From the April issue: Normally the cash-rich Italian real estate giant Sorgente Group follows
a simple investment strategy: It buys and patiently holds and manages
iconic skyscrapers in major cities around the world, including the
Flatiron Building, which it acquired in January. “Our plans have a life
of over 20 years,” said Veronica Mainetti, daughter of Sorgente CEO
Valter Mainetti and head of its New York-based U.S. office. “We’re not
going to start with the conversion of Flatiron today — maybe 10 years
from now.” Meanwhile, the company will rent the Flatiron to existing
tenants and watch the recession come and (it hopes) go. But Sorgente’s
new venture in New York City, a luxury for-sale condominium development
company operating within a severely stepped-up timeframe — not 20
years but 18 months — is being forced to respond to here-and-now
market conditions. [more]