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Sorgente May Take Woolworth Tower Stake

NEW YORK CITY-The Italian-based real estate investment firm is in talks to buy a 51% interest in the landmark office property at 233 Broadway, Bloomberg reports.

By Paul Bubny | Updated on November 03, 2009

NEW YORK CITY-Having already acquired a controlling interest in the Flatiron Building, the Sorgente Group reportedly has its eye on another Manhattan landmark: the Woolworth Building at 233 Broadway. Bloomberg reported Tuesday that the Italian-based real estate investment firm is in discussions to buy a 51% stake in the 57-story property, which at one time was the world’s tallest building.

“We are in talks on two or three properties in New York, of which I can name only one: the Woolworth Building,” Sorgente CEO Valter Mainetti told Bloomberg. The 96-year-old office property is currently owned by a partnership including the Witkoff Group, which purchased it in 1998 for $137.5 million from the Venator Group, formerly the Woolworth Corp. The Witkoff Group did not respond to GlobeSt.com inquiries by deadline.

Mainetti told Bloomberg that the building’s lower floors could be kept as offices while the vacant upper floors could be turned into a hotel or apartments. The 935,000-square-foot office portion of 233 Broadway is currently 99% occupied, according to Bloomberg, with a tenant roster that includes New York University, the New York City Police Pension Fund and law firm Paul B. Weitz LLP. Sorgente, which has US operations based in Manhattan and also owns other properties here, reportedly plans to launch a US-based REIT by year’s end to take advantage of acquisition opportunities.

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