Investor Hopes To Turn City Landmark Into High-End Hotel
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An Italian real estate investor is buying a majority share of the Flatiron building with plans to turn it into a luxury hotel.
The Sorgente Group will have to wait about 10 years to buy out the remaining tenants.
Sorgente won't say how much it paid for its more than 50 percent share of the building, which is estimated to be worth $190 million.
Landmarks Preservation Commission officials say they have no problem with turning the building into a hotel as long as the façade is not changed.