The Sorgente Group plans to construct an upscale hotel at the Fifth Avenue and 23rd Street location. Plans may take nearly a decade to complete, as the it is required to buy out long standing tenants such as book publisher St Martins Press.
The Landmarks Preservation Commission has approved the transformation on the condition that the façade is not altered. Proposed renovation plans for the triangle-shaped building include hiring a lighting designer to illuminate the structure like a sculpture in a museum.
According to the Associated Press, Sorgente Group, which recently acquired over 50% ownership of the structure, estimated to be worth $190 million, from Newmark Knight Frank real estate firm, has plans to further increase its share.
Valter Mainetti, managing director of the Sorgente Group, said: “With this acquisition, Sorgente Group has exceeded 50% ownership of the Flatiron property, with further possibilities offering up to 75% ownership.”
Newmark Knight Frank will retain minority interest and offer management services.
Time Magazine reported that negotiations for the acquisition had been going on from last summer, but a final agreement was reached this month.
Located at 175 Fifth Avenue, the 22-story Flatiron Building is shaped in the form of a conventional clothes iron. It is a landmark in the Manhattan area of the city.
When constructed in 1902 by Daniel Burnham, the wedge-shaped building was one of the tallest buildings in New York. It is thought to be one of the world’s first steel-frame skyscrapers.
