AIG Hopes To Sell NYC Building
A prime piece of New York City real estate may be up for grabs. The NY Post reports that AIG is trying to earn around $100 million by selling its 66-story Art Deco headquarters at 70 Pine Street in Manhattan. An AIG spokesman says that AIG is considering selling its building but that no sales price has been decided upon. But the Post says that AIG hired CB Richard Ellis and brokers Darcy Stacom and Bill Shanahan sent an e-mail to potential buyers about the views from the building.
Unfortunately AIG's building isn't worth what it would have been a couple of years ago when the commercial market in Manhattan could have brought in over $300 million. Local 32B-32J of the International Service Employees Union is reportedly interested in keeping 70 Pine as an office tower.
The tower is the fifth tallest building in New York and has been owned by AIG since the 1970s. The sale of the building likely won't even begin to cover the most recent $165 million payout in employee bonuses which has lawmakers fuming this week.