Sorgente presses on in New York
Property Week reports: The Sorgente Group, which specialises in buying ‘trophy’ buildings, now controls 51% of the 22-storey skyscraper. It did not disclose the price it paid but the share is estimated to be worth $190m (£133m).
The Italian investor, which has a €1.38bn (£1.24bn) property portfolio, completed the purchase after a year of negotiations with the seller, Newmark Knight Frank. Talks began last year, when the dollar was at a low point against the euro, making purchases cheap for European buyers.
The deal, which increased Sorgente’s share in the building from 15%, will be seen as a boost for the Manhattan market, where investment volumes in 2008 hit their lowest level for four years.
During the final quarter, investment volumes fell 90% to $961m (£671m) on the same period in 2007, according to Real Capital Analytics.
View the full article on Property Week: Sorgente presses on in New York
Posted by: Nina Turner