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Thread: AIG Building - 70 Pine Street - by Clinton & Russell \ Holton & George

  1. #31
    Kings County Loyal BrooklynLove's Avatar
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    That's the problem - they had no skin in the game.

  2. #32
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    Default http://economictimes.indiatimes.com/articleshow/4614519.cms?prtpage=1

    AIG puts headquarters on the block to repay loans
    4 Jun 2009, 0027 hrs IST, AGENCIES

    CHARLOTTE: The embattled insurer American International Group (AIG) is selling its headquarters building in New York and a nearby building in a
    deal expected to close at the end of this summer, a person familiar with the matter said on Wednesday.

    But the person said that AIG is not disclosing the price or who the buyer is. The person asked for anonymity because the sale has not been made public yet.

    The building sales are the latest move by AIG, which has received $182.5 billion in financial support from the government since September, to shed assets to repay the loan package. The buildings are at 70 Pine Street and the adjacent 72 Wall Street in lower Manhattan. The person said AIG employees will remain in its headquarters through 2010, and in the Wall Street building through the end of this year. The New York-based company is developing a relocation plan, the person said.

    AIG is selling assets and spinning off some subsidiaries as it looks to raise new cash to repay government loans while becoming a smaller, more-efficient company. As part of the loan package, the government has also taken a roughly 80 percent stake in the huge insurance company.

    AIG was devastated not by its traditional insurance operations, but by its financial products business, which underwrote risky credit derivatives contracts known as credit default swaps. The swaps are essentially insurance contracts protecting an investor against default on an underlying investment, such as mortgage-backed securities.

    Rising defaults in the investments that AIG’s contracts were insuring led to worries that the company would not be able to cover all of its obligations and that the ripple effects would touch off a new, even more intense phase of the credit crisis.

    That’s when the government stepped in, fearing that without its help, AIG’s collapse would cripple financial markets in the US and around the world.

  3. #33
    Disgruntled Optimist lofter1's Avatar
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    The AIG building on Water Street is one of the homeliest of NYC's large office buildings. Cheesy 70's crud. Eccch.

  4. #34
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    WSJ
    October 8, 2009, 1:12 PM ET

    AIG Headquarters: From Cubicles to Condos

    Battered insurer American International Group Inc.’s former New York headquarters might be going condo, replacing cubicles and copy machines with granite countertops and imported tile.

    Developer Young Woo, who snapped up 70 Pine St. in Manhattan’s Financial district earlier this year, is considering turning the 66-story tower into a hybrid with commercial space on the lower levels and the higher floors becoming condominiums. The residential units, he says, could command $2,000 per square foot, according to The Real Deal.

    The key to getting that sky-high price is to market the Depression-era Art-Deco building as a premium product, says Mr. Woo, principal of Youngwoo & Associates.

    Of course, numerous developers across Manhattan have tried that exact strategy, only to see prices and demand crumble along with the economy. Higher jumbo mortgage rates and job losses on Wall Street have hit the luxury market particularly hard: The average price per square foot for luxury condos in Manhattan tumbled 21% from a year ago to $1,840, according to the Corcoran Group and PropertyShark.com’s third-quarter report.

    Still, it will take some time for Mr. Woo’s potential condo conversion. Permits and inevitable construction delays aside, AIG can stick around Pine Street until Dec. 31, 2010, the Real Deal reported. The Big Apple’s market could show glimmers of life by then.

    In a research note, Fox-Pitt Kelton analyst Rob Stevenson writes that the $2,000-per-square foot could apply only to the top floors, which would offer sweeping views of lower Manhattan. Even so, the project could be lucrative, he says.

    “Any selling price north of $1,000 per square foot would drive more than $500 per square foot of pure profits (after selling costs) according to our educated ‘guestimates,’” he says.

    That’d represent a handsome return on the roughly $105 per square foot, or $150 million, Youngwoo and financial partner South Korea’s Kumho Investment Bank reportedly paid for 70 Pine and nearby 72 Wall St. AIG, which the government bailed out to prevent its collapse, has been unloading property worldwide. During better times – ones where the recession doesn’t spark a fire sale – the Pine Street address could have fetched much more.

  5. #35
    Senior Member DKNY617's Avatar
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    A lil blurry, sorry.


  6. #36
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    Here is the observation lounge looking North and South:


    From the highly-recommended coffee table book "Skyscraper Rivals".

  7. #37

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    Why not convert the building into a hotel with a bar/lounge inside that observation area. This would at least save the original art deco design. If this goes residential, they're most likely going to turn the top floors into penthouse units. I'm also worried about the nighttime illumination...

  8. #38

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    They should convert the building to low income subsidized housing for people who had their homes foreclosed on.

  9. #39

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    Quote Originally Posted by gundam00 View Post
    They should convert the building to low income subsidized housing for people who had their homes foreclosed on.
    why should they get that privilege?

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  11. #41
    NYC Aficionado from Oz Merry's Avatar
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    ^ Spoilt by 60 Wall fat and Beaver mustard.

  12. #42
    Kings County Loyal BrooklynLove's Avatar
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    I kind of like the color splash added by Beav.

  13. #43
    Build the Tower Verre antinimby's Avatar
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    And how on God's Earth is this absolutely stunning beauty not landmarked by the City of New York?!!

    Meanwhile some three-story glass box occupied by a bank on Fifth Ave is?

    We are stupid.

  14. #44

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    A.I.G. Tower in New York Is Sold
    The American International Group's former headquarters, a landmark building located at 70 Pine St. in Manhattan, has been sold to Metro Loft Management, led by Nathan Berman, for $205 million, according to press reports.
    .

  15. #45
    Forum Veteran MidtownGuy's Avatar
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    No landmark status on this masterpiece is nuts!

    Let's hope they don't blast off the base and replace it with presto glass like the dopes who destroyed the base of the Lefcourt Colonial Building.

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