know the the first 3 or 4 of the amendments are! even though they all swore to uphold the constitution 🤷🏻♂️ make it make sense lol
i remenber visiting New York city... and thinking if i was a millionnaire , i would own an appartment in this building .. i had no idea it was empthy .... so sad .. it`s truly a beautiful building. ! please save it and great beautiful homes! it's so new york xx
An iconic structure like that has got to be worth $200m. Sure renovation would be expensive but surely the income that could be made from it would balance out the cost in time.
The great part about old historical buildings like this is that they are not only timeless in looks and design but can be converted multiple times into different uses throughout its lifetime. It could be a hotel for 60-80 years converted into apartments for 40-50 years after that. Then reconverted into an office internally
It was auctioned again; Jeffrey Gural won the bid this time at $161 million according to NY1. He said that he will to turn either half or all of the building into apartments.
I know a newspaper company that's looking for a new headquarters. They aren't especially big, but they should be able to afford it if it isn't worth that much. Besides, they do get exclusive photos of the local superhero!
No business shall be conducted on Continental grounds
How about under the table?
You've got the wrong building g
@@CrowsNestEntertainment they sure did. I know. I was down there when they filmed it.
Wrong building
You're thinking of the Beaver Building, both look very similar.
Selling for for $100k in 1933 is equivalent to $3M today with inflation. Won’t get any deals like that now days especially for a building in NY. Crazy.
That was also in the middle of the Great Depression.
Not a fair comparison but yeah an apartment can cost you that much
I worked right down the street from the Flatiron building for years. There are times in the morning when the sun hits it just right, the whole building looks like it is made of gold. It is, indeed a beautiful old building.
Remember the year they set an iron man statue at the edge of it? 😆
NY has a lot of iconic buildings. My favourite is the Chrysler Building.
Seen it many times. They don’t make them like it anymore
eh. make it useable or ith's not worth much more than a rich man's baubble. ANd building baubbles are the epitome of wasteful spending. It's just a money placeholder that now backfired because nobody wants it. The true value probably dropped so substantially at best someone would pay $12M I'd wager.
UNSUBSCRIBED!!!!!!
I fell in love with this building when I was a small child. I named it “The Cake Building” because to me it looked exactly like a slice of cake! I’m 76 & still call it the same♥️
Genius I’d like to call it that also
Cute and creative
It’s shaped as flatiron hence the name
Should be a cake factory then. Fitting imo.
❤
Jacob was there to raise the other bids. So he backs out and the 2nd highest bidder ends up paying more than they originally wanted to. Classic eBay scheme.
I was just thinking the same thing. 🤔
Lol.... you realize that scheme is literally thousands of years old, right?
@@HB-wl3nv whoop de do
@@83wasagoodyear You seem slow.
I didn't think you could back out of an auction without a penalty.
I can tell you from a European perspective and as someone who has never visited New York, that that building is indeed iconic ❤
No tf it isn't
@@Mdksupreme1yes it is
@@stefthorman8548 No tf it isn't
Yes its gorgeous
@@Mdksupreme1yes it is it's used in architecture lectures
Man turn this into the continental and keep the John wick theme and watch the tourist dollars roll in
Then watch them dry up as the film slides into history as Liam Neeson's Taken has already begun to.
John Wick was great, but the sequels are mediocre by comparison the moment the fighting stops and the dialogue starts.
It was great as a pretty simple concept of a revenge story, but their mythos building was ham fisted and boring.
@@mnomadvfx movies aside, having a place to go to that looked like the Continental would be great, not many of the old Hotels around, it's nice to have a building like this as a survivor
Wrong building.
how long can you milk john wick before it becomes another faded memory museaum. it would need more films taken place in the building before you can make it a film buff's dreamhouse.
@@JohnSmith-li7xe read my comments already gave my thoughts
A Norwegian civil engineer named "Joachim Gotsche Giæver" helped design this building, mainly the steel construction.
He also was a co-designer of other amazing buildings in USA at that time.
And he was responsible for the assembly of the Statue Of Liberty.
Thank you I appreciate the information very much.
Tons of buildings in new York are empty and it just keeps getting worse.
People are too greedy, same thing happening with these luxury apt. buildings.
@@joyaustin8515 the odd/interesting thing is that these empty spaces are owned by people who don't even use them.
Thank crazy ridiculous regulations, high taxes, and insane rents because of the previous......
Meh, people voted for it.
@@joyaustin8515 No, it's the government.
The building is iconic, irreplaceable and, priceless. It needs preserved. I'd buy it if I could.
Hotel would be perfect. What an iconic building. It should be preserved and honored and loved by all. ❤
Except Knotel pulled out waiting for Macmillan's lease to expire. To have a hotel, they needed somebody to run it. The 5 owners were owners. None of them wanted to go into the business of running a hotel.
@@danielch6662 How sad. Plenty of Hotel Manager Guru’s out there. I hope it becomes a reality for them.
75-100 ten million dollar apartments would be better.
Do you really expect hotel guests to treat the place with honor and respect? To love it as it were there own?
Yes, it should be saved.
The exterior of the Continental Hotel in John Wick was filmed at a different building called 1 Wall Street Court, currently housing a sushi restaurant and residential condos. The interior of the Continental was filmed at a different location, 56 Beaver Street, which is actually a restaurant (currently closed) and has never once been a hotel since its construction in 1837. But I do agree, it would be cool to make an actual Continental Hotel out of the Flatiron building.
Flatiron is a national monument. Fix it but never tear history down for mere lucre.
If only that sentiment were taught in schools, ingrained into our traditions, and expounded upon by our daily actions, we would surely be a richer, healthier, more culturally engrossed civilization than we are today.
@@ScottAJacob That's for sure!
I doubt it could happen to such a large protected building, but I know developers are using a loophole for smaller buildings like townhomes that are protected where they damage the building to make it “structurally unsound” and can then tear it down.
That's easy to say when it's someone else's money at risk. You would likely have a different mindset if your money was at stake.
Can’t be torn down it’s landmarked
Turn it into a hotel! I want to be able to stay there!
I agree! ❤
Either that or at least an apartment complex like it was featured as being in one of the older Dr. Dolittle movies
The two best days in a partnership are the first and last.
Awesome! Who's quote?
@@davidpetersen1 Timeless
A partnership is a ship that will not float. I learned that one the hard way
A partnership is when your girl dosnt cheat on you
@@ct0903 😂 Pretty simple definition but.. can't say you are wrong.
It needs to be a museum that contains old New York artifacts
thats a good idea
Horrible idea. They should turn it into a condominium.
New York's oldest artifacts that are barely even 300 years old?
@@hamzerpanzer any item is considered a artifact after 50 years.
This
It's a landmark in NYC. ...it's totally worth the money
@natmarelnam4871cool that you view homeless people like livestock
@kx7500 livestock is actually useful
@@Mr_Tooty fascists like that kind of rhetoric
@@Mr_Tooty for a minority ...
@@shanethomas6368 for the majority
“Not really worth that much?” He clearly doesn’t deserve that building. I’m glad it’s going to someone who will appreciate it and restore it to its original glory. Such an iconic landmark!
It’s definitely not worth that much, the highest bidder didn’t even go through with the purchase. No building that has rot and water damage is worth $190 million. That type of money is incomprehensible to the 99% of people
The Flatiron Building was the first skyscraper built, in the early 1900’s. Hopefully it doesn’t get torn down!
People will riot if they do
legally it’s a landmark so it can never be destroyed
First skyscraper in America.
wouldn't matter much either way
The first skyscraper was actually the Home Insurance Building in Chicago!
I've lived in New York my whole life and never knew that building was empty. I thought people were living there this whole time
Bruh that’s one of the first tall buildings in New York it’s a historical land mark
Land mark or not it's going to go to ruin eventually if it isn't maintained.
Contrary to popular thought all buildings require maintenance even (perhaps even especiallu) when they are not in use.
No one is going to pay maintenance for such a large building in vain indefinitely if there is no use in it.
The city could buy it and turn it into another museum if its so historically relevant, but that would only fill a small fraction of its square footage.
Wow you’re so smart. When I grow up I wanna be just like you. 🙄 Was simply making a statement my friend didn’t need the educational lecture.
@@daddyjames9107 On the other hand this is a kind of public forum, not private messaging. No need to respond. Somebody can find some useful information in these kinds of comments. Tame your ego, unless called out directly.
My very first comment has nothing to do with either one of you guys. But yet you’re telling me to watch my ego. Didn’t ask for any information nor were you even asked to chime in.
@@daddyjames9107 How did I knew, that you will take it personally and fail to understand or simply ignore what my comment said? Your first comment was perfectly fine, it went down hill from there. Don't worry, won't bother you no more - but as long as you comment on YT somebody will.
Straight up make the continental and you’ll have an amazing tourist attraction
Don’t destroy the flat iron building make it a hotel so everyone can enjoy it .❤
They can't destroy it. It's a landmark. If they could demolish it, they probably would've done so years ago.
@@Da_Publick The Park Service regularly removes buildings from their registered landmarks list, which go on to be demolished.
@@newdefsys Are ya crazy, they're not removing the Flatiron Building!
@@Da_Publick They said the same exact thing about the the Penn Station Building. But guess what happened, , ,
@@newdefsys Penn Station was not a landmark.
The Flatiron Hotel does indeed sound like THE place
The building is stunning! Save it!
Unfortunately greed will destroy it.
It held a record of tallest building in the world in early 1900s
@@moremiaj4786 Greed? How so?
there’s no need to save it, it’s legally a landmark so it can’t be destroyed
I used to work in that area it's an awesome hotel location. You'd have to get clever with the spacing for the rooms, but it's a great idea. Also, triangle themed art all over would be hilarious.
The Brown Palace in Denver is "clone" of the Flat Iron. Gorgeous hotel!!
It's better as a condominium.
Some of the corner rooms could be bi level to make up for being smaller
A hotel would be very successful for sure. Iconic well known building is gonna attract guests.
Convenient location to the subway
Beautiful building!!
Triangular shaped. Illuminati confirmed.
@@Lenny.262 Interesting. You could be right. Never thought of that.
@@daisy4750 I'm joking. I'm mocking conspiracy theorists 😂 "Illuminati confirmed" is a meme.
“And the highest bid goes to…what is your name, sir?”
“Uhhh Jayyycoooob Jacob uhhh Garlick.”
Lmfao it does sound fake
@@Winteramen Especially with the fake beard.
That was probably Winston from "John Wick" in disguise.
Ssshhhhhhhhhhh 😅
@Slappy dude what, i just rewatched it and you're right, the beard is not real. Dude is not a real person 😂
that building is gorgeous look at the detail on it is just absolutely stunning.
Reposition means to move, alter, or adjust the position or to change the image of....
So they are not repositioning the building but remodeling or possibly redeveloping the lot by demolishing the building.
So just BS hipster talk...
Not going to get a more stylish building on that footprint. Not really got the ft² for a hotel. A high end apartment building is about the best use for it.
No way it's worth $190m.
@@CS-zn6pp It's worth whatever anyone is willing to pay for it.
@@janegardener1662 That is exactly the correct answer. It's NYC and it's iconic.
In this case, repositioning it's use, as in converting it to a hotel or apartments.
@@alloztome There's already a perfectly good word for that: repurposing.
But hey, Americuh!
My favorite building!❤
What ever happens as long as it still stands ,I am okay with it. The building is priceless and iconic so give it the respect it deserves!
Sure, as long as they don't gut the rest of the insides.
What a beautiful building! Amazing how fantastic the craftsmanship used to be.
That would make a lovely one bedroom flat with about 500 ensuite bathrooms😊😮❤
Such a beautiful building should stay standing as long as possible so convert it into anything that will last
A hotel, a few restaurants, cafes scattered throughout the building- all high class and elegantly designed, with a jazz club and bar at the top.
The owners estimate $100mm renovation cost, and hotels in NYC haven't been doing so well post-pandemic, so the price of the building has to come down significantly for the financials to make sense. I personally think a hotel would be awesome though.
Not affordable to everyone in the city, but it’s a nice idea
And always empty due to prices.
I think we should use old buildings to house the homeless sense rent us criminally high priced
@@user-ug8wx5er1w true.
Its like mant filthy rich are walking around with blinders on when is comes to the homeless and economic disaster thats happening
It really should be a hotel, it wouldn’t look out of place like that, also it does have a beautiful old look to it
'68 & I still love this design.
The Flat Iron building is too iconic to sit empty. Someone get on this.
Bet it went to the back bidder,who was one of the original owners who wanted to make it condo hotel
I hope it gets turned into a hotel, homes, or something lovely. It's a gorgeous looking building.
They need to make that building a historical monument. For more than one reason. I would hate to see somebody buy it and tear it apart on the inside. Just save the building
It's not a historical monument? Finally, someone who cares about the insides of historic buildings too.
It already is
From a historical point of view that building is priceless.
It's such an iconic building it should be preserved and made into different spaces. A museum of NYC history, elegant shops and restaurants, hotel, accommodation rental, so much potential.
I know. Hasn't NYC learned their lesson from The Singer Building and Penn Station?
This should be made into the actual continental and established as a safe house for all witness protection with the highest contract security. IMO..
This building is iconic, it is worth that much.
Apparently not
The property sold for $2.351 million in 1933 post inflation. Today it sold for $190 million, with a mark up price. Even without the mark up value, it will still cost tens of millions of dollars. Shits fucked when you can get 2 bed 2 bath apartment in NYC for $10 mil, and 90 years ago you can get a giant building for $2.4 mil 💀💀💀
That's such a cool building. I hope it doesn't end up getting demolished.
It's a NYC landmark, it will collapse from neglect before they tear it down. See Havana before and after the revolution...We are at the beginning of NYC being largely abandoned.
it’s legally a landmark so it can’t be demolished
Its such an iconic building it would make a fabulous hotel.
If you really want to read up about the flatiron building 🏫 you will find a lot of interesting facts like how it is one of the first using iron as a support structure and the person who built created the idea of general contracting. I think it has twenty-two floors or 24, if it was made into condos each floor would easily be worth five or ten million after renovation and refitting
It almost sold for 190 mill they would lose money at 5 mill
Sure, as long as they only do it on the floors they've already gutted, and not the ones that are original.
The Flatiron should be either a hotel or some NYC historical museum. I remember in my first year of college seeing old photos from NYC and seeing the Flatiron in these photos. It was one of the most jaw-dropping photos I’d ever seen and wondering where this building was. I now work in an office 5 blocks away and the first time I saw it in person was even more awe-inspiring. It’s currently covered in scaffolding (I assume to protect it) but the beautiful shape and architecture still shine through and it’s my favorite thing to pass by.
I used to live around the corner from the Flat Iron Building. I used to imagine buying a "loft" in that building and having my kitchen in the corner overlooking the crossing of Broadway with 5th Avenue. I would have loved living there.
And I would love to live on the moon.
@@jonathanandrew2909 It was not so far fetched as you think. I lived around the corner from the Flat Iron in a factory building that was rezoned for living. This was in 1978, which was at time when there was great interest in "lofts", which were factory buildings built around the turn of the 20th century (mine was built in 1910). At this time lofts were cheap ( paid $21,000 for 2,100 square feet of space - I won't tell you what I sold it for 10 years later). The idea of converting factory buildings into residential started with the artists who could not find reasonably priced apartments, and moved into abandoned factory buildings. After that the Yuppies took over and that is when we bought in - thankfully so. So you see, this building could yet be rezoned residential, especially since there was a beautiful, tall, apartment house built just down the block from the Flat Iron (this was circa 1987).
Jacob never intended on buying it. He stopped others from buying it temporarily.
Really an stunning structure. 🙌🏽
The building is iconic for sure. Millions of people have seen it on film and in person for decades. It is beautiful and needs to be saved. If not by individuals by the city. This kind of sturdy construction will never be replicated again and has decades more use. What else can be on that odd lot, parking? Nothing of relevance certainly not as relevant as this structure
It looks beautiful. I alwaxs stop and look up at buildings and appreciate how beautiful the design is. Love Gargoyles on top of buildings.
Jeffery Gural is a very good manipulator. The building is 100% worth around $100 mil to $200 mil
It's a landmark that was well-known even before the movies. Worldwide. Hopefully, they'll keep it like it is.
If restored and turned into condos/apartments, they would go for BIG $!
That’s the new plan
@@shecravesit7072I was hoping it would end up as a Hotel; as a New Yorker I love walking by it.. true icon
Awesome choice to put the subtitle box down low, where it's covered by the channel/video info that can't be closed.
It's a beautiful Architectural design and should be preserved.
I've always loved this building...very iconic. I went to school pretty close to this building. Anyway, any commercial real estate investor seeking to acquire this CRE asset will have to consider so many factors such as: (1) The downturn in Commercial Real Estate in NYC due to telecommuting etc since the so-called pandemic. (2) The market value will be a best guess since the building is currently not occupied, and thus not making any revenue to conduct a good analysis of, since there is no Net Operating Income (NOI) to divide by the Cap Rates of that particular block to help arrive at 'Market Value. Also, MV would be difficult to determine utilizing IRR. So, a lot of assumptions and forecasting models would have to be applied to create a potential MV out of thin air. (3) This building is most likely a Historical Landmark, so very few updates can be made to the exterior, and possibly the interior as well. (4) A 'hotel' might be a horrible idea, due to lower visitors to NYC, and thus lower occupation rates (more room vacancies) etc, which is a disaster in the hotel business, especially new hotels.
Most likely, the building gets converted into high-end condos (or a Co-Op) with amenities such as a gym, common area, and pool etc.
There's a building in Chicago that looks exactly the same that's located at whats called, The 5 corners.
I will watch tomorrow as well. Happy to give you vuews.😊
I'll move in and think about it and get back to ya!!!
Growing up in New Zealand I saw a black & white photo of this fascinating building. I decided one day I’d go see it. Took me 50 years but I did. Hope this magnificent piece of architecture is heritage listed?
An architectural gem. If the former First Lady, J Kennedy, was around this would not be happening.
It's an iconic piece of architecture. It's worth a great deal.
It's really beautiful
The amount of money it can make as a hotel! Is insane to think about. It’ll automatically become super iconic. Imagine the view you’ll get
That's why I ask people what they want rather than waste my money on something that ends up in a drawer or gets regifted.
I left NYC in 1990, and moved to the West coast. How sad that this iconic building has been crumbling for years. I worked for Four Winds Travel on the 13th (renumbered as 14th) floor in 1982. The office I worked in was on the north facing corner, where 5th Avenue and Broadway crossed each other at E. 23rd Street. Back when The Flatiron was built, people were superstitious, and elevator panels would read as 10, 11, 12, 14, 15 etc. It is such a beautiful and historic building with lots of potential. I hope the new owners do it justice.
I love that building.
I'll always remember it as the building that became the Daily Bugle from the Sam Raimi Spider-Man trilogy
This is my favorite building in nyc
It's always been my favorite New York building.
If I was a billionaire just convert it to penthouses and lease them out by floor. That is such an iconic spot you could do some amazing things.
Penthouses are the top floor only.
That's a BEAUTIFUL Building!
I Love It!! 🤗❤
Everyone in Australia knows this building. It's beautiful. I thought it would have been worth more then $190m
Well you don't know the difference between then and than, so you can't be expected to know the price of New York real estate. 😂😂😂
It would take another 100 million to fix it up.
And there is no guarantee people would come. The crime keeps the people away.
@@Rich-yj4ub crime is low in NYC
@@talkingbread2012 😅😂😅😂😅😂😅😂
@@mrmrsmarshall9110 I"s NYC still one of the safest cities?
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You may have read that the crime rate in NYC went up in 2022 compared to 2021, but (and this is what counts) the city is still very safe. In fact, NYC is one of the top five safest large cities in the United States.Mar 2, 2023?
The city should own it and protect it. It's a historical landmark,
It’s New York. The guy got a reality check, buyers remorse and walked. The money is leaving the city. Escape from New York!
Lol dude was unknown in the real-estate market - he didn't have the money in the first place!
Possibly my favorite building in NYC. I went to school on 23rd and loved walking by this building almost every day
Should turn the building into condos.
I used to work for mr gural. At one oh his casinos in the sticks. Dude walked around the casino in a button up shirt and bright orange crocs and talked to every old lady that approached him. Even covered the cost of renting the golf course for my wedding there.
I went into that building in 1997 or 98 to deliver some audio recordings to a company on the 10th or 12th floor. It was a company that did transcriptions. The whole floor was filled with people who could type incredibly fast while listening on headphones. I felt like i was seeing something out of the movie Brazil.
But that was then. If a business like that even exists at all nowadays, it’s certain the workers are doing it from home. I really worry about cities like New York. We have massive infrastructure and massive bills to pay. The majority of that financial burden has been shouldered by commercial real estate landlords paying property taxes for many decades. This is what makes the busses run. The subways. The parks employees and the schools. Pays the cops’ bloated salaries and absurd retirement pensions. Cities might collapse. It’s weird. Cops who retire at age 50 with full medical and a six figure yearly pension will be okay though. New York loves its corrupt police force.
I'm with you on that one my friend, right now Americas has an epidemic of crooked cops who retire early with fat pensions! iv do e alot of work with a couple of big police accountability channels over the years.. it's shocking to see how they are, and they so undertrained too which is one of the biggest problems.. most of them do t even know the the first 3 or 4 of the amendments are! even though they all swore to uphold the constitution 🤷🏻♂️ make it make sense lol
All public workers are over paid, not just cops. And not all cops are bad thou
I worked in that district for a total of 6.5 years...Passing by it everyday. It's a bigger landmark for me of NY than anything else.
silverstein huh?
I love the stories behind properties
Of course someone named Nathan Silverstein would not only own one of the landmarks of NYC, but would also sell it off 😂
i remenber visiting New York city... and thinking if i was a millionnaire , i would own an appartment in this building .. i had no idea it was empthy .... so sad .. it`s truly a beautiful building. ! please save it and great beautiful homes! it's so new york xx
'Silverstien'
Yes
Love that building
It would make great apartments too
Make it a shelter for the homeless
I always wondered why they didn't just turn it into a hotel building. to me it's the perfect set up. and infinitely iconic
Silverstein
Noticed
An iconic structure like that has got to be worth $200m. Sure renovation would be expensive but surely the income that could be made from it would balance out the cost in time.
The great part about old historical buildings like this is that they are not only timeless in looks and design but can be converted multiple times into different uses throughout its lifetime.
It could be a hotel for 60-80 years converted into apartments for 40-50 years after that. Then reconverted into an office internally
It was auctioned again; Jeffrey Gural won the bid this time at $161 million according to NY1. He said that he will to turn either half or all of the building into apartments.
I know a newspaper company that's looking for a new headquarters. They aren't especially big, but they should be able to afford it if it isn't worth that much. Besides, they do get exclusive photos of the local superhero!