NEW YORK CITY-Owner-developer Metro Loft Management and joint venture partner Eastbridge Sarl have closed on the acquisition of the former American International Group headquarters at 70 Pine St. The asset, which the JV plans to develop into a luxury hotel and residential building, sold for $205 million, or $186 per square foot, sources say.
The sellers were Kumho Investment Bank and Youngwoo & Associates. A team from Jones Lang LaSalle, which included Richard Baxter, Jon Caplan, Ron Cohen and Scott Latham, represented the buyers in the deal.
Metro Loft, headed by principal Nathan Berman, plans to have the conversion completed by 2013, when it will become one of the tallest residential buildings in the New York City area.
“70 Pine is a magnificent building,” Berman said in a prepared statement about the acquisition. He added that, “while impressive as an office building, it will be spectacular as residential.” Berman’s group has developed and manages several Financial District properties, including 67 Wall St., 63 Wall St. and 20 Exchange Place.
This particular asset, built in 1930, is 66 stories and nearly one million square feet. Metro Loft plans to include over 700 luxury apartments and a hotel at the site. It will bring Metro Loft’s residential portfolio in the area to over three million square feet.
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