Day: March 25, 2023

On Wednesday, the Flatiron Building brought in $190 million at a live auction.

In Lower Manhattan, the public auction took place in front of the state supreme court. A group of real estate firms controlled the Flatiron Building prior to the auction, but they couldn’t agree on refurbishment plans or potential tenants. They were compelled by a judge to put the building up for sale.

Tom Brady, a real estate broker with Douglas Elliman Real Estate, stated, “I didn’t want to miss this iconic event. The final offer, according to Brady, was reasonable but higher than he had anticipated. You’re talking about one of the most iconic and well-known structures in the world, he remarked. One of the most photographed man-made structures in the world, and I think the new owner deserves praise for it.

A group of real estate firms controlled the Flatiron Building prior to the auction, but they couldn’t agree on refurbishment plans or potential tenants. They were compelled by a judge to put the structure up for sale. The final company to occupy all 21 office floors of the building, MacMillian Publishers, left in 2019. In order to modernize the outdated building and lower its carbon footprint, the owners removed the ground-floor stores and spent $100 million on the renovation. Garlick’s toughest rival was Jeffrey Gural of GFP Real Estate, one of the building’s previous owners. He said, “I wish you hadn’t shown up,” in response when asked if he had any words for the winner.

However, the bids became excessive. Gural called for a break and, after speaking with a person, declared: “It’s not worth it.” If I’m being completely honest, I was somewhat astonished. I never imagined that the building would receive such a high bid. Although it’s a gorgeous structure, it requires $100 million in improvements. It’s essentially empty, he declared. The winning bid of $190 million was almost four times greater than the initial $50 million offer.

From NY1.

From CBS News:

New initiatives are being made to shut down the illicit marijuana businesses that have proliferated like weeds across the state, particularly in the five boroughs. Gov. Kathy Hochul is putting out a new enforcement strategy that would give state agencies increased enforcement authority as well as hefty fines. She wants tough new sanctions to crack down on illegal shops where lengthy rows of various marijuana strains are arranged in clear Plexigas boxes so connoisseurs can smell them before choosing. The governor issued a statement saying that it was intolerable that illicit dispensaries continued to operate.

Having illegal cannabis plants or goods could result in fines of $200,000, and selling without a license might result in daily fines of up to $10,000. In his Manhattan district, Senate Judiciary Chairman Brad Hoylman-Sigal has a large number of unlawful businesses.

“I’m supportive of any efforts to shut these illegal cannabis shops down. They are a nuisance, an eyesore,” according to Hoylman-Sigal. In order to pursue illicit dispensaries that are dodging state cannabis sales taxes, the measure would grant investigators with the state Department of Taxation and Finance the status of peace officers. “These cannabis shops don’t pay taxes. They’re operating way outside the law, but, most importantly, they are dangerous, dangerous to young people, to tourists, and to others who may think that just because a cannabis shop is open on a block — many in my district — that they’re selling a product that has been sanctioned,”, according to Hoylman-Sigal.

The latest suggestion excited Mayor Eric Adams, who has complained that city sanctions are too modest to be a deterrent.”Gov. Hochul clearly recognizes the need for action to strengthen the city’s ability to hold these illicit businesses accountable,” Press Secretary Fabien Levy said. “This enforcement is critical for the health and safety of our families and young people.” The budget is due at the end of the month, so officials hope it will be included.