NEW YORK CITY-The former headquarter offices of AIG are about to get a new life—as apartments.
Law firm Hunton & Williams LLP announced Monday it has advised EBNB 70 Pine Owner LLC—a joint venture among affiliates of Eastbridge Sarl, Rose Associates and AG Insurance NV/SA—in connection with a $300 million construction loan for 70 Pine Street, the former headquarters of AIG. The financing closed on Friday, Carl Schwartz, chair of Hunton's New York real estate practice, tells GlobeSt.com. Previously, the building was sold to local development firm Youngwoo & Associates and Korea-based Kumho Investment Bank.
EBNB took title to the building in December, 2011, Andrew Singer, chairman and CEO, Singer & Bassuk Organization, who was one of two construction loan brokers on the deal, tells GlobeSt.com. The venture is in the process of converting the office tower into apartments. That incarnation of the building is slated for delivery in 2014 or 2015, Schwartz says.
The loan is a five-year deal and was issued by three banks: Bank of New York, JP Morgan and M&T Bank, according to Singer.
The Hunton & Williams legal team was led by Carl F. Schwartz, chair of the New York real estate practice, partner Laurie A. Grasso in New York, and New York associate Matthew Scoville. Virginia-based partner Cameron Cosby provided counsel on tax issues.
The Rose Associates affiliate was represented by Peter Fisch and Karla Booth at Paul, Weiss, Rifkind, Wharton & Garrison. The AG Insurance affiliate was represented by a team led by Kevin O'Shea at Allen and Overy. Kathleen McSharry of the Singer & Bassuk Organization was the other construction loan broker on the transaction.
The move follows recent talk of the possible conversion of Midtown's Sony building to luxury condominiums.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
