Sorgente Group of America | Completed Acquisitions
The most important acquisitions that Sorgente has completed through the Michelangelo Real Estate Corporation, its investment branch in the USA, include:
The Chrysler Building, New York
In 2005 Sorgente purchased a 27% share of this symbolic New York skyscraper. The share in the property was then sold in July 2008 to a Sovereign Fund of Abu Dhabi, with significant capital gains.
The Flatiron Building, New York
In 2006, Sorgente, on behalf of the Michelangelo Fund, completed negotiations for the acquisition of a share in the "Tenancy-in-Common" of this historic skyscraper in Manhattan. Today Sorgente’s share amounts to 51% of the ownership of the building, with an option to purchase the entire building. This operation entails the future redevelopment of this monumental property, with the aim of revitalizing the area surrounding the Flatiron District in Manhattan, from which it takes its name.
Greene Street, New York
The property, built in 1873, was purchased in its entirety in 2007 and is a typical example of cast-iron architecture. It is located in SoHo in the heart of Manhattan, one of the most sought-after residential areas in New York. An extensive development plan has been completed, converting this structure into Italian style luxury residences.
White Street, New York
In 2010 three commercial buildings in cast iron were acquired at 60, 62 and 66 White Street in the Historic Tribeca District. Today, the property, which covers a total area of 50,000 square feet, is completely rented to various tenants including architecture, design, cinematography and publishing companies as well as the tenant-seller Blumberg Excelsior. There are currently no plans to redevelop this building, however Sorgente is investigating the possibility of a “green” renovation in the future.
The Fine Arts Building, Los Angeles
The Fine Arts Building in Los Angeles, an iconic property built in 1926, was acquired in 2012. The 12-story, 120,000 square foot building, also known as the Global Marine House, is located at 811 West 7th Street in the flourishing area of downtown LA. The current plans are to conserve this structure in order to ensure this prominent Los Angeles building remains a cultural landmark.
