Wednesday, June 10, 2009

AIG New York Building Sell for Under $100 per Square Foot

by Bill McBride on 6/10/2009 04:02:00 PM

From the NY Post: AIG BLDG. FETCHES UNDER $140M (ht bill)

LOCAL owner/developer Youngwoo & Associates has teamed up with South Korea's Kumho Investment Bank to win the bidding for AIG's downtown headquarters complex that consists of the Art Deco 70 Pine St. and the more modern 72 Wall St.

Sources said the pricing for the buildings, which have a combined 1.4 million square feet of space, will be just under $100 a foot, bringing the total to less than $140 million.
Put that in your CMBS rating formulas ...

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