One of NYC's most famous buildings may be turned into a hotel: According to the Daily News, Italian real estate group Sorgente "has bought just over 50% of the iconic structure and plans to keep buying more." It's believe their portion of the building is worth $190 million.
Sorgente has not disclosed how much it paid, but its CEO Valter Mainetti told the News, "This is one of the world's most spectacular trophy properties. We will treat the Flatiron like the work of art that it is." One change: Having "an Academy Award-winning lighting designer to illuminate the triangle-shaped building like a sculpture in a museum." The Beaux-Arts building was designed by Chicago architect Daniel Burnham and was completed in 1902.
Of course, if you're looking to check into the Flatiron, you'll have to wait: Apparently it will take years to buy out the tenants (publishing holding company Holtzbrinck—which has St. Martin's Press—leased all floors except the 7th and 8th, per a 2005 Observer article) and then there will need to renovations.
The News points out that the lot is "already zoned for a hotel"—"the Landmarks Preservation Commission said it's a go as long as the stunning facade is not modified."
