Italian real estate firm to sell share of 660 Madison Ave

A Milan-based real estate company may sell its stake in 660 Madison Avenue for almost $50 million less than it paid for it last summer. The office tower houses Barneys. Risanamento S.p.A. bought the office portion of the 23-story building last August for $375 million. Risanamento is under pressure from banks to sell assets as its shares have dropped 81 percent in the past 12 months, and the company reported a loss of $39 million euros in the first quarter.