Sorgente Group said there are plans to renovate the 102-year-old building in the heart of Manhattan and possibly turn it into a luxury hotel. The total value of the building is $180 million, the group said.
The group is also buying the company managing the rights to the name's trademark and the building's distinctive image, which made it a symbol of New York.
Sorgente Group, which focuses on buying buildings and landmarks worldwide, also owns a 27.7 percent stake in the Chrysler Building.
