A.I.G. Tries to Sell Its Headquarters

By Dealbook

As part of its dismantling, the American International Group is trying to sell its Art Deco headquarters in downtown Manhattan.

But the besieged insurance firm is likely to get only a third of the price that it would have gotten six months ago, unnamed sources told Crain’s New York Business. That’s because its buildings at 70 Pine St. and 72 Pine St. would be delivered to a buyer largely free of tenants, at a tough time to attract new ones.

A.I.G. could get $78 million to $116 million for its main building at 70 Pine St., the publication said. Both Crain’s and Bloomberg News said that the firm might get more value through a sale and leaseback instead of an outright sale.

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Clifford Decker March 20, 2009 · 3:09 am

One group of corrupt capitalists on the way out, several thousands more to go.

This is “The New World Order” that I have been awaiting.

No matter who tries to stop the process now, the deepening Depression will finish the downward spiral of one undesirable financial system and perhaps give rise a new
system not based on capitalism.

The down-fall of Enron began this spiral and now almost a decade later the same continues.

This time, the people are sufficiently outraged to become a major catalyst in the destruction of corrupt capitalism.

Abby Tucson, AZ March 21, 2009 · 11:06 am

That is a beautiful building. I saw the entrance on the news last night and thought, “What a fine Deco building!” Hope they get a good price. I love those Deco entrances. Bisbee’s got the Copper Art Deco Courthouse to beat ’em all. Cochise County, Tombstone and the Thing. When we had it, we flaunted it.

The Pirate historians have a map of the offices of all the old Pirates during the twenties. Anyone taking folks on tours? How ’bout those folks thinking back to understand what’s coming? Can’t wait ’til they come up at the library. I love that old stuff.