Earlier this year, NY Post reported that AIG was trying to earn around $100 million by selling its 66-story Art Deco headquarters at 70 Pine Street in Manhattan (it actually sold to Young Woo for $150 million). Now it seems that the real-estate developer might have gotten a great deal. Young Woo will be turning the top 40 floors of AIG's 66-story headquarters near Wall Street into condo units. The
Wall Street Journal does the math which shows that even including renovations and other costs the units could generate about $600,000 in profit each. This of course is providing that the Manhattan real estate market doesn't dip too much further down and eventually comes back up. Given that it will likely take the developer a while to prepare the condos for occupation and work up a snazzy marketing campaign, the timing might be ideal.
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