New York City Flat Iron Building Purchased For Future Hotel Project
When I lived in Manhattan the Flatiron Building was right down the street. The unique architecture and location overlooking Madison Square Park and the view up both Broadway and 5th Avenue was amazing.
The ability through architecture to create a unique building that fit it’s surroundings is truly shown in the Flatiron Building.
So when I read that an Italian company is buying the building to convert it to a hotel I was thrilled. The transition from an office building to a hotel that will be marketed makes a great deal of sense. And the convenient location and historical significance will ensure it’s success.
The Rome-based Sorgente Group has bought just over 50% of the iconic structure and plans to keep buying more. Time magazine reported the deal had been done last summer, but negotiations continued and an agreement was made final only this month.
Sorgente Group officials would not say what they paid for their share of the building, estimated to be worth $190 million.
“This is one of the world’s most spectacular trophy properties,” said Sorgente CEO Valter Mainetti. “We will treat the Flatiron like the work of art that it is.” via NY Daily News.
Here is a Google Map of the Flatiron Building – Use the street view to see the neighborhood around it.
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