First, there was Youngwoo & Associates, which purchased 70 Pine Street back in 2009 for $105 million with grand plans to convert the former AIG office building into condos. When that didn't work out, Metro Loft took over the now-landmarked property for a cool $205 million, planning to turn it into luxury rentals. Apparently that wasn't working out either, because now the Post's Steve Cuozzo is reporting that Rose Associates has purchased the building for an undisclosed price in a deal that was not recorded in public records because it was an "internal partnership transaction." Cuozzo got the intel from Eastbridge Group, the "financial muscle" behind the deal. Rose plans to create up to 1,000 rental apartments in 750,000 square feet of the building, plus 40,000 square feet of retail. Plans for the top floor Art Deco observatory with wraparound windows have not been decided (we hope it's a bonkers penthouse that commands an equally bonkers tens of thousands of dollars a month).
Cuozzo seems to think that Rose will be 70 Pine Street's white knight and lead the tower to a shining, lucrative end. He says, "While Metro Loft is well-accomplished with 3 million square feet in its portfolio?and previously converted classic addresses 20 Exchange Place and 63 Wall St. to apartments?Rose Associates has developed more than 30 million square feet of residential space."
· Rose Takes Over at 70 Pine St. [NYP]
· 70 Pine Street coverage [Curbed]
Photo via Wired New York