Man buys NY's iconic Flatiron building at auction, then backs out

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Man buys NY's iconic Flatiron building at auction, then backs out
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The investor whose $190-million auction bid won him the world-famous Flatiron Building failed to complete the transaction.

NEW YORK - The investor whose $190-million auction bid won him the world-famous Flatiron Building failed to complete the transaction, and the Manhattan skyscraper may go back on the block if a runner-up also forgoes purchasing rights.

Now uncertainty cloaks the iconic building on a wedge-shaped lot at the intersections of Fifth Avenue, Broadway and 22nd Street. The existing owners of the 121-year-old property -- one of the first skyscrapers in Manhattan, designed by renowned Chicago architect Daniel Burnham -- faced a stalemate over what to do with the building, and a judge ordered its auction.

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