Stake in NY landmark sold

An Italian real estate investor has bought a majority stake in New York’s triangular landmark Flatiron Building and plans to turn it into a luxury hotel.

The Sorgente Group S.p.A., which now controls just over 50% of the building, would not say how much it paid for its share.

The value of the 22-story building, which sits on a triangular lot in Manhattan, is estimated to be $190m (€144m).