RCA in the commercial property press:

Woolworth Building Stake May Be Purchased By Italian Investor

Bloomberg reports: The Woolworth Building, the neo-Gothic Manhattan skyscraper that was once the world’s tallest building and a symbol of American capitalism, may soon gain Italian owners.

Sorgente Group is in talks with the owners to acquire a 51 percent stake, Chief Executive Officer Valter Mainetti said in an interview. Sorgente owns a stake in the Flatiron Building in New York City. A group including the Witkoff Group Inc. and investor Rubin Schron owns the Woolworth Building.

“We are in talks on two or three properties in New York, of which I can name only one: the Woolworth Building,” Mainetti said at Sorgente’s headquarters in Rome yesterday.

Overseas investors are jumping into Manhattan’s office market as prices fall and landlords struggle to refinance debt. International buyers have accounted for more than half of the $2.27 billion in New York office deals this year, according to data from property research firm Real Capital Analytics.

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Posted by: Matthew Stone

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