In the wake of AIG's dismantling, real estate developer Young Woo (of Youngwoo & Associates) snapped up the insurance firm's headquarters at 70 Pine Street for a laughable $105 per square foot, or $150 million. The 66-story Art Deco tower is regarded as one of the Financial District's most beautiful buildings, and a residential conversion seems like a slam dunk, even in a down market. Woo confirmed that condos are the aim, but other details on the renovation/conversion have been hard to come by. Well, he spoke at NYU last night, and The Real Deal has a full report. And what a report it is! Woo boasted he can get $2,000 per square foot for apartments if "we can create that perfect trend lifestyle for this building," and TRD notes he compared 70 Pine to a Louis Vuitton bag and an iPod. Are we looking at 20 Pine - The Collection: The Sequel? If so, it won't be until at least 2011, because AIG doesn't bid adieu to the observatory until Dec. 31, 2010. The lower floors will probably stay commercial. And how about this doozy? To grab attention, Woo is considering "lasers or lights on the tower." We'll assume the deathray got nixed by Homeland Security.
· Youngwoo aims for $2,000 per foot at 70 Pine [Real Deal]