Immediately after he won the auction to buy the Flatiron last week, venture fund managing partner Jacob Garlick said: “It’s been a lifelong dream of mine since I was 14 years old.

“I’ve worked every day of my life to be in this position. We’re honoured to be a steward of this historic building, and it will be our life’s mission to preserve its integrity forever.”

Seven days on and his dream appears to be in tatters.

The 121-year-old landmarked building has been empty since MacMillan Publishers, which occupied all 21 floors, moved out in 2019.

The sale initially moved forward after the current landlords failed to resolve their long-standing disagreements over renovations at the property.

Former Flatiron co-owner Jeff Gural, who was the second-highest bidder, said on being outbid: “I was kind of shocked, to tell you the truth. I never thought someone would bid so much for the building. It’s a beautiful building, but it needs $100 million of upgrades, it’s basically empty.”