Sorgente Group, the Italian investment company that controls Manhattan’s Flatiron building, plans to set up a real estate investment trust in the U.S. to take advantage of a recovery that may start as soon as 2010.

'We believe in the US market so we want to set up the trust this year to help fund real-estate purchases,' chief executive officer Valter Mainetti said by telephone from Rome, where the closely held company is based. 'We’re very liquid and there are many opportunities out there.'