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Former AIG Building Getting New Life

NEW YORK CITY-The property's owners have closed on financing to turn the Downtown office tower into residences.

By Rayna Katz | Updated on April 29, 2013

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.

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