When we learned last summer that foreigners had seized a majority stake in the Flatiron Building, we wondered when the next shoe would drop. Well, here it is: after finally cinching the deal earlier this month for the prized property, the Rome-based Sorgente Group says they're looking to convert it into a hotel. That process will take up to a decade as the remaining tenants are bought out.
According to the Daily News, the hotel plan shouldn't present any problems: "The Fifth Ave. and 23rd St. location is already zoned for a hotel, and the Landmarks Preservation Commission said it's a go as long as the stunning facade is not modified." Which rules out our awesome idea for a glowing neon hotel sign to compliment scary new lighting the new owners plan to bathe the building in. Sigh.
· Italian Real Estate Investors Buy Stake in Flatiron, Eye Hotel [NYDN]
· Foreigners Seize Our City's Greatest Trophies [Curbed]