Posted May 1, 2013, 1:17 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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http://therealdeal.com/blog/2013/04/...truction-loan/
70 Pine owners secure $300M construction loan
April 30, 2013
Quote:
The owners of 70 Pine Street secured a $300 million construction loan Friday, allowing them to move forward on converting the office tower, the former headquarters of AIG, into residences, GlobeSt reported.
The building will be ready in its new form by 2014 or 2015, Schwartz told GlobeSt.
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http://www.globest.com/news/12_594/n...fe-332731.html
Former AIG Building Getting New Life
By Rayna Katz
April 30, 2013
Quote:
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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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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