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.

Cigar Aficionado readers know that there are some great lounges in Manhattan, though I hope they didn't suffer through that absurd video shot to accompany the article. The article did hit the major attractions, but there are some other hidden gems that only the devout locals know about. If you're looking to sit down and enjoy a cigar in the city, you have plenty of choices – take advantage of them!

Even with the smoking ban, there are more cigar shops and lounges than even most New Yorkers realize. In addition to the major stores like De La Concha and Davidoff Madison Avenue, boutique hand-rollers dot the city, and they are worth a visit from time to time.

So, the next time you set out for the quintessential Manhattan smoke, mix it up. Hit the major shops, but also stop by the places that are off the beaten path. You'll enjoy the experience.

In a global marketplace, even Dubai isn't protected from the economy's frosty embrace. Although real estate giants don't anticipate a market crash in this tourist hot spot it has certainly slowed the rush to invest in Dubai down a bit. There may be a positive note in this unpredictable market as some believe the speculators or "flippers" will get weeded out and bring more stability. I don't pretend to understand everything about the effects of our economic issues but it's certainly disconcerting when Dubai is feeling the strain.

It used to be that Wall Street was strictly business but as Portfolio mentions in their article on the new Wall Street, the Lower Manhattan financial sector is now home to more and more residences and retail storesLuxury apartments have been popping up in the area at a rapid rate. Twenty-one new residential buildings opened in 2007 and there are another 35 projects planned.

Some luxury retailers in the area now include Hermès, Thomas Pink, and Tiffany & Co. names you'd generally associate with the more traditional New York shopping areas of Fifth Avenue and Madison Avenue. And the harbinger of high-end residential, a Whole Foods market is set to arrive soon.

This could be good news for Lower Manhattan which is becoming less dependent on financial services at a time when banks and other financial business are cutting back on jobs. Although it's perhaps not great news for the luxury retailers hoping that Wall Street's financial titans would simply hop down the street, fat bonuses in hand. The changing tone of Wall Street is also luring some other types of businesses such as marketing and real estate firms to the area helping to create a more diverse neighborhood. In 1993 47% of the jobs in the area were in financial services but by 2006 the number was down to 30% and is likely to fall further. Wall Street will remain New York's financial mecca but it's nice to see that sea of dark suits and gray buildings getting a little more color.

Those who cater to the high-end luxury shoppers in New York don't just have the Christmas season to worry about. They are now waiting to see how the Wall Street bonuses will be spent. Bonuses seem to be down so far this year, a tough one in which many banks cut jobs as they dealt with losses caused by fallout from the subprime mortgage market. Reuters say that headhunters have reported that payouts for some of the most successful fixed income traders this year were flat to down 5 percent and some were down 10 percent to 20 percent.

This could be bad news for the real estate and art markets as well as luxury retailers including jewelers and auto dealers. Even those who did get a healthy bonus may not be in a shopping mood. Many in financial services are also fretting over job security and may put their bonus money into savings rather than celebratory spending.

The former downtown headquarters of JP Morgan Chase, 75 Wall Street, a rose-colored brick tower, is making the switch from office building to luxury condos and a hotel. The building will be home to an Andaz hotel, the recently announced new luxury lifestyle arm of Hyatt. The 250-suite hotel will take up the lower part of the building while the upper 24 floors will be home to 350 condominiums. The Rockwell Group, an architectural design firm, will be reconfiguring the interiors and public spaces.

The residences will have loft-like layouts from studios to three bedrooms. There will also be duplex penthouses with custom library walls, fireplaces and terrace with wet bars. Other details include large picture windows, 10-foot ceilings, white marble baths, cerused oak flooring and an overhead storage system to maximize space. Amenities such as room service, catering, housekeeping and concierge service are also planned. The tower will also feature Club 75, a lifestyle area that will house a fitness center, massage treatment rooms, media room and game room. On the 42nd floor rooftop there will be a solarium, lounge, sandy beach, hot tub, hammocks, grills and a lounging area with a fireplace and a kitchen. Completion is set for 2008.