Last week's winning bidder of the Flatiron Building failed to make the down payment on his $190 million winning bid by close of business Friday, NY1 has learned. 

NY1 reached out to the winner, Jacob Garlick, through the website of his Virginia firm, Abraham Trust, where he is a managing partner. There has been no response.

What You Need To Know

  • Jacob Garlick, a real estate outsider, won an auction for the historic Flatiron Building with a $190 million bid

  • A source tells NY1 Garlick did not make a 10% down payment on that bid

  • A judge forced the previous owners of the Flatiron Building to sell it at auction

Garlick was supposed to pay the auction referee a 10% down payment worth $19 million. It's unclear what will happen next.

Under the terms of the sale, set by a judge, the building could be offered to the second-highest bidder: Jeffrey Gural, who was part owner of the Flatiron Building heading into the auction.

Gural tapped out after making a $189.5 million bid. But Gural told NY1 he was not interested in the Flatiron Building at that price.

He previously told NY1 he thought the winning bidder offered too much money, as the historic building needs extensive and expensive repairs.