When Jacob Garlick, a 31-year-old Virginian, scored the winning $190 million bid on the iconic Flatiron building, New York real estate insiders were shocked. But then, two days later, Garlick couldn’t cough up the bread for the 10-percent deposit the auction required.
On the latest episode of TRD’s podcast Deconstruct, the team chatted with Keith Larsen, who has been trying to track down Garlick, figuring out why he placed a bid on the building and how he is planning to get back into the game.
“It’s still a little bit of a mystery,” Larsen said. “How he has risen to this point is still a bit of a mystery, and it’s unclear exactly what he’s invested in.”
Garlick is still trying to figure out a way to close on the building and prove he has the financing this time.
But some, including GFP Real Estate’s Jeffrey Gural, who has long held a stake in the office building, have called Garlick out.
“He actually asked Jeff to put down the deposit,” Larsen said, “and he would get a 10 percent stake in the building. Jeff was like, ‘This was a ridiculous proposal. That was a red flag that made me think he didn’t have the money.’”
Read more about Garlick’s plan to pursue the building here and listen to all episodes of Deconstruct on Apple, Spotify, Stitcher, Pandora and on TheRealDeal.com.