Flatiron building bought by Italian investor

Real estate investor Valter Mainetti said he bought the iconic Flatiron Building. In 2006, Mainetti purchased a minority share in the landmark building, valued at $180 million today, and now he owns a 53 percent share. “The Flatiron is expensive, but with the [cheap] dollar, it made sense to increase our share,” Mainetti told Time. “The stability of the New York real estate market is unique. This current crisis will pass, and the dollar will reestablish itself. We are confident.” The Flatiron building was building in 1902, designed by architect Daniel Burnham.