New York Post
The buyers of the adjoining properties--the 66-story 70 Pine and the 16-story 72 Wall--expect to create a mixed-use development that could include residential and retail, the Post reported. However, any deal involving a foreign buyer would have to be approved by the Department of State due to anti-terror legislation.
Reportedly, the buyers would have to seal the deal with a $10-million deposit. "AIG was very firm and did not want any contingencies in the contract," the Post quoted a source as saying.
Last month, AIG sold its Tokyo headquarters for $1.2 billion to Nippon Life Insurance Co. And on Tuesday, an AIG affiliate sold a vacant office building at 85 Challenger Rd. in Ridgefield Park, NJ to a newly formed investment group for an undisclosed sum.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
