Understanding projective spaces as generalized flag varieties

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Briefly, is there an intuitive way to understand the relation $\mathbb{P}^n = \frac{U(n+1)}{U(1)\times U(n)}$ ? For instance, can one relate it to the usual definition of complex projective spaces as $\mathbb{P}^n = \left(\mathbb{C}^{n+1} \setminus \{0\}\right) / \mathbb{C}^* $ ?