Italian giant aims smaller with Soho condo
April 28, 2009 04:50PM By Steve Cutler
34 Greene Street
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.
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Comments
Anonymous
They have already been working on this for 2 years?
Comment #1 Posted By: Anonymous 04/29/09
Anonymous
How much did Red Brick properties make when they sold this building to Sorgente?
Comment #2 Posted By: Anonymous 04/29/09