[NYguy]

http://www.observer.com/2009/real-es...l-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.