An Italian group that invests in landmark properties wants to buy a larger stake in the iconic Flatiron Building, but so far it’s all talk and no action.
There is not yet a deal for the historic building at Fifth Avenue and 23rd Street, despite published reports to the contrary.
While Sorgente Group of Italy has offered the building’s partners $1,000 a square foot, and some who bought stakes in the building in 1997 at $40 a foot are now willing to cash out, those investors told The Post there is neither a letter of intent nor a contract.
What’s more, even if an agreement with some of the partners were to be reached, Sorgente would own only 38 percent due to the building’s complicated ownership structure, which would be difficult to unwind.
In addition, Jeffrey Gural, the building’s majority owner and operating partner, said he isn’t selling his share and that his company, Newmark Knight Frank, will continue to manage it.
“They are a long way from a deal,” said Gural, who has veto rights over the building’s fate that go beyond his stake.
Further complicating matters is that tenant St. Martin’s Press has a lease in the building that expires in 11 years.
Sorgente is run by Valter Mainetti and his daughter, Veronica. Its US operations are managed from New York. They could not be reached for comment.
Sorgente’s interest in the Flatiron Building comes as a growing number of overseas players look to scoop up high-profile New York City buildings.
Earlier this week, The Post reported that an investment arm of Abu Dhabi was negotiating to buy a majority stake in the Chrysler Building, a property in which Sorgente also owns a stake.