[plinko]

Originally constructed as the world headquarters for Cities Service Companies, the American International Building at 70 Pine Street has been looming over Lower Manhattan for decades. Until the completion of the World Trade Center in the 1970's, this tower was the tallest in Lower Manhattan for 40 years and once is again (until completion of the new WTC).

The tower is a beautiful brown limestone which transitions to white at the top to a (copper?) roof and subsequent communications spire.

I've always liked this tower a great deal and really wish that its once public observation deck was still open. Apparently now it is a perk for AIG executives.

The slenderness of the tower, combined with its coloring, and spire cap are all positives for me. Hugh Ferriss would be proud.

Source: I have no recollection of where I picked this up
http://img.photobucket.com/albums/v202/plinko923/NYC%20-%2070%20PINE/70PINE001.jpg

http://img.photobucket.com/albums/v202/plinko923/NYC%20-%2070%20PINE/70PINE002.jpg

http://img.photobucket.com/albums/v202/plinko923/NYC%20-%2070%20PINE/70PINE003.jpg

http://img.photobucket.com/albums/v202/plinko923/NYC%20-%2070%20PINE/70PINE004.jpg

http://img.photobucket.com/albums/v202/plinko923/NYC%20-%2070%20PINE/70PINE005.jpg

http://img.photobucket.com/albums/v202/plinko923/NYC%20-%2070%20PINE/70PINE006.jpg

http://img.photobucket.com/albums/v202/plinko923/NYC%20-%2070%20PINE/70PINE007.jpg

http://img.photobucket.com/albums/v202/plinko923/NYC%20-%2070%20PINE/70PINE008.jpg

http://img.photobucket.com/albums/v202/plinko923/NYC%20-%2070%20PINE/70PINE009.jpg

http://img.photobucket.com/albums/v202/plinko923/NYC%20-%2070%20PINE/70PINE010.jpg

http://img.photobucket.com/albums/v202/plinko923/NYC%20-%2070%20PINE/70PINE011.jpg

[NYC4Life]

Still one of the best in New York City and a perfect example of Art Deco Architecture at its finest.

[Dac150]

Beautiful building, and without a doubt one of my favorites in the city. Some of my family worked in 70 Pine many years back. From what I'm told it's as beautiful inside as it is outside. I've only seen portions of the lobby from the street because the public cannot venture in, but from what I personally saw it was very elegant and classy.

There is vast amount of detail that makes up this building. Whenever I walk past it I always manage to find something new. It's just simply a classic New York skyscraper.

[lakegz]

This and 20 exchange are my favorite art deco skyscrapers of Lower manhattan. I love how the tower abruptly tapers off at the top and finished with its pointy spire.

[stuckinexeter]

the lighting is quite effective at night time.
http://i44.photobucket.com/albums/f43/sexexeter/ny2.jpg
http://i44.photobucket.com/albums/f43/sexexeter/ny1.jpg

[Tom In Chicago]

A truly great old building. . . my buddy worked for AIG and although his offices were in another building nearby, he had an opportunity to go to the top of this building. . . which he did of course. . .

The most amazing address in the world I'd say. . . Pine Street is no wider than a single lane street curb to curb and this building rises straight up from the sidewalk creating an unusually dark canyon. . .

. . .

[Fabb]

Too bad it lost its prominence after the construction of boxes and big, fat pomo buildings.

[JDRCRASH]

LOL.....

http://sketchup.google.com/3dwarehouse/download?mid=3efcc8e886d23e6538055efb40fa886b&rtyp=lt&ctyp=other&ts=1202486023000

[DamienK]

Lovely overlooked building. I love the slimness and the craggy, stepped top.

[lakegz]

The Corporate Observatory from 'the city review'
http://www.thecityreview.com/srivals7.gif
http://butterflies59601.tripod.com/sitebuildercontent/sitebuilderpictures/cacoon.jpg
(at least the link works)

[ethereal_reality]

^^^ The elevator rises out of the floor. A stunning observatory.

I have an old Metropolis Magazine from 1997.
The featured article is about all the old observatories in New York.
It had this same photo.

I'll have to get it out and read it again/possibly scan some of the pics.

[ethereal_reality]

I scanned the observatory pic. It's huge. sorry

http://img135.imageshack.us/img135/8118/1111aigiy4.jpg


...and here's the corresponding text.

http://img135.imageshack.us/img135/2993/1111aigtextxk2.jpg

[ethereal_reality]

http://img257.imageshack.us/img257/2931/nyc0920koda2chromeslidezq4.jpg
Kodachrome slide from 1958. photographer unknown

[NYguy]

Another classic...

http://www.pbase.com/nyguy/image/82861126/large.jpg


http://www.pbase.com/nyguy/image/82861126/original.jpg


http://www.pbase.com/nyguy/image/43580842/original.jpg


http://www.pbase.com/nyguy/image/43580855/original.jpg

[NYguy]

dactionad (http://www.flickr.com/photos/davedean/3540116608/sizes/o/)

http://farm4.static.flickr.com/3398/3540116608_c4a0213633_o.jpg

[NYguy]

eralsoto (http://www.flickr.com/photos/8534413@N03/3409849097/sizes/l/)

http://farm4.static.flickr.com/3332/3409849097_c8c81b1535_b.jpg


http://farm4.static.flickr.com/3471/3402439621_16aa6470ab_b.jpg


http://farm4.static.flickr.com/3089/3164109249_f3b1ab9a95_b.jpg


http://farm4.static.flickr.com/3003/2825153185_4218ff624c_b.jpg


http://farm4.static.flickr.com/3158/3005460617_c7a684660b_b.jpg

[CGII]

http://farm4.static.flickr.com/3158/3005460617_c7a684660b_b.jpg

Ummmm WOW

[ItsConanOBrien]

Wow indeed, I would love to see that view today...

I love the old art deco skyline of downtown.

[NYguy]

Ummmm WOW

I think that pic is an example of the NY skyline at its best, the dramatic backdrop of the towers rising into the sky. And to think, that skyline is still there, its just hidden by enormous skyscrapers.

[CGII]

I think that pic is an example of the NY skyline at its best, the dramatic backdrop of the towers rising into the sky. And to think, that skyline is still there, its just hidden by enormous skyscrapers.

It sure is, I think it's just as awe-inspiring, but in a completely different way.

The above pic looks like it was taken around Carroll Gardens or so, here's a similar view from Sunset Park from March:

http://img34.imageshack.us/img34/1962/blahblah2.jpg

[Dac150]

I'm a box fan, so for me the above shot of Lower Manhattan is its best form, though many would disagree with me. However I do appreciate those older photographs and the days when 70 Pine and 40 Wall were the ones who set the standards for the skyscraper. Nothing beats those days, well except for maybe having 55 Water smack in the scene.

[NYguy]

It sure is, I think it's just as awe-inspiring, but in a completely different way.

The above pic looks like it was taken around Carroll Gardens or so, here's a similar view from Sunset Park from March:

http://img34.imageshack.us/img34/1962/blahblah2.jpg

http://farm4.static.flickr.com/3158/3005460617_c7a684660b_b.jpg

That's a great comparison. I just hate 55 Water Street. It may be the largest skyscraper in New York, but even with that distinction, and its prominent location, most New Yorkers wouldn't know what it was. To me it looks like a giant refrigerator. The new WTC will help. Lower Manhattan needs more spikes.

[Busy Bee]

Wow that B&W! You don't get much better than that.

[NYguy]

Another skyline comparison to that b&w shot...

cerdsp (http://www.flickr.com/photos/15434282@N00/1088620824/sizes/l/in/set-72157600889872653/)
http://farm2.static.flickr.com/1426/1088620824_f0de6ded06_b.jpg

http://farm4.static.flickr.com/3158/3005460617_c7a684660b_b.jpg

[Zerton]

I think when 1wtc is done the skyline will look great again. It's just a little flat right now.

[NYguy]

The Freedom Tower is just one of several, larger, bulky towers planned or under construction Downtown. What they lack in "elegance" they will make up in height. The result will be a skyline even more dense than the latest pic shown above. It should be something to see...

http://www.pbase.com/nyguy/image/66571956/original.jpg

[Upward]

Too bad the photo of the model isn't from the same angle as the ones above. This will probably be the best angle for the new WTC. The angle on the model there emphasizes the size of the towers, but they'll integrate into the skyline arguably better than the twins in that view from Brooklyn. That is, if they can manage to get more than just #1 built...

[NYguy]

nightswimmer (http://www.flickr.com/photos/nightswimmmer/3571535872/sizes/o/)

http://farm4.static.flickr.com/3590/3571535872_cc70c4d851_o.jpg

[NYguy]

michaelaion (http://www.flickr.com/photos/38656969@N08/3580155209/sizes/l/)

http://farm4.static.flickr.com/3610/3580155209_c96ce92a54_b.jpg

[Teakwood]

Does anyone know to whom or for how much this beauty sold for yesterday?

[Dac150]

I wasn't aware it was for sale, but I would venture to say that it jumped the 1 billion dollar mark.

[ethereal_reality]

A 100 million dollars......if that's possible.

http://wonkette.com/408920/former-aig-building-will-likely-be-sold-for-100-a-square-foot

It's a snarky blog though...and they have the wrong photo.

[Dac150]

That can't be right, was the deed being sold at a flea market.......

Pretty insane if true though.

[Teakwood]

ugh.... 100 million won't go very far to pay the government back 100 billion. I'd also imagine that if this is to remain office space, this sale will reduce the need for office space in Lower Manhattan as well. This issue is a lot deeper than the Sears Tower situation in my opinion. While a name change wouldn't necessarily bother me, and I doubt we will see any physical changes to the building, this IS our money. This WAS our building.

[Dac150]

Well the days of both 70 Pine and 40 Wall (among others) remaining as office buildings are limited. I know if Trump had it his way a few years back, 40 Wall would already be a residential building.

To me this building has served its purpose as an office building for modern day standards, but at the same time can Lower Manhattan really afford to lose another office tower, even one that's not quite up to par.

In terms of the name, I could really care less to see 'American International Bldg.' leave. I've always called it either 70 Pine or the City Services Bldg. So no real loss there.

[Teakwood]

I agree, a name change would mean nothing to me. If someone wishes to convert this to condos, that would be alright with me. They certainly got a great deal on the building if that is indeed the sale price. I would hate to see additional available office space in Lower Manhattan stand in the way of the completion of the WTC. I would believe that at $100 a square foot, whomever purchased this doesn't need to rush to fill up office space for it to be a great deal for them.

[Dac150]

Well that is a good point you've brought up that went right by me. Perhaps the loss of some older office space to luxury condos can prompt the creation of new office space, regardless will eventually be needed no matter what route the new owners of 70 Pine take.

However at the same time you have a large portion of 55 Water Street hanging around waiting, among other spaces in the area. While not a new building it is the largest in the city.

A company like AIG will obviously not need as much space as they once occupied in Manhattan, plus to my knowledge divisions of them moved into the Continental Center not too long ago which is right down the street.

The fact remains that the market is dry right now, but as stressed will return in the not so distant future. With that said will 70 Pine be on the top of companies lists as a place to call home, probably not. That's not to say though it can't squeeze out one or two more generations of lease terms. Again, all to be determined by the new owners. Either way its days or years as an office building are probably numbered.

[NYguy]

http://www.bloomberg.com/apps/news?pid=20601087&sid=a2zx4gbT2WDc&refer=home

The buyers of the Manhattan buildings, which have a total of 1.05 million square feet, may convert them into offices, apartments or hotel rooms, he said. The buildings are connected by a skywalk.

AIG will continue to occupy 70 Pine St. until the end of 2010, the people said. The company plans to move employees into its offices at 180 Maiden Lane, the people said.

The 66-story Pine Street headquarters was completed in 1932 and has about 775,000 square feet, according to Emporis.com, a property database. At 952 feet (290 meters), the tower is New York’s fifth-tallest building, Emporis said. The Wall Street building is 16 stories and has about 279,000 square feet, according to MrOfficespace.com.

[CGII]

I wasn't aware it was for sale, but I would venture to say that it jumped the 1 billion dollar mark.

Oh dear, definately not. AIG considered selling the building about a year ago, when the downtown residential conversion market was imperceptibly strong, and even then it would've fetched 'only' around $700 mil.

[Dac150]

Oh well, good deal for the buyer then.

[NYguy]

http://www.nypost.com/seven/06092009/business/aigs_hq_needs_a_rescue__too_173315.htm

AIG'S HQ NEEDS A RESCUE, TOO

http://www.nypost.com/seven/06092009/photos/70_pine_street.jpg
UNPROTECTED: Iconic 70 Pine Street has been a presence in lower Manhattan since 1932.


http://www.nypost.com/img/cols/stevecuozzo.jpg

June 9, 2009

WHOEVER'S negotiating to buy AIG's magnificent 70 Pine St. headquarters tower along with 72 Wall St. from the bailed-out insurer should know that people are watching: namely, the city's Landmarks Preservation Commission.

Surprisingly, the iconic 70 Pine St., steeped in Art Deco detail and a commanding skyline presence since 1932, is not a designated city landmark; thus, it enjoys no protection from demolition or ruinous changes.

But with the prospect that the majestic but antiquated skyscraper likely faces conversion to residential and other uses, architects and preservationists are keeping a close eye on the situation.

David Childs, designer of the new 1 World Trade Center and the new chairman of the Municipal Art Society, called 70 Pine "one of the prides of the city. It needs whatever protection it can have.

"The powers that be should do something now to see that it's recharged, reactivated, but saved for all the important architectural aspects."

Yesterday, Peg Breen, president of the private, preservation-minded Landmarks Conservancy, wrote to city Landmarks Preservation Commission Chairman Robert Tierney asking to consider 70 Pine St. for designation.

The tower, designed by architectural firms Clinton & Russell and Holton & George, is "one of the iconic buildings of New York," Breen told The Post. "I'd hope a new owner would understand that that's the value of it to them."

In fact, commission spokeswoman Elisabeth de Bourbon said Tierney and his staff "have been looking at it for some time. It is meritorious, but it's a matter of taking the next step, which would be to have a conversation with the new owners."

Along with Donald Trump's 40 Wall St. (which is landmarked), the 66-story AIG tower -- at 952 feet in height, downtown's tallest -- defines Lower Manhattan's "wedding-cake" profile that's still perceptible amid the area's profusion of flat-topped, boxy structures.

Originally built for Cities Service, it's a masterpiece of detail, especially at its base and crown. It also is home to some of Manhattan's most glorious interior spaces -- including a private, top-floor observatory that architectural historian and former Post real estate editor Carter B. Horsley has called "the greatest room in the world."

I was privileged to visit the terraced aerie with Horsley 20 years ago, and can attest to its singular capacity to awe. It's illustrated in Daniel M. Abramson's magnificent book on the tower's history and contribution to downtown's development, "Skyscraper Rivals: The AIG Building and the Architecture of Wall Street," published in 2001.

Those who love 70 Pine St. fear that although demolition is highly unlikely, a new owner could ruinously alter its appearance.

My colleague Lois Weiss has reported that the unidentified buyers, possibly Russian or Asian, might turn 70 Pine and 72 Wall -- a 16-story building linked to it by a skybridge -- into a mixed-use development including residential and retail.

We have no more idea than anyone else who's talking to AIG. So far, only one name has reached us as a possible participant, and strictly as a rumor: Young Woo, founder of New York-based Youngwoo & Associates, which has developed numerous projects.

Woo did not respond to a message left on his voicemail.

Although some classic old downtown office buildings were successfully converted to apartments without ruining their facades, some brokers said that 70 Pine can't be adapted with out significantly altering it, especially on the lower floors.

"The base is much too wide and deep for apartments," one insider said. "You could use it for retail, but only by replacing the masonry and brick skin with glass."

Childs said, "I'm all in favor of it being reused, to keep it vibrant and not dead. But at the same time, what makes 70 Pine so great is its great profile and detail."

The Landmarks Commission's de Bourbon said, "Our next move would be to let a new owner know of our interest. We have authority to designate a building without an owner's consent. But we believe preservation works best when there's a dialogue and productive relationship with an owner."

[Dac150]

I'm not worried, they would never let any extreme changes happen.

[NYguy]

I'm not worried, they would never let any extreme changes happen.

At this point, there isn't really anything anyone could do to stop it, though I don't think anything extreme is planned. The latest rumors are for residential conversion.

[NYguy]

http://www.nypost.com/seven/06102009/business/aig_bldg__fetches_under_140m_173434.htm

AIG BLDG. FETCHES UNDER $140M

http://www.nypost.com/img/cols/loisweiss_btb.jpg

June 10, 2009

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.

Developer Young Woo's name surfaced as the possible buyer last Thursday, but he was revealed in print by colleague Steve Cuozzo in The Post yesterday, after which brokerage firm CB Richard Ellis revealed the entire partnership.

Darcy Stacom and Bill Shanahan of CBRE represented AIG in the marketing of the complex, which is connected by a skyway.

"We are pleased to announce this important transaction and view it as a key stepping-stone in our long-range plan to establish a major presence for Korean institutions in the US property and capital markets," added Greg Carney, a partner at YWA, in a statement.

Added Y.C. Kim, a director at Kumho, in a statement: "The investment is based on our optimistic view on the future of Wall Street, New York City and the US financial services industry."

Woo, an architect and graduate of Pratt Institute, has been involved in the development of properties including 85 Tenth Ave., the Chelsea Arts Tower on West 25th Street and 200 Eleventh Ave., where Annabelle Selldorf designed "en suite" elevators to bring one's car directly into one's condo.

He also is a partner in the telecom data center at 325 Hudson St.

Richard Warshauer of FirstService Williams, a team member who represents 325 Hudson St. said of Woo, "He's very creative with an enormous imagination."

Sources said Woo has a mixed-use proposal for the AIG complex.

Woo and Kumho are also partners in a bid to redevelop Pier 57, where they are proposing uses that include a marketplace, a contemporary arts center run by auction company Phillips de Pury & Co. and a home for the Tribeca Enterprises/Tribeca Film Festival.

However, the team is up against competing plans from firms that include the Related Cos. and the Durst Organization.

Bruce Mosler of Cushman & Wakefield said during a luncheon speech yesterday before the Young Mens'/Womens' Real Estate Association that the AIG deal substantiates his contention that current city pricing makes it attractive to overseas investors.

But another area owner, speaking on condition of anonymity, predicted of Woo, "He's going to have a hard time filling it."

[vandelay]

The fact that Youngwoo won the bid puts me at ease about the status of the AIG building. They're responsible for one of the best looking new towers in the past few years: 200 eleventh avenue. The detailing and materials are just ridiculous and it's modern while still in character with NYC:

http://www.pbase.com/image/77288413.jpg

Pretty sure AIG is in good hands.

[NYguy]

I like the way the older icons are being made to shine again. Like the Woolworth, then the ESB, and now this one.

[NYguy]

http://www.nypost.com/seven/06162009/business/high_time_for_high_line_bldg__174487.htm

http://www.nypost.com/img/cols/stevecuozzo.jpg
June 16, 2009


Once, somebody at AIG was proud of its 70 Pine St. headquarters -- so proud that the insurer holds the copyright on Daniel Abramson's 2001 book, "Skyscraper Rivals: AIG and the Architecture of Wall Street."

But the now-embattled insurer's love for the 66-story, Art Deco tower -- now in contract to be sold to a partnership led by Manhattan-based Youngwoo & Associates -- might have had its limits.

At least once in the past, the city's Landmarks Preservation Commission considered designating the classic structure, a skyline icon since 1930, as a protected city landmark. But it never took action, partly because of resistance by AIG itself, according to one of the city's leading preservationists.

As we reported last week, Peg Breen, president of the private New York Landmarks Conservancy, wrote to Landmarks Preservation Commission Chairman Robert Tierney, urging the LPC to take up the case of 70 Pine St. (Without the city's landmark imprimatur, a new owner could alter the tower's appearance or even demolish it.)

Now we've seen a copy of the letter. Breen called 70 Pine St. "by far, the most significant Art Deco skyscraper in the city that has not yet been afforded landmark protection."

She wrote, "although the commission's past efforts to designate the building were rebuffed by AIG, now that they are selling . . . the time is right to move forward with individual landmark designation."

Breen declined to comment on the letter.

LPC spokeswoman Elizabeth de Bourbon, who last week told us Tierney and his team have been "looking at [70 Pine St.] for some time," yesterday said there was "nothing in the [LPC's] file to substantiate" that AIG had opposed landmarking 70 Pine St., and, "no one here knows anything about it."

But Tierney became chairman only in 2003, and de Bourbon acknowledged that an exchange with AIG could have taken place prior to that.

She said Tierney had not yet responded to Breen as her letter was received only a few days ago.

An AIG spokesman declined to comment on whether the company would endorse or oppose landmarking 70 Pine St.

Youngwoo did not respond to the same question.

[NYguy]

http://www.observer.com/2009/real-estate/young-woo-new-yorks-newest-and-most-modest-real-estate-mogul

Young Woo, the Modest Real Estate Mogul Who Wants You To Rule the World

By Bonnie Kavoussi
June 22, 2009

“Everybody said I was crazy,” said Young Woo, 56, the developer in contract to buy AIG’s two Lower Manhattan skyscrapers. “But I said no, New York has a lot of originality, and we have to create.”...

Mr. Woo has just taken his largest leap of faith yet. Earlier this month, he entered into a contract to purchase AIG’s two downtown towers, 70 Pine Street and 72 Wall Street, for approximately $140 million—a mere $100 per square foot. If closed, it will nevertheless be downtown’s biggest real estate deal of 2009 and a true price benchmark in a year sorely craving one.

Youngwoo & Associates has significantly remodeled almost all the buildings it has ever handled, according to Mr. Woo and Greg Carney, the firm's third principal. The AIG towers—early 20th-century testaments to Art Deco—promise to be no exception.

“We want to make some very interesting project out of it,” Mr. Woo said during an hour-long interview at his offices on June 12. “How do you make this project successful and make it part of some continuation of what we do?”

Excellent question. Mr. Woo did not want to go into any details, referring The Observer to Mr. Carney for more questions. Mr. Carney declined to comment on any specifics about their plans or funding (it remains unclear how much the Korean-based bank, Kumho Investment, which partnered on the contract, will chip in).

Real estate experts said that remodeling the towers—whether for retail, residential, hotel or redesigned commercial space—is risky...

When it comes to the AIG towers’ future, Mr. Carney—Mr. Woo’s de facto spokesman—hinted at a vision that looks ahead to Lower Manhattan's future: not just as a business district, but also as a “24-hour, mixed-use environment.”

“We see that area being transformed into a much more different environment, and so we want to be a part of that,” Mr. Carney said.

Though Mr. Steinberg said he believes a mixed-use building would be wisest, Mr. Woo “has the capacity to surprise us all—me too.” The AIG tower deal is expected to close around August, and Mr. Woo is likely envisioning what people downtown will want in 2011, after the recession has passed.

[Dac150]

I don't like the sound of this. I guess nothing is safe anymore.

[Patrick]

I doubt they would ever drastically change its appearance, I'm just very surprised that its not a landmark!?

[Duffstuff129]

I doubt they even could change the appearance that much. As I understand it, many of those walls are load bearing. I think they will probably just make the interiors very modern and add gimmicks (like the "transporter" from the article).

[DetroitSky]

Always been one of my favorites in NYC.

[NYguy]

http://therealdeal.com/newyork/articles/youngwoo-aims-for-2-000-per-foot-at-70-pine-with-neighboring-72-wall-street-at-150-million

Youngwoo aims for $2,000 per foot at 70 Pine

http://s3.amazonaws.com/trd_three/images/126662/70_pine_street_articlebox.jpg

October 07, 2009
By Adam Pincus


70 Pine Street, Young Woo, head of Youngwoo & AssociatesThe developer of 70 Pine Street in the Financial District predicts it will be able to sell residential condominium units in the tower of the American International Group building for $2,000 per square foot following a rehabilitation of the 63-story structure.

Developer Youngwoo & Associates bought the Art Deco office tower and neighboring 72 Wall Street for $150 million, or about $105 per square foot in August, with financial partner South Korea's Kumho Investment Bank.

Young Woo, principal of Youngwoo & Associates, said the key to getting $2,000 per square foot was to market the building as a premium product, comparing it to a Louis Vuitton bag or an iPod.

"If we can create that perfect trend lifestyle for this building, for our targeted audience, we are not afraid to achieve $2,000 a square foot," Woo said. He added that units in the West Village condominium building at the Sky Garage at 200 11th Avenue at 24th Street his firm developed, a building that includes an elevator for cars, sold for more than $4,000 per square foot.

Woo and firm principal Gregory Carney spoke last night at the New York University Schack Institute of Real Estate Silverstein Workshop in Midtown, co-moderated by the institute's divisional dean James Stuckey and Robert Shapiro, president of City Center Real Estate.

The company has been reluctant to release details about the mixed-use redevelopment project, saying the plans remain under development.

As part of a sale-leaseback deal, AIG will vacate the smaller building, 72 Wall Street, at Pearl Street, this year, and neighboring 70 Pine Street, by Dec. 31, 2010, Carney said.

The firm is considering residential for the tower at 70 Pine Street, with about 400,000 to 500,000 square feet above the 19th floor, Woo said, and commercial uses on the lower floors and in the smaller building. Woo estimated capital costs of about $50 per square foot and $70 per square foot in tenant improvement costs for the commercial portion of 70 Pine Street as well as the entire 72 Wall Street, but did not provide estimated costs for the residential construction.

"I think whatever we do on the office side -- that will break even. The whole idea is what to do with the tower," Woo said.

Carney added: "We think we can get the highest price Downtown."

To build a higher profile for the AIG building, the developer is considering options such as lasers or lights on the tower. Also, several firms have offered to pay for naming rights, Woo said.

[scalziand]

Sounds like this and Silverstein's 30 Park Place are going to be competing with each other.

Also, isn't it odd to sell naming rights for a residential building?

[Dac150]

[To build a higher profile for the AIG building, the developer is considering options such as lasers on the tower.[/color][/b][/u]

They better not ruin this building with cheap crap.....

[NYguy]

They better not ruin this building with cheap crap.....

LOL...well there'll be a lot to compete with down there on the skyline. Maybe it can play laser tag with the Freedom Tower...;)

[NYonward]

WSJ
October 8, 2009, 1:12 PM ET

AIG Headquarters: From Cubicles to Condos

Battered insurer American International Group Inc.’s former New York headquarters might be going condo, replacing cubicles and copy machines with granite countertops and imported tile.

Developer Young Woo, who snapped up 70 Pine St. in Manhattan’s Financial district earlier this year, is considering turning the 66-story tower into a hybrid with commercial space on the lower levels and the higher floors becoming condominiums. The residential units, he says, could command $2,000 per square foot, according to The Real Deal.

The key to getting that sky-high price is to market the Depression-era Art-Deco building as a premium product, says Mr. Woo, principal of Youngwoo & Associates.

Of course, numerous developers across Manhattan have tried that exact strategy, only to see prices and demand crumble along with the economy. Higher jumbo mortgage rates and job losses on Wall Street have hit the luxury market particularly hard: The average price per square foot for luxury condos in Manhattan tumbled 21% from a year ago to $1,840, according to the Corcoran Group and PropertyShark.com’s third-quarter report.

Still, it will take some time for Mr. Woo’s potential condo conversion. Permits and inevitable construction delays aside, AIG can stick around Pine Street until Dec. 31, 2010, the Real Deal reported. The Big Apple’s market could show glimmers of life by then.

In a research note, Fox-Pitt Kelton analyst Rob Stevenson writes that the $2,000-per-square foot could apply only to the top floors, which would offer sweeping views of lower Manhattan. Even so, the project could be lucrative, he says.

“Any selling price north of $1,000 per square foot would drive more than $500 per square foot of pure profits (after selling costs) according to our educated ‘guestimates,’” he says.

That’d represent a handsome return on the roughly $105 per square foot, or $150 million, Youngwoo and financial partner South Korea’s Kumho Investment Bank reportedly paid for 70 Pine and nearby 72 Wall St. AIG, which the government bailed out to prevent its collapse, has been unloading property worldwide. During better times – ones where the recession doesn’t spark a fire sale – the Pine Street address could have fetched much more.

http://blogs.wsj.com/developments/2009/10/08/aig-headquarters-from-cubicles-to-condos/

[Dac150]

Anyone have a clue where AIG will be moving to? I know they purchased some space in the Continental Center a couple years ago, and they have another building on Water Street, but this will certainly be a big move.

Hopefully they stay in Manhattan.

[Dac150]

LOL...well there'll be a lot to compete with down there on the skyline.

And that is of course great and all, but this is a little worry sum to me. I really would hate for such a gem to be transformed by an era; kind of like what the 60’s did to the ESB….

[jowens]

I can't believe I just came across this thread. This building has always been one of my all time favorites and my NYC favorite.

Love the old pics of Lower Manhatten!

[wrab]

I'd really like to see that private observatory at the top. If this building goes condo, it could be the Ultimate Bachelor Crib.

[wrab]

Some great shots from New York Architecture Images:

http://www.nyc-architecture.com/SCC/SCC010-A01.jpg
http://www.nyc-architecture.com/SCC/SCC010-A01.jpg

http://www.nyc-architecture.com/SCC/SCC010-A05.jpg
http://www.nyc-architecture.com/SCC/SCC010-A05.jpg

http://www.nyc-architecture.com/SCC/SCC010-A02.jpg
http://www.nyc-architecture.com/SCC/SCC010-A02.jpg

[wrab]

http://www.nyc-architecture.com/SCC/SCC010-A03.jpg
http://www.nyc-architecture.com/SCC/SCC010-A03.jpg

[wrab]

http://www.nyc-architecture.com/SCC/SCC010G2.jpg
http://www.nyc-architecture.com/SCC/SCC010G2.jpg

[NYguy]

antongorbov (http://www.flickr.com/photos/antongorbov/4954281972/sizes/l/in/photostream/)

http://farm5.static.flickr.com/4116/4954281972_7122300504_b.jpg


http://farm5.static.flickr.com/4116/4954281972_5f06940d93_o.jpg

[NYC4Life]

Even with the old and new WTC, this building will always be a standout in its own ways and a prominent Lower Manhattan fixture.

[ethereal_reality]

I had forgotten that there was a flatiron shaped building in lower Manhattan
(you can see it in the two photos above, just to the left of American International).
Just curious.......is that the building Delmonico's is in?

Back to the subject at hand: I LOVE the American International Building.

[NYguy]

I had forgotten that there was a flatiron shaped building in lower Manhattan (you can see it in the two photos above, just to the left of American International).
Just curious.......is that the building Delmonico's is in?

Could be, though I thouht it was a little closer to Beaver House.

[JSsocal]

No that's not the one with Delmonicos. Delmonicos is in a smaller red building.

[Gleb]

http://img827.imageshack.us/img827/9509/p1010507u.jpg

[NYC4Life]

Despite being the current tallest skyscraper Downtown, it isn't always easy to spot it from certain views.

[hunser]

:previous: that's because the spire is so thin ...

[NYguy]

http://www.nypost.com/p/news/business/realestate/commercial/back_to_start_at_pine_st_ygaPUebFM6usP1UmwA2mRK

Back to start at 70 Pine St.

By STEVE CUOZZO
March 29, 2011



Plans for 70 Pine St. are up in the air again even as the 66-story, Art Deco skyscraper finally appears headed for official city landmark designation.

The 1930 tower's new owners, a consortium led by Korea's Kumho Investment Bank (KIB), have nixed an earlier proposal to divide it into office floors at the base and condos above them to sell for $2,000 a square foot.

And New York developer Young Woo, widely reported to have "bought" the tower with KIB, has no equity in it at all, according to the bank -- and seems to have been reduced to a mere "adviser."

"We are fine-tuning our mixed-use development plan," KIB general manager Han J. Cho told The Post. He said restoration architects Beyer Blinder Belle have been tapped to work on a new proposal for 70 Pine, which is empty except for the Captain's Ketch restaurant and a few stores. A different source said prominent construction manager/architect Frank Sciame is also on board, perhaps as a joint-venture partner.

Cho also wanted to make clear that 70 Pine St. is wholly owned by the KIB-led group, which holds "100 percent," he said.

Woo "is one of the unit holders of the asset management company that we created to manage the building," Cho said. "They are just a part of the advisers."

Although developers identified as "owners" often hold smaller equity stakes in properties than their financial partners, it's less common, although not unheard of, for them to have none at all.

Woo has developed numerous residential and commercial projects in New York, including the "Sky Garage" condos at 200 11th Ave. He was widely reported to have purchased 70 Pine St. and a smaller adjacent building, 72 Wall St., from AIG in September 2009 for a lowball $150 million with a little help from KIB.

Woo announced the condos-and-offices scheme at a real estate forum a month later.

But after that, the conversion project at one of the city's most often photographed, iconic office buildings fell off the radar.

Although AIG finally moved out on Dec. 31, both Community Board 2 and the Downtown Alliance, which tend to be on top of everything in their territories, said they'd heard nothing recently.

The murkiness extends to the office-leasing plan. Online databases continue to list a Cushman & Wakefield team including Andrew Peretz as the leasing agent for nearly 500,000 square feet, nearly half of the tower's total floor space.

But asked whether the office space was still being marketed, Cho told us yesterday, "No. A master plan has not been finalized yet, so we're not talking to any commercial tenants." Peretz declined to comment.

Cho said KIB sold off most of 72 Wall St. but still owns a portion of that building called 74 Wall St. -- an 11-story brick structure connected to 70 Pine St. by a skybridge on the seventh and eighth floors. He wouldn't say what role 74 Wall would have in a future reuse of 70 Pine.

Downtown sources speculated a new plan for 70 Pine would likely be unveiled in a few months and include a mix of hotel, condo apart- ments and retail, but not offices.

Woo's office said he was out of the country and couldn't be reached. Calls to Gregory Carney, a principal of Woo's firm, Youngwoo & Associates, were not returned.

Neither did Sciame Vice President Steven Colletta return calls. A person at his company said he was the project manager for 70 Pine.

_____________________________


Landmark plan for iconic tower


Lovers of architecture hailed the news that the Landmarks Preservation Commission has "calendared" 70 Pine St. for a public hearing on May 10 -- the first step in a process likely to result in formal city landmark designation, which would protect it from demolition or alteration without the panel's approval.

Peg Breen, president of the New York Landmarks Conservancy -- a private, preservationist-oriented nonprofit organization that lobbied for the tower's designation -- said, "Clearly, 70 Pine is one of the most important Lower Manhattan skyscrapers that has not been landmarked. So we were thrilled to see it calendared and look forward to its designation soon."

David Childs, architect of the new 1 World Trade Center, calls 70 Pine "one of my all-time favorites -- not a high-rise, but a true skyscraper, Deco in style but with Gothic influences." Ironically, 952-foot 70 Pine, which was once downtown's tallest tower, reclaimed the title after 9/11 -- but will relinquish it when 1 WTC is completed.

Han J. Cho, general manager of 70 Pine's principal owner, Kumho Investment Bank, said KIB is "supporting the designation and working with [LPC chairman] Bob Tierney and his team.

"We are happy with 70 Pine. We want to keep its magnificent façade as it is," he said, although they're "working with" the commission on certain things."

The mystery is why it's taken so long for an edifice that's symbolized "Wall Street" for more than 70 years to receive landmark protection -- especially when other downtown skyscrapers such as 40 Wall St. and many lesser properties were designated long ago.

Originally built for Cities Service energy company and sold to AIG in 1976, 70 Pine has long loomed as the brooding conscience of the Downtown skyline -- a defining element of the area's "wedding-cake profile" still visible amidst more modern, bulky towers that went up later.

Beause it's boxed in, what the LPC calls a "slender pinnacle crowned by an illuminated lantern and stainless steel spire" is best viewed from afar. The panel is considering for designation not only the exterior, but its first-floor lobby, "one of the finest Art Deco style interiors in New York City."

An eye-popping top-floor observatory -- which I visited in the 1980s with architectural historian Carter Horsley, who called it "the greatest room in the world" -- is not up for designation. But the new owners would be foolish to lose a great amenity for apartment owners or hotel guests.

The story of 70 Pine and its role in history is told in a 2001 book, Daniel M. Abramson's "Skyscraper Rivals: AIG and the Architecture of Wall Street." It chronicles the efforts of 70 Pine's owners and the architects, Clinton & Russell, Holton & George, to erect downtown's tallest tower in a race against oth ers nearby.

But AIG appar ently wasn't en thusiastic about landmark status for 70 Pine. It's wonderful news that the com mission appears poised to rectify the oversight at last.

[QUEENSNYMAN]

I always wanted to see how far one can see from the 66th floor, to bad it is not opened to the public at least for limited viewing.

[uaarkson]

By far my favorite skyscraper of all time.

[uaarkson]

Did AIG move out? When I was in NYC last week, this tower was pitch black the entire time.

[The North One]

nightswimmer (http://www.flickr.com/photos/nightswimmmer/3571535872/sizes/o/)

http://farm4.static.flickr.com/3590/3571535872_cc70c4d851_o.jpg

PLEASE OH PLEASE can somebody destroy those monstrosities the 60's left us.:yuck: I want to Punch the architects of those buildings in the throat for ruining the lower manhattan skyline.



Or at least give them a re-clad.

[SkyscrapersOfNewYork]

PLEASE OH PLEASE can somebody destroy those monstrosities the 60's left us.:yuck: I want to Punch the architect's of those buildings in the throat for ruining the lower manhattan skyline.



Or at least give them a re-clad.

Lemme guess, you talking about 1 NY Plaza and 5 Water st.?

[The North One]

Im talking about the buildings that look like giant refrigerators, and a few in the background as well.

[SkyscrapersOfNewYork]

Im talking about the buildings that look like giant refrigerators, and a few in the background as well.

examples please.

[Amanita]

I actually like 55 Water, and 1 and 2 NY Plaza! That doesn't stop me from liking the older ones too, though:)

[SkyscrapersOfNewYork]

I actually like 55 Water, and 1 and 2 NY Plaza! That doesn't stop me from liking the older ones too, though:)

Ya, i really cant understand why people don't like them i think there great. As for buildings like 200 Water st. 175 Water st. and 80 Pine st. they are what have destroyed Lower Manhattan's eastern skyline....

[CarlosV]

i see this everyday from my apt!

http://farm7.static.flickr.com/6077/6038197258_a81fcdd17b_b.jpg (http://www.flickr.com/photos/ceva321/6038197258/)
DSC_1936 (http://www.flickr.com/photos/ceva321/6038197258/) by Ceva321 (http://www.flickr.com/people/ceva321/), on Flickr

[CarlosV]

http://img.photobucket.com/albums/v109/nyctowers/2007/Picture316.jpg

[Hudson11]

http://www.pixvee.com/wp-content/uploads/2010/08/20100817-IMG_9277.jpg
http://www.pixvee.com/?p=789

http://www.sportstraveltours.com/i/Media/42_The%20New%20York%20Skyline%20at%20night.jpg
http://www.sportstraveltours.com/group/new-york-tour-2007_42/media_item/the-new-york-skyline-at-night_272.aspx

[Rico Rommheim]

This is one incredible building. Much nicer looking than SSB or chrysler!

[MolsonExport]

I scanned the observatory pic. It's huge. sorry

http://img135.imageshack.us/img135/8118/1111aigiy4.jpg


...and here's the corresponding text.

http://img135.imageshack.us/img135/2993/1111aigtextxk2.jpg

After the AIG bailout with taxpayer money, perhaps citizens should mount a "no payment without representation" and demand access to what must be a fantastic observatory.

[CarlosV]

http://farm7.static.flickr.com/6056/6225779245_355407d96b_b.jpg (http://www.flickr.com/photos/ceva321/6225779245/)
DSC_3538 copy (http://www.flickr.com/photos/ceva321/6225779245/) by Ceva321 (http://www.flickr.com/people/ceva321/), on Flickr

[Danielson27]

Great pic!. An amazing view you got there:tup:...OMG verizon building needs to be reclad; it is such a hideous eyesore...what ever happened to that proposed renovation of that building? :shrug:

[Guiltyspark]

This is one incredible building. Much nicer looking than SSB or chrysler!

What!? This is a nice building but it is nowhere near as beautiful as the Chrysler building. And by SSB I assume you mean ESB? Empire is also better... Sorry, some things just are not subjective... lol

[skymaster]

Chrysler is better.

[The-T]

Hello guys! I really need your some help. I'm looking for plans of this building for my study(I'm going to draw it as a course project at university) If anyone has some pictures/technical drawings, please let me know. Thanks!

[Rico Rommheim]

What!? This is a nice building but it is nowhere near as beautiful as the Chrysler building. And by SSB I assume you mean ESB? Empire is also better... Sorry, some things just are not subjective... lol

I stand by my comment. Its taste.

[NYguy]

http://www.rew-online.com/2011/12/27/luxury-apartments-hotel-planned-for-70-pine/

Luxury apartments, hotel planned for 70 Pine

http://www.rew-online.com/wordpress/wp-content/uploads/2011/12/70PineStreet.jpg

December 27, 2011

A joint venture between Real Estate Developer-Owner Metro Loft and Eastbridge Sarl closed on the acquisition of 70 Pine Street for a price in excess of $200 million. Metro Loft’s conversion plans for the iconic 66-story, 952-foot Art Deco building include over 700 luxury apartments, with a high-end hotel occupying the remaining area of the building.

When completed in 2013, the landmarked tower will be one of the three tallest residential buildings in New York City. Many of the residences will have panoramic views of Manhattan, Brooklyn and New York Harbor.

When completed, the building will be the 11th tallest residential tower in the World, according to the Council on Tall Buildings and Urban Habitat.

The limestone tower features an observation deck on the top floor with an enclosed glass room that offers breathtaking views of the city and New York Harbor.

[uaarkson]

Very excited to hear what they plan to do with that observatory.

[THE BIG APPLE]

^ I don't think we'll be allowed

[hunser]

http://farm8.staticflickr.com/7034/6791065223_f3c2b5ccf2_b.jpg (http://www.flickr.com/photos/36607702@N08/6791065223/)
Manhattan Glow (http://www.flickr.com/photos/36607702@N08/6791065223/) von jackaloha2 (http://www.flickr.com/people/36607702@N08/) auf Flickr

[NYguy]

Kurt Strahm (http://www.flickr.com/photos/kstrahmx/6748437289/sizes/l/in/pool-18964236@N00/)

http://farm8.staticflickr.com/7151/6748437289_e8ffc31365_b.jpg



http://farm8.staticflickr.com/7149/6748437439_efb07875be_b.jpg



http://farm8.staticflickr.com/7157/6748437117_f15082825f_b.jpg

[Dac150]

Great shot!

[marvelfannumber1]

Anyone have any good pictures of this building's observatory and/or the views from it?

Edit: other than the one we have already seen on this thread.